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Christian Broda
United States
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Christian Broda is an economist and financial professional.

At present, Christian Broda's professional life centers on his work as a hedge fund manager. In addition, he is the editor of various academic journals and publications.

Christian Broda received his Ph.D. from MIT. Between 2005 and 2010 he was a professor of economics at the University of Chicago, Booth School of Business. During 2008 and 2009 he was the Head of International Research at Lehman Brothers and Barclays Capital. He also worked at the Federal Reserve Bank of New York.

As a researcher, Dr. Broda published a wide range of academic journal articles and books. The topics of most of these publications include trade and international finance. His areas of research include the behavior of exchange rates, inflation in developed markets economies like Japan and Europe, currency mismatches in debt markets of emerging markets like Argentina and Brazil, among others.

Dr. Broda resides in New York with his wife and their two sons.

Academic Career and research contributions:

Christian Broda received his Ph.D. from MIT. Since 2004, Christian Broda has instructed students in Macroeconomics and International Finance at the University of Chicago. In 2008, at the age of 32, he received his tenure position as a Professor of Economics at Booth School of Business. Earlier in his career, he had been a visiting scholar at Columbia University and a researcher at the Federal Reserve Bank of New York.

Christian Broda's research centers on international finance and trade, and the impact of exchange rates on asset prices and financial contracts. His studies with David Weinstein and co-authors suggest the importance of exchange rates in emerging markets, the role of foreign currency debt, the importance of product creation and destruction for the measurement of prices, and the biases in Japanese price and debt statistics, among others.

Broda has published numerous frequently cited articles in leading academic journals on international finance, exchange rates, inflation, interest rates, and international capital flows. Christian Broda research has appeared in the The American Economic Review, Journal of International Economics and The Quarterly Journal of Economics among others. He is frequently invited to present his research to the world's leading central banks, including the Federal Reserve, the ECB, the IMF, and the Bank of Japan.

Broda has served as the Head of International Research for two prominent financial firms, Lehman Brothers and Barclays Capital. He is a fellow of the National Bureau of Economic Research and a member of the American Economic Association and Latin American Economic Association. Since 2006, he has served as associate editor of the Journal of Development Economics and since 2009 as an associate Editor of the IMF Economic Review.

Christian Broda has also received a number of prestigious research grants. In 2005 and then again in 2008, he was the recipient of two National Science Foundation grants. He was also named the James S. Kemper Scholar in 2006.

Specific Research Contributions

In 2004, together with David Weinstein of Columbia University they created a stir by arguing that the fiscal worries in Japan were overblown. Most of the debate has concentrated on their long-term arithmetic: they think that Japan's population is bound to stabilize at some point, perhaps around 2060, and that Japan will therefore be able to ease the demographic transition by spreading the costs over the course of a century or more. As in other countries, the Japanese have chosen careers over children as they have grown richer. Dr Broda argued that at some level of prosperity, however, they will value extra money less and will want bigger families.
Dr Broda and Weinstein also make another point, however, that deserves more attention. They argue that fewer children will, in a variety of ways, save Japan some money. “If an ageing population means an increase in government transfers to the elderly,” they write, “then by the same logic, a drop in fertility rates should mean a decrease in expenditures on younger Japanese.”
There will certainly be fewer pupils, and therefore less demand for schools and teachers. Eventually, this will affect universities as well, which are already reorganising to brace themselves for greater competition. A tighter labour market will also reduce the need for unemployment insurance and other fiscal transfers to the young. Japan's unemployment rate remains high, at 4.7%, despite a recent recovery, and the jobless rate among the youngest workers is more than twice that. Within a few years, however, the labour market, especially for young people, should tighten.

Dr Broda has also examined the impact of fiscal taxes. Early in 2008, in response to slowing economic growth, the US federal government enacted an economic stimulus package consisting mainly of a $100 billion tax rebate program. By 1 July 2008, more than 70 million American households had received tax rebates of $950 on average. The hope of policymakers was that by putting money directly back into the hands of US households, they would increase spending levels and avoid (or at least mitigate) the severity of the slowdown.
Skeptics argued that households would not spend their tax rebates. People tend to dislike swings in their consumption levels, leading some to believe that the one-time stimulus payment would be spent only gradually over many years. This would imply that the spending effect of the rebate would be modest at best, rendering fiscal policy ineffective, as Martin Feldstein argued at the time. Others argued that since the money to pay for fiscal programs has to be borrowed and paid back in taxes, it’s a wash for the economy as a whole, and thus using fiscal policy to get the economy going is “like taking a bucket of water from the deep end of a pool and dumping it into the shallow end.”
Dr Broda and Parker foundnd that the Economic Stimulus of 2008 increased spending to a significant extent. By comparing similar households that had received the rebates with those that hadn’t we find that the stimulus payments were initially being spent at significant rates. These rates are slightly higher than those observed in 2001 when fiscal policy has been credited with helping end the 2001 recession.

Personal Life:

Christian Broda was raised in Argentina, received his BA from the University of San Andres (Argentina) and his MA and PHD from Massachusetts Institute of Technology. He resides in New York City with his wife and two sons.
At MIT, he worked with Rudi Dornbusch, a professor who was highly influential in the field of international economics and in his career. Dornbusch was also known for his ability to explain complicated problems simply.
“He guided me to thinking that there was a role for an empirical guy within this profession to look at even the simple things, but much more carefully than before,” Broda says. Since then, he has focused on using micro data to explain “big picture” macro questions—everything from the Japanese retirement system to why strawberries are now available in cooler climates during winter. “I don’t do complicated things,” he says. “I prefer simple. Many systematic biases are extremely simple. When you think about it, there are a lot of simple things out there that are not understood, so why get complicated?”


Education

- Ph.D., Economics, Massachusetts Institute of Technology, 2001.
- M.A., Economics, Massachusetts Institute of Technology, 1999.
- B.A., Universidad de San Andres, Argentina (summa cum laude), 1997.

Affiliations and Professional Experience

He has accumulated prestigious appointments and experiences throughout his professional life. Some highlights include:

- Hedge fund manager, 2010-present.
- Tenured Professor of Economics, University of Chicago, 2008-2010.
- Chief International Economist, Lehman Brothers/Barclays Capital, 2008-2009.
- Associate Professor of Economics, University of Chicago, 2005-2008.
- Associate Editor, IMF Economic Review, present.
- Associate Editor, Journal of Development Economics, 2006-present.
- NBER Faculty Research Fellow, 2006-present.
- Federal Reserve Bank of New York, International Research Department, 2001-2004.

Awards and Membership

Christian Broda has also received a number of significant awards and memberships during his professional life. Some of these include:

- James S. Kemper Foundation Scholar 2006-2008.
- National Science Foundation Grant, 2005-2008.
- Member of the American Economic Association, Econometric Society, Economia Journal, Latin American and Caribbean Economic Association, Society for Economic Dynamics.

Select Publications

He has also published many noteworthy articles and books in his professional tenure; a few selected publications include:

-“Product Creation and Destruction: Evidence and Price Implications” with David Weinstein (Columbia University). American Economic Review Vol. 100, June 2010.
-“Optimal Tariffs: The Evidence” with Nuno Limao (U. Maryland) and David Weinstein (Columbia University) American Economic Review Vol. 98, Dec 2008.

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Education
Core Competencies
  • Valuation
  • Hedge Funds
  • Equities
  • Fixed Income
  • Financial Modeling
  • Research
  • Writing
  • Editing
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