Ideas at the intersection of finance and policy.
GCFP publishes research-based, non-partisan analysis aimed at helping a broad audience of readers understand issues at the intersection of finance and public policy. Interested in contributing? Review our submission guidelines and submit an article for consideration.
The views expressed in blog articles are those of the authors and do not necessarily reflect the views of the MIT Golub Center for Finance and Policy.
Latest Blogs
GCFP Blog
On the 21st Century ROAD to Housing: What Congress Accomplished in 2026 and What Remains to Be Done
The latest rare bipartisan success in federal housing policy offers families scant immediate relief on housing affordability but could accelerate change at other levels of government, says Edward L. Golding.
Beyond Capital: A Trust- and Culture-Based Regulatory Framework for the Next Banking Crisis
The abrupt demise of Credit Suisse shows that capital and liquidity buffers alone can't salvage an institution that has exhausted the market's reservoir of trust.
The Proposed California Billionaire Wealth Tax Produces Inequities and Adverse Incentives
In a new guest commentary for the Golub Center, Professors Ray Ball and Andrew Sutherland argue that CA's proposal will struggle to accurately value and tax billionaire assets and may even drive away some of the state’s largest taxpayers.
Anatomy of a Supervisory Failure
For its entire 15-year life as a regional bank, Silicon Valley Bank held the same risky bet. Our Research Associate, Niccolo Comati, explains how the bank's collapse is a story of a supervisory system that polices process rather than risk.
The Limits of Mortgage Credit Risk Transfer
Deborah Lucas presented her research paper with GCFP coauthors Niccolo Comati and Edward Golding, “Credit Risk Transfer and the Pricing of Mortgage Default Risk" at a recent conference at the Federal Reserve Bank of Cleveland on May 29, 2026,
Moving Beyond Safe vs. Risky Treasury Debt
Deborah Lucas offered her views on “US Treasury Debt and Fiscal Sustainability” at the SFS Cavalcade conference in Charlottesville, VA on May 20.
The Economics of Government Investment Policies and Why They Cannot Undo Fiscal Imbalances
With debt burdens mounting in the United States and abroad, policymakers have shown renewed interest in using government investment strategies to address fiscal imbalances. In this policy brief, MIT Sloan Distinguished Professor and MIT GCFP [...]
Liquidity Risk (Mis)Management: The Failure of Silicon Valley Bank and the Liability-Driven Investment Episode in UK Gilt Markets
Former Golub Senior Fellow, Laura Kodres, discusses the similarities between what happened with British pension funds in autumn 2022 and SVB.
What is the Social Discount Rate? MIT Economists Weigh In
In a comment letter to the Office of Management and Budget on Circular A-4 that guides federal agencies in conducting benefit-cost analyses, a dozen MIT professors, many affiliated with the Golub Center for Finance and Policy, offered suggestions [...]
Edward Golding op-ed on FHFA and mortgage risk pricing
MAY 4 – 2023 “BankThink: No, FHFA is not encouraging a race to the bottom.” Recently, the Federal Housing Finance Agency, acting in its capacity as conservator of Freddie Mac and Fannie Mae, made some modest changes in the pricing of mortgage risk. These modest changes [...]
