Deborah Lucas

Sloan Distinguished Professor of Finance

Biography | Selected Publications

Deborah Lucas


Deborah J. Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and the Director of the new MIT Center for Finance and Policy.  Her recent research has focused on the problem of measuring and accounting for the costs and risks of government financial obligations.  Her published papers cover a wide range of topics, including the effect of idiosyncratic risk on asset prices and portfolio choice, dynamic models of corporate finance, financial institutions, and monetary economics.

Previous appointments include assistant director at the Congressional Budget Office from 2009-2011; Donald C. Clark Professor of Finance at Northwestern University’s Kellogg School of Management from 1996-2009; chief economist at the Congressional Budget Office from 2000 to 2001; senior economist at the Council of Economic Advisers from 1992 to 1993; and member of the Social Security Technical Advisory Panels from 1999-2000 and 2006–2007.

She is a coeditor of the Annual Review of Financial Economics and a co-organizer of the group Capital Markets and the Economy at the NBER.  She is an elected member of the National Academy of Social Insurance, a research associate of the NBER, a member of the Advisory Roundtable of the Federal Reserve Bank of New York, and has served as a director on several corporate and non-profit boards, including the American Finance Association.

She received her BA, MA, and a PhD in economics from the University of Chicago.

Current Research Focus:  Professor Lucas’s current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement of government financial activities. Some current projects underway include: “Credit Policy as Fiscal Policy,” “Evaluating the Cost of Government Credit Support: The OECD Context,” “Evaluating Credit Subsidies for Fossil Fuels,” “Why Do Guaranteed SBA Loans Cost Borrowers So Much?”, “Cost of Capital for Multilateral Financial Institutions,” and “Valuing and Hedging Defined Benefit Pension Obligations – The Role of Stocks Revisited.”

Full curriculum vitae



Contact Information
Office: E62-640
Tel: (617) 715-4816
Support Staff
Name: Safia Albaiti
Tel: (617) 253-9747

Research Center(s)

General Expertise
Fannie Mae; federal budget; federal credit programs; Fiscal policies; Freddie Mac; Governmental financial institutions; Retirement finance; Social Security; student loans