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New Directions in Economics

Welcome to The Janeway Institute Cambridge

Aims & Objectives

Developing cutting-edge research

Inspiring the next generation of economists

Creating an international hub for new ideas

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Special Initiatives

Covid-19 Research

The Cambridge-INET led, COVID-19 Economic Research website has an extensive collection of special features, research papers, blogs and videos, by Cambridge Academics that look into the pandemic and it’s economics effects,


Dr. Constantine Yannelis' visit

Dr. Constantine YannelisWe were delighted to welcome Dr. Constantine Yannelis to the Janeway Institute from 5th June to 16th July this summer. He was hosted by Prof. Florin Bilbiie, Prof. Meredith Crowley and Prof. Tiago Cavalcanti.

Dr. Yannelis is an Associate Professor of Finance at Chicago Booth, a faculty research fellow at the National Bureau of Economic Research and an Associate Editor at the Review of Corporate Finance Studies. His research focuses on household finance, corporate finance, public finance, human capital and student loans.

In 2021, Dr. Yanneils won the 2021 AQR Young Researcher Award, recognizing talented new academics producing innovative and impactful research.


Events & Activites

Arrol Adam Lecture: The Failures of Economic Policy – Blame Theory not Central Bankers

The Janeway Institute is co-sponsoring the Arrol Adam Lecture with Fitzwilliam College on Thursday Oct 26th. It is entitled 'The Failures of Economic Policy – Blame Theory not Central Bankers' on Thursday Oct 26th and American Economist Andrew Smithers will be in conversation with Martin Wolf from the Financial Times.

Research Paper

Capability Accumulation and Conglomeratization in the Information Age

Professor Matthew Elliott

This paper by Professor Matt Elliott with Andrew Koh (PhD. candidate, MIT) and Dr. Jun Chen (Associate Professor, Renmin University of China) has been accepted for publication in the Journal of Economic Theory.

The past twenty years have witnessed the emergence of internet conglomerates fueled by acquisitions.

The authors build a simple model of network formation to study this. Following the resource-based view of competitive advantage from the management literature they endow firms with capabilities which drive their competitiveness across markets. Firms can merge to combine their capabilities, spin-off new firms by partitioning their capabilities, or procure unassigned capabilities.

They study stable industry structures (stable networks) in which none of these deviations are profitable and find an upper and lower bound on the size of the largest firm, and show that as markets value more of the same capabilities abrupt increases in these bounds occur.