Lorenz Kueng
Lorenz Kueng

Assistant Professor of Finance

Print Overview

Lorenz Kueng is an Assistant Professor of Finance at the Kellogg School of Management at Northwestern University. He studies household consumption behavior, the taxation of assets, fiscal and monetary policy, and economic inequality. His recent work uses tax-exempt and taxable bonds to measure expected future tax rates. He also analyzes whether household behavior responds to news about future tax changes.

Professor Kueng joined the Kellogg School of Management in 2012. He received his PhD in 2012 from the University of California at Berkeley with his dissertation “Expected Taxes and Household Consumption Behavior”, which won him the Public Policy Prize.

Areas of Expertise
Consumer Behavior
Information Economics
Macroeconomics (Includes: Monetary Economics, Federal Reserve, Interest Rates)
Public Finance
Print Vita
PhD, 2012, Economics, University of California at Berkeley
Diploma, 2006, Economics, Study Center Gerzensee, Switzerland
MA, 2005, Economics and Mathematics, University of Fribourg, Switzerland

Academic Positions
Donald P. Jacobs Scholar & Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 2012-present

Grants and Awards
Public Policy Research Prize, 2012
Burch Center Continuing Student Fellowship, 2011-2012
Fellowship for Prospective and Advanced Researchers, Swiss National Foundation, 2010-2011
IBER Dissertation Research Award, 2010
Janggen-Poehn Fellowships, 2009-2010 and 2011-2012
UC Berkeley Department Fellowship, 2006-2010
Best Master's Thesis Prize, 2005

Print Research
Working Papers
Kueng, Lorenz. 2013. The Note Issue Paradox: Free Banking in Switzerland 1872-1881.
Kueng, Lorenz. 2012. The Taxation of Bonds: A Short Primer.
Kueng, Lorenz. 2012. Tax News: Identifying the Household Consumption Response to Tax Expectations using Municipal Bond Prices.
Coibion, Olivier, Yuriy Gorodnichenko, Lorenz Kueng and John Silvia. 2012. Innocent Bystanders? Monetary Policy and Inequality in the U.S..
Auerbach, Alan, Ronald Lee and Lorenz Kueng. 2011. Propagation and Risk Spreading in Alternative Social Security Systems.

Print Teaching
Teaching Interests
Finance, Public Finance, Macroeconomics, Fixed Income
Full-Time / Part-Time MBA
Finance I (FINC-430-0)

This course counts toward the following majors: Analytical Finance, Finance

This course studies the effects of time and uncertainty on decision making. Topics include discounted cash flow valuation, stock and bond valuation, the term structure of interest rates, bond duration, capital budgeting under certainty and uncertainty, portfolio theory, asset pricing models and efficient markets.

The prerequisite for this course is knowledge of probability and statistics through linear regression. This requirement may be satisfied with either (i) prior or concurrent registration in Decision Sciences 434, (ii) sufficient previous course work in statistics. Familiarity with basic financial accounting (Accounting 430) and microeconomics (Managerial Economics 430) is recommended.

To qualify for a Finance I (FINC-430) waiver, you must have passed a comparable course with a grade of A. The type and level of material covered in the course are represented by chapters 1-13 and 23 of the text by Brealey and Myers, Principles of Corporate Finance. You need not request a Finance I waiver to enroll in FINC-440 (Turbo). To help you decide whether you should waive Finance I, take the self-assessment test online at www.kellogg.northwestern.edu/finance/curriculum/finance1waiver.htm.