Thomas D. Willett, Horton Professor of Economics, Claremont Graduate University and Claremont McKenna College.

Graham Bird, Professor of Economics, Claremont Graduate University, and Emeritus Professor, University of Surrey, UK.

Advisory Council:

Richard Burdekin (Claremont McKenna College)*

Eric Chiu (National Chung Hsing University, Taichung (NCHU), Taiwan)*

Yi Feng (Claremont Graduate University)*

Jung Sik Kim (Yonsei University, South Korea)

Alice Ouyang (Central University of Finance and Economics, China)*

Eric Pentecost (Loughborough University, UK)*

Ramkishen Rajan (National Singapore University)*

John Rutledge (Safanad Limited)*

Richard Sweeney (Georgetown University)*

John Thomas (La Sierra University)

Clas Wihlborg (Chapman University)*

*Also research associates at CIEPS

 Research Associates:

Mark Abdollahian (Claremont Graduate University)

Hassan Almahmood (Ministry of Economy and Planning, Saudi Arabia)

Puspa Amri (Sonoma State University)

King Banaian (St. Cloud State University)

Menna Bizuneth (Pitzer College)

Arthur Denzau

Wenti Du (Akita International University, Japan)

Levan Efremidze (Pepperdine University)

Pierangelo De Pace (Pomona College)

Ricardo Fernholz (Claremont McKenna College)

Yoonmin Kim (Keimyumg University)

Jacek Kugler (Claremont Graduate University)

Jie Li (Central University of Finance and Economics, China)

Priscilla Liang (California State University at Channel Islands)

William Lincoln (Claremont McKenna College)

Alex Mandilaras (University of Surrey, UK)

Christiano Manfre (Pepperdine University)

Stephen Marks (Pomona College)

Jacob Meyer (Swiss Re)

Greg Richey (University of California at Riverside)

Melissa Rogers (Claremont Graduate University)

Dane Rowlands (Carleton University, Canada)

Ravi Roy (Southern Utah University)

Hisam Sabouni

Nazee Sarafzadeh (Claremont Graduate University)

Suppaleuk Sarpphaitoon (Akita International University)

Cameron Shelton (Claremont McKenna College)

Ozan Sula (Western Washington University)

Nancy Tao (University of Wisconsin at Whitewater)

Clemens Kownatzki (Pepperdine University)


The Claremont Institute for Economic Policy Studies (CIEPS) was founded in 1983 to help facilitate research amongst graduate students and faculty in CGU’s programs in international money and finance, international economic and development policy, global commerce and finance, and international political economy. Since that time, the Institute has grown in both size and scope, and it now has a large number of research associates located across the world who are engaged in collaborative research. While the emphasis of the Institute’s work remains heavily on aspects of international money and financial economics, its research portfolio covers many aspects of economic policy. CIEPS’s activities are administered by Directors, Thomas D. Willett and Graham Bird, and a distinguished advisory council.

While largely applied in nature, research at CIEPS is based on the belief that such analysis must rest on firm theoretical foundations. However, no one theory or methodological approach is best for all situations. As a consequence of this philosophy, the work of the Institute draws both on conventional assumptions regarding rational agents and on more recent developments in behavioral economics. It recognizes important aspects of political economy as well as institutional design in formulating policy. In addition to using modern econometric techniques to analyze large data sets that have often been assembled by CIEPS itself, the research of the Institute also sees a place for carefully crafted case studies that add depth, nuances and richness to large sample analysis. Quantitative and qualitative research methodologies are viewed as being complementary. A particular focus of CIEPS has been the integration of economic and political analysis, and the Institute has played a leading role in developing the field of international political economy. Through its research, CIEPS has had a discernible impact on economic policy at both national and international levels.

Research conducted by members of CIEPS is regularly published in leading academic journals, and the Institute has gained an international reputation both for its high quality research and for its role as a leader in promoting work that crosses conventional disciplinary boundaries, with a special focus being on political economy, behavioral considerations and the role of institutions. Conventional academic metrics, such as citations, reflect the high rate of research productivity achieved by members of the Institute, and the strong impact that this research has had both on academic developments in the field of international money and finance and on the design of economic policy world-wide. Members of CIEPS are frequently invited to give presentations based on their research to meetings of policy makers at national, regional and global levels.

CIEPS strongly encourages and facilitates collaborative research between its faculty members, its wide network of research associates, and the large number of doctoral students working in the field of international money and finance. At any one time, there are normally about thirty five students undertaking doctoral study in an area of research covered by CIEPS. The Institute is particularly proud of the way in which it helps to train the next generation of researchers, many of whom have gone on to secure positions throughout the world in academia, government economic service and international organizations, as well as the private sector.

CIEPS sponsors a bi-weekly research workshop that analyzes current topics in international monetary and financial economics, as well as domestic economic policy in advanced, emerging and developing economies. It also organizes seminars and an annual student-faculty conference. It regularly arranges sessions at international conferences run by professional associations. By participating in such events, members of CIEPS are able to present their research and disseminate their findings to a global audience of fellow researchers and practitioners.

Current and recent research projects include:

  • Exchange rate regimes and currency areas.
  • Economic and political determinants of financial and economic crises.
  • International capital flows, surges, reversals and sudden stops: causes and consequences.
  • International financial markets, credit booms and banking crises.
  • The political economy of the IMF.
  • The financing of economic development; foreign aid, remittances and FDI.
  • Macroeconomic policy, international interdependence and the trilemma.
  • Contagion from financial crises; where, when and why.
  • The performance of financial markets; market efficiency versus behavioral finance.
  • Issues in international and comparative political economy.
  • China, emerging economies and the global economy.

Further information about CIEPS may be gained by using the links to: Areas of On-Going Research and Selected Recent Publications; and Workshops, Conferences and News.