I’m Professor of Public Policy and Economics at the NYU Wagner Graduate School of Public Service and Executive Director of the Financial Access Initiative at New York University.

My research focuses on finance and inequality. Current work is on the financial lives of low-income families, and on the economics of markets and social action. My empirical focus is mainly on Asia, especially on microfinance there, but for the past 5 years I’ve co-led the US Financial Diaries project with Rachel Schneider, which has led to a new book about household economic insecurity and poverty in America.

The 2nd edition of Economics, an intro textbook (micro + macro) written with Dean Karlan, came out in February 2017. The book provides an empirical, problem-solving approach to economics – with an emphasis on evidence and real-world connections.

In 2016-17, I’m on sabbatical at the Institute for Advanced Study in Princeton, New Jersey.

Selected recent work

Jonathan Morduch and Rachel Schneider, The Financial Diaries: How American Families Cope in a World of Uncertainty (Princeton 2017)

Reviews and coverage / Related writing



Dean Karlan and Jonathan Morduch. Economics, 2nd edition. McGraw-Hill/Irwin, February 2017.



Jonathan Morduch. “Economics and the Social Meaning of Money,” chapter 1 in Nina Bandelj, Frederick F. Wherry and Viviana Zelizer, eds., Money Talks: Explaining How Money Really Works. Princeton, NJ: Princeton University Press. 2017.




Jonathan Morduch and Julie Siwicki. 2017. “In and Out of Poverty: Poverty spells and income volatility in the U.S. Financial Diaries.” US Financial Diaries Project / FAI New York University. June.

Robert Cull, Jonathan Morduch, and Asli Demirgüç-Kunt. “The Microfinance Business Model: Enduring Subsidy and Modest Profit.” World Bank Policy Research Working Paper WPS7786, July 2016. Blog post.

Jonathan Bauchet, Jonathan Morduch, and Shamika Ravi. “Failure vs Displacement: Why an innovative anti-poverty program showed no net impact in South India.” Journal of Development Economics 116, September 2015: 1-16.

Robert Cull, Jonathan Morduch, and Asli Demirgüç-Kunt. “Banks and Microbanks.” Journal of Financial Services Research 46 (1), August 2014: 1-53.

David Roodman and Jonathan Morduch. “The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence.” Journal of Development Studies 50 (4), April 2014: 583-604. [Appendix.] [Drafts, code, data, more.]