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Felix Kübler

Professor of Financial Economics at University of Zurich

Professor of Finance, University of Zurich/ SFI Senior Chair at Swiss Finance Institute

Schools

  • Swiss Finance Institute
  • University of Zurich

Links

Biography

University of Zurich

Education

  • Diplom, Universität Bonn, 1994
  • Ph.D. Yale University, 1999

Research Interest

  • Computational Economics, General Equilibrium Theory, Portfolio Choice

Employment

  • Assistant Professor, Stanford University, 1999-2004
  • Professor of Economics, University of Mannheim, 2004–2006
  • Associate Professor of Economics, University of Pennsylvania, 2006–2008
  • Professor of Economics, University of Pennsylvania, 2008-2009 (on leave)
  • Professor of Financial Economics, University of Zurich, 2008 –
  • Swiss Finance Institute Senior Chair, 2008 –

Honors and Grants

  • Carl Anderson Dissertation Fellowship, 1997
  • Stanford Institute for Economic Policy Research, Junior Faculty Grant, 1999
  • National Science Foundation, Research Grant, 2001-2004
  • NCCR-FINRISK, Research Grant, 2009-2012
  • Fellow of the Econometric Society
  • ERC Starting Grant 2011-2016
  • Gossen Prize (Verein f¨ur Socialpolitik), 2012
  • Economic Theory Fellow
  • PASC exploratory grant 2015-2017
  • Alexander von Humboldt Professorship, 2015 (declined)
  • PASC co-design project 2017-2020
  • SNF Sinergia project 2019-2023
  • PASC co-design project 2020-2021

Service

  • Econometrica: Associate Editor
  • International Economic Review: Associate Editor
  • Journal of Mathematical Economics: Advisory Editor
  • Quantitative Economics: Associate Editor
  • Theoretical Economics: Associate Editor

Swiss Finance Institute

Felix Kübler is Professor of Finance at the University of Zurich. Before joining the faculty in Zurich, Professor Kübler held professorships at Stanford University, the University of Pennsylvania, and the University of Mannheim. He also serves on the editorial boards of several economics and financial journals.

Expertise

Professor Kübler is revisiting the question of determining whether deficit finance is free when economic growth rates exceed government borrowing rates—a situation also referred to as pay-go policy. While the classical answer to this question is yes, his results show that nuances exist. Low government borrowing rates may actually reflect incomplete inter- or intragenerational risk-sharing, government-generated uncertainty, or credit market imperfections. In all such cases, deficit finance is not free, but simply redistributes the cost across or within generations. From a policy perspective, these results warn against taking low interest rates as sufficient grounds for running a deficit. Which is a practice many governments have been pursuing over the past 15 years…

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