- Economics
- International Affairs
- Answering Challenges to Advanced Economies
Two economists, Jonathan Federle and Moritz Schularick, investigate how war and its intensity relate to national output, productivity, consumer prices, and international trade. They exploit 150 years of data for 60 countries. Steven Davis chats with them about what they learned.
Recorded on April 2, 2026.
ABOUT THE SPEAKERS
Jonathan Federle, a postdoctoral researcher at the Kiel Institute for the World Economy, is an applied economist with research interests in empirical macroeconomics, finance, economic history, and geopolitics.
- Follow Jonathan Federle o LinkedIn
Moritz Schularick is president of the Kiel Institute for the World Economy and professor of economics at Sciences Po and Kiel University. He studies banking and financial stability, credit booms and busts, economic history, and globalization. He received the Leibniz Prize in 2022 and the Grossen Prize in 2018.
- Visit Moritz Schularick’s Website
Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution, and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is a research associate of the NBER, IZA research fellow, elected fellow of the Society of Labor Economists, and consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He also co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business, serving as both distinguished service professor and deputy dean of the faculty.
RELATED SOURCES
- Jonathan Federle, André Meier, Gernot J. Müller, Willi Mutschler, and Moritz Schularick, “The Price of War,” American Economic Review, March 2026.
- Ethan Iltetzki, “Learning by Necessity: Government Demand, Capacity Constraints, and Productivity Growth,” American Economic Review, August 2024.
- Scott R. Baker, Nicholas Bloom, and Steven J. Davis, “Measuring Economic Policy Uncertainty,” Quarterly Journal of Economics, November 2016.
- Jonathan Federle, “How Wars Create Winners and Losers in the Global Economy,” working paper, February 2026.
- Jonathan Federle, André Meier, Gernot J. Müller, and Victor Sehn, “Proximity to War: The Stock Market Repsonse to the Russian Invasion of Ukraine,” Journal of Money, Credit, and Banking, forthcoming.
ABOUT THE SERIES
Each episode of Economics, Applied, a video podcast series, features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security.
For more information, visit hoover.org/podcasts/economics-applied.
