The Digital Revolution and the State: The Great Reversal with W.H. Janeway

The Digital Revolution and the State:
The Great Reversal

All of the components of the Digital Revolution, from silicon to software and on to the internet, were spawned by the American state. Now the Digital Revolution has reached take-off velocity, generating such momentum that - far from depending on state subsidy and sponsorship - it is attacking the authority of the state at multiple levels. It even threatens the integrity of the political process on which that authority rests. The deligitimization of the American state as an economic actor not only looks backward, given its failure to buffer its constituents from the economic consequences of the Digital Revolution. It also reaches forward, as the US abdicates from playing any substantive role in the needed, next Green Revolution, where China is poised to play the leading role.

Download: The Digital Revolution and the State: The Great Reversal


William H. Janeway

Senior Advisor and Managing Director, Warburg Pincus

William H. Janeway is a Senior Advisor and Managing Director of Warburg Pincus. He joined Warburg Pincus in 1988 and was responsible for building the information technology investment practice. Previously, he was executive vice president and director at Eberstadt Fleming. Dr. Janeway is a director of Magnet Systems and O’Reilly Media. He is an Affiliated member of the Faculty of Economics at Cambridge University.Dr. Janeway is a co-founder and member of the board of governors of the Institute for New Economic Thinking. He is a member of the board of directors of the Social Science Research Council and of the Field Institute for Research in the Mathematical Sciences and of the Advisory Board of the Princeton Bendheim Center for Finance. He is a member of the management committee of the Cambridge-INET Institute, University of Cambridge and a Member of the Board of Managers of the Cambridge Endowment for Research in Finance (CERF). He is the author of Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators, and the State, the 2nd edition of the book initially published by Cambridge University Press in November 2012.Dr. Janeway received his doctorate in economics from Cambridge University where he was a Marshall Scholar. He was valedictorian of the class of 1965 at Princeton University.

What Financial Markets tell us about the US-China Trade War

What Financial Markets tell us about the
US-China Trade War

Professor Heiwai Tang

Monday, October 29, 2018
12:30 - 1:45pm

Download: What Financial Markets tell us about the US-China Trade War

On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the “Trade War” between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures to US-China trade. US firms that are more dependent on exports to and imports from China have lower stock and bond returns but higher default risks in the short time window around the announcement date. We also find that firms’ indirect exposure to US-China trade through domestic input-output linkages affects their responses to the announcement. These findings suggest that the structure of US-China trade is much more complex than the simplistic view of global trade that engendered Trump’s “Trade War” against China.


Trade and Productivity in Latin America: Field Research in Colombia

Class of 2017 MIEF students Simon Staley and Valentin Sierra spent their 2017 spring break in Bogotá, Colombia, interviewing ministers, senators, presidential advisors, bank presidents and think tank directors as part of their capstone project. The team is investigating the drivers of low productivity in Latin America under the guidance of Dr. Nicholas Coleman, SAIS lecturer and senior economist at the U.S. Federal Reserve. The team has especially focused their research on Colombia, as the nation currently faces a unique opportunity to improve its productivity and growth after ending decades of armed conflict with a powerful insurgent group.

Productivity growth has been identified by leading multilateral organizations like the World Bank, IMF, OECD and the Inter-American Development Bank (IADB) as key to sustainable, long-term economic growth in Latin America. Historically productivity (total factor productivity in economics jargon), has been low in Latin America compared to other emerging market regions. According to these multilaterals, increasing productivity could yield an economic windfall for the region, improving growth and livelihoods for millions.

“Decreasing TFP has been at the heart of slow productivity growth ... GDP per worker in Colombia shows that slow growth since the 1980s is largely because of a reduction in TFP.”
— OECD, 2013

The key drivers of productivity growth include socioeconomic factors like labor informality, poor education, inadequate infrastructure and weak application of the rule of law, in addition to various indicators of development. The team is conducting a comprehensive econometric analysis of 18 countries in Latin America, applying well-documented methodology in the context of the region and expanding existing literature by investigating the effect of trade openness on productivity.

“... productivity growth is the key to unlocking sustainable growth [in Latin America].”
— The Economist, 2014

Taken together with the expert testimonies of the Colombian practitioners, the results of this econometric analysis will quantify the contributions of the various drivers to productivity growth in Latin America and help inform policy recommendations for post-conflict Colombia.

The team plans to make their findings public through a new Greater Washington-based nonprofit called Consulting Peace and will present the report in both English and Spanish to contacts in the Colombian government.

MIEF and Self-Enrichment

What’s so special about the Johns Hopkins, SAIS’s MIEF program?

There is nothing about the MIEF program at Johns Hopkins, SAIS that could be made more appealing for any young professional with an interest in international macroeconomics looking for a Master’s degree.

When I first found out about this program, I had no idea about how serious the faculty and staff were about going above and beyond to equip me with the right set of analytical tools needed to succeed in this field. A year later, I have been considered as one of the top recruits by one of the world’s most important multilateral organizations to pursue economic analysis at the highest level. None of this would have been possible without the help of the renowned individuals that put together the MIEF program. And I’m not only talking about myself, my cohort, a tight group of highly motivated individuals, has undoubtedly been set on a very promising trajectory with strengthened economic knowledge and leadership skills.

Perhaps, other than the faculty and staff, the second thing that I enjoyed the most of my graduate experience was the fact that one of the most competitive programs out there also happened to be located at the heart of Washington, DC where being a MIEF student definitely makes a difference. I was given the opportunity to have one-on-one interactions with top economists and, through its distinguished network of alumni, I was also given special access to the most exclusive conferences in the profession.  If you don’t already know this, the US capital is where you want to be if you happen to be interested in any part of the design and implementation of current and upcoming economic policies. It goes without saying that my learning experience was enriched to a great extent by the work of think tanks, multilateral organizations, and the most prestigious economic institutions in this country, right next door to SAIS.

At the end, you can search all you want but you won’t be able to find any other program that is both as complete and enriching but also as condensed as the MIEF at SAIS. The program was carefully designed in such a way that it actually manages to give you a good understanding of advanced economic theories, develop quantitative skills, and analyze current international economic issues, everything in less than a year. More importantly, there is no doubt that MIEF cares about its student’s success in the workplace. This program makes sure students build strong ties with their professors and have access to the best mentorship opportunities. Every year several students are given the opportunity to prove themselves as teaching and research assistants, something that is so unique at the masters’ level, that it is not surprising that most graduates find no difficulty standing out among their peers even across different types of professional settings.

If you are like me looking to push yourself and get right on track on a promising career in the field of international economics, don’t look more, this program is right for you.

-Sebastian Herrador (MIEF '16)

Making The Best Investments

My name is Alexander Avramov and I was part of the inaugural MIEF program. I graduated in 2015 and I now work at NERA Economic Consulting as an Analyst. I’ve been with NERA for just over a year.

 I chose the MIEF program because of the great curriculum designed by the outstanding faculty and staff and the strong emphasis on economics and quantitative methods. I chose the program because I knew I would be challenged and that it would bring out the best in me. It has been a year and a half since I graduated and I apply many of the things I learned during the MIEF program to my daily responsibilities at work. While I learned a great amount of valuable skills during the program, I will narrow it down to the four main ones.

First, the MIEF degree drastically improved my critical thinking skills. Professor Marquez’s classes were instrumental in reinforcing the mentality of always questioning what I am reading. This has proved extremely valuable in my ability to think critically about an opposing expert’s report, where finding holes in the opposing side’s analyses is key. 

Second, the MIEF degree taught me to be extremely detailed oriented. The degree provided me with the flexibility not only to take the required courses, but also to take on other opportunities, where possible. I was a Research Assistant during the majority of the MIEF program, for Professor William Lincoln. Not only did this work force me to think critically, but also much of it required me to pay attention to the smallest details and point out errors. This ability is vital in my line of work.

Third, the program gave me the freedom to think on my own instead of just following directions from my professors. This may be the most valuable of all and this is where the capstone project comes in. It allowed me and my partner to work on a topic, which we were very passionate about, while being given the freedom to be as creative as we wanted. At my job, it’s critical to be able to synthesize information and be creative in devising strategies and plans of best action. 

Last but not the least, the program teaches teamwork. Much of the program is based on learning to work in teams and being able to manage projects in a group environment. I cannot emphasize how valuable this skill is at my job.

I strongly encourage anyone who is reading this to learn more about the MIEF degree. For me, it was one of the best investments I have ever made.

MIEF At Work

Since I graduated more than a year ago, the global capital markets were defined by risk-on and risk-off around a few events- the RMB’s unpredicted depreciation, the Fed’s first hike in a decade and Brexit. What the market did not know would happen happened, what the market knew would happen happened, and what the market knew would not happen happened. But there is one thing in common- predicting and reacting to each of them has proven difficult for me. For example, I am still unable to see why the BOJ’s negative interest policy backfired, while the same policy worked for the ECB. In each case what I learned at SAIS has enhanced my ability, and improved my odds in dealing with the complexities and uncertainties of these events.

Theoretical framework

I used to be easily persuaded by news and sell-side research, whose arguments are usually made without evaluating the opposite relevant aspects. Having no prior framework to check against, I was naturally confused and not confident. SAIS changed this. Here, I learned that the federal funds rate does not simply follow what the Taylor rule suggests. A low interest rate environment in other developed markets must put a cap through the exchange rate channel. Facing the increase in global interest rate, monetary tools in emerging markets are not limited to just raising the interest rate. These theoretical frameworks improved the quality of my analysis.

Quantitative tools and presentation skills

The most interesting part of my work involves collecting data, running analyses and communicating the findings. Everyone can run regressions on excel, but many also run into difficulties when it comes to time-series analysis. GARCH and cointegration are things I learned in class but did not really know how to apply in real life. That is, until they came back to me in forecasting volatilities and constructing pair trading strategies. Living on the macro side of the market, the most valuable skills I learned in private equity is how to write recommendations and deliver presentations that are powerful, something I am still trying to follow every day.

Appreciate economic issues in a broader context.

Having not taken any IR course makes me less credible in this topic. I did however, immerse myself in SAIS and its neighborhood, I learned that many economic policies are rooted in politics and international relations. Just before I graduated, I predicted against Grexit solely based on economic reasoning. While the outcome happened to be so, the referendum process revealed a much more complex picture at the grassroots, and a real possibility for the opposite result. One year later, as many pundits and market players underplayed the possibility of Brexit even as the polls started to turn in favor of the opposite, I stayed cautious, remembering the lesson that politics and international relations are much harder to predict than economics.


I spent this Independence Day at West Point, watching a great army band performance and beautiful fireworks taking off the Hudson river. On the wall of one of the academy’s six churches, I found the following cadets’ prayer. “Make us choose the harder right instead of the easier wrong, and never to be content with a half-truth when the whole can be won.” It reminded me of Professor Marquez’s question, “how do I know,” his early mornings and “the path less traveled.” In the market or in life, truth always needs to be won by the few with courage and perseverance. As grateful I as I am for the many things SAIS taught me, I pray that one day these qualities, which are nurtured in this intellectually free and physically intense program, will lead me to my truth.

-Zhao Peng (MIEF '15)


Fiscal Policy and the Macroeconomy Workshop

Fiscal Policy and the Macroeconomy
May 13, 2016


In the aftermath of the global financial crisis, fiscal policy has taken a front seat in policy discussions around the world. How effective is a fiscal expansion in stimulating output in times of distress? What factors determine the size of fiscal multipliers? As fiscal budgets have become overstretched, the need to build fiscal space through fiscal consolidation and strengthen fiscal institutions to allow countries to save in good times have also turned into critical public
policy issues. At this workshop practioners discussed what we have learned about these and related questions and identified future fiscal
challenges across the world economy. 

"Do Fiscal Multipliers Depend on the Fiscal Position?"
Raju Huidrom (WBG) and Ayhan Kose (WBG)

"Fiscal Policy and Inequality" 
Benedict J. Clements (IMF)

"Pitfalls in Identification and
Measurement of Tax Policy" 

Carlos Vegh (SAIS) and Guillermo Vuletin (IDB)

"Fiscal Pro-cyclicality and Over-optimism
in Official Forecasts"

Jeffrey Frankel (Harvard Kennedy School)

"Fiscal Policy Challenges in the Global Economy"
Celine Allard (IMF), Roberto Guimaraes-
Filho (IMF)
, Paolo Mauro (PIIE),
and Andrew Powell (IDB)

Global Connections

One goal of the MIEF program is to assemble a diverse student body. In order to follow this ideal, MIEF attempts to attract promising students from developing countries by offering financial aid in the form of MIEF fellowships. Current student Arif Hoti is one of the recipients of such a MIEF fellowship. His case demonstrates MIEF’s commitment to persistently support promising applicants from all over the world, regardless of their financial opportunities.

Arif is from Kosovo, a young European country that is at the initial stages of development. He joined MIEF as part of a larger scholarship program that is being implemented in his home country by the United States Agency for International Development (USAID). In order to support his prospects of becoming an MIEF student, SAIS granted him an additional fellowship which covers a significant share of the tuition for MIEF. He states that this form of support has created innumerous opportunities for his professional future, which he intends to spend in a country that has only recently celebrated its eighth anniversary.

With the end of the academic year in sight, Arif emphasizes that he firmly believes that the courses at MIEF have prepared him to deal with the economic challenges that his country is facing. He says that he can’t wait to return home and start giving his own support towards a more prosperous Kosovo. “I am very excited to go back with all this knowledge and expertise. This is a very important moment in the development process of Kosovo, and I feel prepared to give my own contribution.” He adds, “The coursework at MIEF has made me aware of the indispensable role of data analysis when it comes to effective decision-making. Someone once said, ‘There are no solutions, only tradeoffs.’ MIEF has taught me how to quantify and analyze the tradeoffs. Everything else is plain theory.”

We are happy that we were able to assist Arif in his professional development, and are lucky to have him. We wish Arif all the best in his future endeavors. It is students like him that inspire both SAIS and MIEF to continue supporting students from as many countries as possible. 

Infrastructure Finance & Policy

Specialization in Infrastructure Finance and Policy

Careers in infrastructure beckon.  An increasing number of SAIS students have found exciting jobs in the growing area of infrastructure finance and policy.  Some practice project finance, some advise firms and governments on infrastructure issues as part of consulting companies.  Multilateral and bilateral development finance agencies like the World Bank, the European Investment Bank or the China Development Bank provide global careers in the subject area.  Yet others have joined global and national firms providing natural gas, electricity and transport services.

In response to growing demand SAIS has introduced a new option for students – a specialization in infrastructure finance and policy.  

What does it involve?  The requirements have been developed in consultation with infrastructure finance and policy experts.  They include the “bread and butter” technical skills as well as the conceptual courses that underpin the work of policymakers and investors.  Case-specific courses provide a feel for real life problems and how concepts may be applied.

You need to include four main courses from the specialization in your program as well as two professional skills courses and maintain at least a B+ average.  The courses are drawn from

Financial theory:

  • Corporate Finance/Financial Decision-Making or
  • Multinational Corporate Finance

Project Case courses:

  • Project Finance or
  • Infrastructure Finance and Modeling or
  • Developing Hard and Social Infrastructure through PPP

Infrastructure Economics (spring only)

  • Organization and Regulation of Infrastructure or
  • Competition in Network Industries  

One of nine Policy courses covering energy sectors and climate policy, service delivery approaches, for example, through PPPs and water policy

The core professional skills courses cover two areas – accounting and financial analysis/modeling.  

As a specialist in infrastructure finance and policy new career paths lie ahead of you at the intersection of public policy and private investment.

The Right Blends

July 14th, 2014.

Nervous. Skittish. Anxious. Yes those words would come close to how I was feeling when I entered Rome building for MIEF orientation. Was I tense simply because I was starting a new program? Maybe not. The fact that it was only my second day in DC probably had something to do with it. Or perhaps because it was my second day in the United States altogether! But orientation day went well. And the entire year – that went really well.

For me, MIEF was a story of the right blends. The program had the right blend of courses in trade, macro, finance, international econ and econometrics. A capstone course – which was nothing short of a full-fledged thesis – connected all the econ training. It had the perfect blend of professors; those leaning towards highly theoretical (and necessary) concepts and those connecting real-world policy issues through intuitive economic models. It had the right blend of students; those bringing experiences from economic research, central banking, investment management and non-profits to recent graduates with fabulous intuitive and quantitative abilities. It should hardly come as a surprise that classes like international finance, macro, financial decision-making and advanced topics in trade were enjoyable not just because of the curriculum – but also because of the interactive discussion among teacher and students. The fact that MIEF gave tons of flexibility in course choices, after the foundations, was also a big plus for me.

On top of that, regular seminars served as perfect platforms to extend our knowledge and understand what top researchers were working on. I’m not sure which I enjoyed more – Olivier Blanchard’s presentation on global economic outlook or our very own Professor Marquez’s talk on “Economic Activity and Derivatives.” And finally, to knit all of these different aspects together – courses, students, professors and seminars – MIEF has Kelley.

One could argue MIEF has no internships chalked out in an eleven-month curriculum. Several of us still managed to squeeze internships in though. But I chose not to, simply because I wanted to get as much out of my one year as I could. Was not doing an internship too big a gamble? With Professors who always kept their doors open to students, I believed understanding how to land a suitable job was not going to be impossible. And it wasn’t.

I joined the IMF only one week after presenting my capstone and was thrown head-first into more economic and quantitative analysis then I thought I could handle. My division, “Advanced Economies and Multilateral Surveillance Issues,” conducts a series of cross-country analysis on economic vulnerabilities. As an analyst, I work with economists to study relevant macro and financial variables using both simple (as simple as simple averages) and advanced quantitative methods. Keeping up with numerous economists is not easy. Especially when they expect you to understand macroeconomic relationships in a complex real-world setting. But MIEF training definitely prepared me well for that. More importantly, the intensity of the program helped getting used to meeting multiple tight deadlines.

Looking back, when I first picked MIEF for grad school I was not fully confident of my own choice. At that time, my options included two other very well-known programs in this field. My supervisor in my previous company (in Bangladesh) told me it might be better to go for an established program rather than a relatively new one. But today, I can confidently say that I made the right call.     

Sharjil Haque, MIEF '15


MIEF at the IFC

The Master of International Economics and Finance program (MIEF) at SAIS aims to equip early-career professionals with sound understanding of economic and financial theory as well as professional quantitative and econometrics skills. Early-career professionals reads “people like you and I,” to prospective MIEF applicants.

I came into the program with a background in undergraduate economics and MIEF has exceeded my expectations. I initially thought I would specialize in the International Trade and Development track but classes such as Prof. Arroyo’s International Finance and Prof. Marquez’s Macroeconomics, won me over to the dark side (Macroeconomics and Finance). The structure of courses in the program gives students flexibility to not only explore other interests but also to select classes from the wider SAIS family to tailor the program to our needs. And these needs are varied! My classmates have interests that range from private equity, venture capital, microeconomics & development, international trade to macroeconomics and international finance.

Our wonderful faculty is another reason I appreciate this program. Professors have an open-door policy, which means not only are they available to meet with you one-on-one, they actively ENCOURAGE it. They serve as a wonderful resource (not just for homework help!) to bounce research ideas off, for professional and career advice and even for academic guidance and recommendations.

Currently, I work as a Research Assistant with the International Finance Corporation (World Bank Group) while I wrap up the last semester. My work requires that I draw on advanced economic theories, and rely on my understanding on international economics and finance to connect dots. I also utilize my quantitative skills in data analysis and produce results that are often considered in decision-making. Another thing I appreciate about MIEF is the large amount of information one gets accustomed to absorbing and processing efficiently within a short period of time. I find this skill very handy in my job, it allows me to work quickly and effectively.

I appreciate the opportunity to have a great educational experience at SAIS in Washington D.C., the center of international economics, public policy, international finance and international affairs. It also helps that there are many SAIS alums who work in these fields and are always willing to serve as a sounding board, offer career advice or even help to current students and fellow alumni. 

Nana Esi Hammah, MIEF '16

David Longstaff ('16) on interning at Treasury

This past January, I started an internship position analyzing impact and effectiveness of state venture capital programs as a part of the State Small Business Credit Initiative in the Office of Domestic Finance at the U.S. Department of the Treasury. This has been a great fit for me as my driving interest in economics is individual economic empowerment, and I believe that venture capital for small businesses is a great means to that goal. Being at the forefront of analyzing state venture capital in the United States with this project that is the largest to date for the U.S. is an incredible, dynamic learning opportunity that I am thoroughly enjoying and very grateful to be having. I am also enjoying getting to implement concepts from my MIEF coursework in the analyses I am doing at the Treasury, particularly from the econometrics courses as well as my economic development course. Actually utilizing material, we have been learning in the classroom has significantly deepened my appreciation and understanding of the MIEF structure and coursework.

Our MIEF program has a very intense quantitative focus that really stands out and gives you a value-added in the work place. You come in being familiar with econometric software and knowing how to think on your feet and set up models and conduct the appropriate analysis. Getting that base of econometric knowledge but also practical know-how and experience in thinking critically and setting and running models has been a great spring board to jump in to a lot of this work at the Treasury, and the experience so far has been a great compliment to my learning experience.

In general, this area of assessing the role of financial institutions and government in small and medium enterprise development is on which I would like to focus long-term in my career, and being able to contribute and be working on actual impact evaluation at the Treasury is an incredible experience for which I am extremely grateful. It is also an experience that would not have been possible without the skills I have gained and continue to sharpen in the MIEF program at SAIS, nor without the strong SAIS alumni network that exists within the Treasury.

I am having a fantastic hands-on learning and working experience, and I look forward to all that is to come in this exciting semester as we all transition and take our skills from the classroom to making an impact in the work place. I certainly count my MIEF and Treasury experiences as critical and impactful steps in building towards success in my career path, and I am incredibly grateful for both of them.

David Longstaff

Lunar New Year


周六早晨, MIEF春节组委会的一支采购小分队(Zoe, Janice, Shaoyu)早早出发到弗吉尼亚的中国超市进行采购,买了春节派对所需要的食物和装饰品,同时另一支小队(Dongxiao, Roseann)前往Costco购买餐具和饮料。春节派对的场地选在了距离校园只有几分钟的drake公寓顶层的活动室,从下午开始,MIEF中国厨神们就开始各显神通,Dayuan, Diliu带着几个小伙伴包了几百个饺子,烧烤大师Ni独当一面串了一下午秘制羊肉串,与此同时我们的甜品女王Yizi在另一边烘培着精致甜美的糕点。

派对7点开始,所有来宾都穿着象征好运的红色,和中国使馆赞助的灯笼及春联遥相呼应。春节组委会的小伙伴们为大家准备了各式各样的美食,从传统的饺子,到饱受欢迎的火锅,烤串儿,芋圆,椰蓉酥,让身处美国的我们也可以品尝到地道的中国美食。大家在红红火火的氛围中畅所欲言的聊着共同经历的点点滴滴,曾经一起奋斗过无数个日日夜夜的Monte Carlo,一起吐槽过的FDM作业,一起挑战的户外冒险Go Ape,都是最最宝贵的回忆。


On February 6, 2016, the MIEF class celebrated the Lunar New Year festival, ushering in the Year of the Monkey (earlier in the year, the students WENT APE). The event was organized and hosted by our Chinese classmates, and it provided a fantastic platform to bond and take time out from our otherwise hectic MIEF schedules. It also provided a great opportunity to better understand the fascinating Chinese culture from several diverse points of view, through experiencing the traditional customs associated with CNY.

Preparation for this event started several weeks prior to the actual day. The dedicated team came to be known as the ‘Spring Festival Committee’ (on WeChat, Whatsapp, and every other form of social media), and was committed to making the event a success – this meant dividing responsibilities (as economists at heart, they truly believed in the virtues of division of labor!)

At 9 am on the day of the event, Janice, Zoe and Shaoyu made a trip to the Asian market in Virginia to buy ingredients and raw materials for the evening. Soon after that, the organizing team convened to make dumplings, meat skewers, and prepare food for an evening ‘hotpot’ gathering. They also decorated the venue with red banners – the theme of the evening was red, since the color red, in traditional Chinese culture, represents luck and prosperity. 

The results of these efforts were simply outstanding, to say the least. Firstly, everyone enjoyed fresh food, which was being made on demand. As an ardent dumpling-lover and staunch proponent of Chinese food, the endless supply of food was an absolute dream for me!

Words cannot do justice to the sheer variety and quality of food that we enjoyed that day – so maybe a few pictures can do the trick:

Moreover, keeping the food aside, (although it is so difficult because the food was FABULOUS), we also enjoyed spending time with each other outside of class, in a relaxed, festive setting. 

All in all, it was a truly memorable experience for the entire class. Of course, this event could not have been made possible without the tireless and dedicated efforts of the Spring Festival Committee – comprising of Janice, Zoe, Shaoyu, Dayuan, Diliu, Ni, Jeremy, Dongxiao, Yizi, Yiran, Jinghan, Crystal, Sibo, Roseann, Candace, William, and Zixuan. A big thank you also goes out to Kelley, our superwoman, for providing funding to make this happen. THANK YOU GUYS, for what was an absolutely fantastic evening! 

As we usher in the new year, it is a good time to reflect on what we have all accomplished in this program so far, and how much we have yet to achieve. Here’s hoping that the next few months yield as much promise as the last few months have. Gong Xi Fa Cai!

Janice, Sam, and Yiran

Spotlight: Meghan Khosla ('15)

Meghan Khosla graduated in the inaugural year of the Masters of International Economics and Finance (MIEF) program at Johns Hopkins SAIS in June 2015. She is currently serving as an Assistant Vice President Country Risk Analyst for Citi’s Global Country Risk Management Economic Forecasting Team in Irving, Texas. This team is responsible for designing and forecasting macroeconomic and financial stress scenarios as well as determining their impact on the industry. Meghan’s particular role is to provide economic and financial forecasts of risk factors that will be used in Citi’s internal credit, market and operational risk models.

Meghan says her MIEF degree has been an important part of her transition into Citi. Many of the skills she attained in the program—including econometric analysis, risk modeling, time series econometrics and global macroeconomic analysis—are integral parts of her daily operations. Additionally, the rigor and fast paced style of the program taught her time management skills and to be efficient at work. Lastly, Meghan’s development of personal relationships with the other MIEF students during group assignments taught her the value of strong communication and efficiency within a team and how a well-executed team product can greatly surpass independent work.

Johns Hopkins SAIS, and in particular the MIEF program, taught Meghan to exhaust the benefits of technical analysis while still acknowledging its limits. She believes this program provides students with all the necessary tools to successfully analyze global economics while also incorporating qualitative knowledge about what is known (or not known) about the economy. This balance of hard and soft analysis helps her understand the meaning of her econometric models at Citi and what they may imply for a specific region or country. By stepping back and asking ‘so what’ (accredited to Economics Professor Jaime Marquez), Meghan hopes to provide a critical perspective and valuable contribution to her Citi team.