Partners
National Bureau of Economic Research (NBER)
Overview
ICMM–NBER Consumer Finance Dissertation Fellowship Program
The ICMM–NBER Consumer Finance Dissertation Fellowship supports the next generation of economic and finance researchers working to advance understanding of consumer and household finance, with an emphasis on the financial decisions and well-being of low- and moderate-income (LMI) households.
Launched through a partnership between the Institute of Consumer Money Management (ICMM) and the National Bureau of Economic Research (NBER), this five-year initiative provides funding for two outstanding Ph.D. students per year from North American universities. Fellows receive up to two years of research support to pursue dissertation work addressing real-world financial challenges faced by LMI individuals and families.
By reducing the need for fellows to take on teaching or research assistantships, the program enables them to devote more time to developing rigorous, policy-relevant research agendas. Fellows are also introduced to a national network of scholars working in consumer finance, providing valuable mentorship and exposure to ongoing conversations in economic policy and practice.
Since the program’s launch, the fellowship has supported students from top institutions—including the University of California, Berkeley, and the University of Wisconsin—whose work has already contributed to leading academic journals and national policy discussions. Graduating fellows have accepted prestigious academic and research positions, continuing to work on issues such as credit access, financial regulation, and inequality in financial outcomes.
With three additional cohorts funded through the 2026–27 academic year—including a newly selected cohort from Harvard—ICMM is proud to continue investing in early-career scholars whose research has the potential to improve financial systems and advance equitable policy for underserved populations.
By supporting promising researchers at a pivotal stage in their careers, the ICMM–NBER Fellowship helps ensure that the future of consumer finance research is grounded in real-world impact, interdisciplinary thinking, and a deep commitment to improving the financial lives of Americans.
Current and Past Fellows
Current Fellows
Year 4: 2025-26 Cohort
Matthew Jacob
Harvard University
Matthew Jacob’s research explores the intergenerational effects of foreclosure on families, examining how housing instability influences the long-term economic trajectories of both parents and children.
Dominic Russel
Harvard University
Dominic Russel studies household borrowing behavior, lender incentives, and the role of credit in shaping economic inequality within consumer financial markets. He is co-recipient of the fellowship with Claire Shi.
Claire Shi
Harvard University
Claire Shi’s work focuses on household debt and repayment behavior, with particular attention to how parental financial decision-making influences children’s borrowing patterns and how lender contract design affects outcomes. She is co-recipient of the fellowship with Dominic Russel.
Past Fellows
Information is current as of June 2024.
Year 3: 2024-25 Cohort
Grace Orzatur
University of Notre Dame
Grace Ortuzar’s research focuses on evaluating housing policies aimed at improving outcomes for low-income tenants and preventing homelessness..
Justin Katz
Harvard University
Justin’s research examines the relationship between locked-in mortgage rates and housing availability.
Working papers:
https://www.nber.org/papers/w30508
https://www.nber.org/brd/late-life-income-and-assets-measured-tax-and-survey-data
https://www.nber.org/programs-projects/projects-and-centers/retirement-and-disability-research-center/center-papers/nb20-04
Year 2: 2023-24 Cohort
Benedict Guttman-Kenney
Ph.D., University of Chicago Booth School of Business
Incoming Faculty, Rice University’s Jones Graduate School of Business
Benedict Guttman-Kenney’s dissertation explores consumer behavior in unsecured credit markets through a series of empirical studies. One chapter examines payday lending in the UK, showing short-term improvements in borrowers’ financial outcomes but longer-term declines in financial health. Another chapter evaluates automatic minimum repayments on credit cards, revealing that while late fees are reduced, borrowers often miss opportunities for larger repayments—leading to higher interest costs. A third chapter documents the decline in credit card repayment data sharing among lenders, driven by concerns over competitive targeting of profitable customers. Together, his work sheds light on consumer credit behavior and lender strategies in evolving credit markets.
Working papers:
https://www.nber.org/papers/w32791
https://www.nber.org/papers/w31926
Charlie Rafkin
Ph.D., Massachusetts Institute of Technology, Department of Economics
Postdoctoral Fellow, University of California, Berkeley (2024–25)
Upcoming Fellow, Stanford University (2025–26)
Incoming Faculty, University of British Columbia (2026)
Charlie Rafkin’s dissertation investigates the impact of public policy on housing instability in the United States, with a focus on eviction prevention. His research offers a detailed analysis of the Emergency Rental Assistance Program (ERAP), a COVID-19 stimulus initiative, and its effect on reducing eviction rates. He also examines the tenant-landlord bargaining process, identifying the conditions under which negotiations fail and lead to eviction. Rafkin’s work contributes to the understanding of how policy design and implementation can shape housing outcomes for vulnerable households.
Working paper:
https://www.nber.org/papers/w27000
Year 1: 2022-23 Cohort
Menaka Hampole
Ph.D., Kellogg School of Management, Northwestern University
Assistant Professor, Yale School of Management
Dr. Hampole’s dissertation explored how student debt influences college major selection and early career outcomes. By compiling data from college yearbooks and LinkedIn profiles, she examined how financial obligations shape both academic decisions and professional trajectories. Her work contributes to a deeper understanding of how debt affects long-term opportunities for young adults.
Working paper:
https://www.nber.org/papers/w33509
Xian Ng
Ph.D. Candidate, Applied Economics, Wharton School, University of Pennsylvania (Expected May 2025)
Xian Ng’s research examines the intersection of psychology, behavioral economics, and consumer finance. His dissertation investigates “monthly payment targeting,” a common behavioral bias in which borrowers disproportionately focus on monthly payments rather than the total cost of loans. Using a robust mortgage dataset from the Federal Reserve Bank of Philadelphia, Ng finds that consumers are more sensitive to initial monthly payments than to lifetime loan costs—offering valuable insights into how financial products might be better designed to support informed decision-making.