Jens Nordvig

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Jens Nordvig (born April 19, 1974, in Aarhus, Denmark as Jens Jakob Nordvig-Rasmussen) is a Danish-born economist specializing in foreign exchange markets, macroeconomic policy, and data science. He is the founder of Exante Data and co-founder of MarketReader.

Contents

Contributions to the Euro break-up debate

In 2011–2012, Nordvig published a series of papers on quantifying the cost of Euro break-up in his role at Nomura Securities, and as submission to the Wolfson Economics Prize. The submission, "Rethinking the European monetary union," co-authored with Nick Firoozye, won a GBP10K finalists prize along with five other contestants. [1] The specific contribution of Nordvig's work was to decompose the international investment of Eurozone member countries based on the jurisdiction of the underlying assets and liabilities. In particular, would liabilities be subject to local or international law? This previously underestimated parameter turned out to be crucial in estimating balance sheet effected associated with departure from the Euro (and subsequent devaluation), and hence the overall cost of exit from the common currency.

Nordvig's work on the Euro-crisis was published by McGraw-Hill in book form in 2013: The Fall of the Euro: Reinventing the Eurozone and the Future of Global Investing. [2] In Italy, the framework has also been adopted in the policy debate, for example by Alberto Bagnai and by local financial institutions in their analysis of the effects of Italexit. Regarding Italexit a remarkable contribution arrived from Antonio Guglielmi and Marcello Minenna. [3] The analysis presented in The Fall of the Euro has been cited across policy circles; prominently so in France. [4] [5] It was used particularly in the run-up to the controversial 2017 presidential election, in which Le Pen was a serious contender. [6] [7] His 2012 study with Firoozye on the European Monetary Union is also a central part of the debate in Italy on a possible exit of the Euro. [8]

COVID-19 analysis

In early 2020, Jens Nordvig and Exante Data switched focus towards COVID-19 analysis, anticipating that it would drive the global economy. Their real-time data on people movement has been used by Imperial College London in their analysis of the effects of social distancing in China on the containment of COVID-19. [9]

WIRED magazine discussed Nordvig's work on tracking COVID-19 using alternative data sources. [10] The main innovation has been to use alternative data sources to measure social distancing in real-time, and thereby allow more precise epidemiological modeling. Those data source include data on traffic congestion in more than 400 global cities as well as detailed data on people movement in densely populated areas. Exante Data published this data as open source, available for free via twitter, as a public service. [11]

Hidden debt in emerging markets

Nordvig's research into the dimensions and consequences of "dark" emerging market debt has been critically acclaimed [12] and opened important room for debate in response to concerns that the Bank for International Settlement (BIS) raised on the transmission of unconventional monetary policy and the possibility of an emerging market currency crises. [13]

Prizes, books and media

In 2001, Nordvig co-authored an economics textbook entitled Matematik og økonomi (Mathematics and Economics). [14] In 2003, he was awarded the U.K. Society of Business Economists' Rybczynski Prize for the best essay by a young economist.

Nordvig was ranked #1 in Currency Strategy by Institutional Investor five years in a row, in 2011, 2012, 2013, 2014, and 2015. [15] [16] [17]

Forbes recognized his yen trade recommendation in its "Best Ideas 2013" series. [18] That same year, Nordvig was on Korn Ferry’s list of rising stars (future leaders). [19]

In 2016, in his new role as CEO and Founder of Exante Data, Nordvig was interviewed by Bloomberg. [20]

He has published articles in The Financial Times, The Wall Street Journal, The London School of Economics blog, [21] and has a written for VoxEU. He appears on CNBC, [22] Bloomberg, [23] and Fox News, [24] as well as on Bloomberg Radio. [25]

Education and career

Nordvig received his bachelor's and master's degrees in Economics from the University of Aarhus in Denmark, where he also did post-graduate research on new financial crises models. [26] He then worked for eight years at Goldman Sachs in London and New York, most recently as a Managing Director and Co-Head of Global Currency Strategy, before becoming a Senior Currency Strategist at Bridgewater Associates. Until 2016, he was the Global Head of FX Strategy and Head of Fixed Income Research, Americas at Nomura Securities, the global investment bank. He was responsible for developing Nomura’s Research franchise in the Americas and coordinating the delivery of market-leading content across product lines. [27] In 2016, Nordvig founded Exante Data, a data analytics company focused on macro strategy. In 2021, Nordvig co-founded MarketReader, [28] a market intelligence company that leverages AI technology to provide explanatory analytics of asset price movement in real time. Nordvig was interviewed by Bloomberg on the topic of "How AI Is Being Used to Help Explain Stock Moves, [29] " citing MarketReader technology as a major step forward.

In 2015, Nordvig obtained a PhD in economics from the University of Southern Denmark. His thesis was entitled Essays on the Euro-Crisis and one chapter was published in Oxford Economic Papers in 2015. [30]

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References

  1. ↑ "Wolfson Economics Prize Finalist Submission" (PDF). Policy Exchange. Archived from the original (PDF) on 2012-11-15. Retrieved 12 February 2013.
  2. ↑ "The Fall of the Euro: Reinventing the Eurozone and the Future of Global Investing".
  3. ↑ "Re-denomination risk down as time goes by" (PDF). Mediobanca.
  4. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2015-01-11. Retrieved 2014-12-13.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ↑ The Euro Crisis and Its Aftermath. Oxford University Press. May 2014. ISBN   978-0-19-999333-8.
  6. ↑ https://www.marcellominenna.it/wp-content/uploads/2017/01/Italy-2017-01-19.pdf [ bare URL PDF ]
  7. ↑ "The Economic Consequences of Greece | by Alberto Bagnai, et al". 24 February 2015.
  8. ↑ "The costs and benefits of "ExItaly"". Archived from the original on 2017-10-24. Retrieved 2017-06-01.
  9. ↑ "Report 11: Evidence of initial success for China exiting COVID-19 social distancing policy after achieving containment" (PDF). Imperial College London.
  10. ↑ Volpicelli, Gian M. "Data Reveal the True Impact of the Coronavirus Outbreak". Wired. WIRED Magazine.
  11. ↑ "Letter on the edge of public service". Exante Data. 26 March 2020.
  12. ↑ Kennedy, Simon (7 March 2014). "Emerging World Poses More Danger Than in 1990s: Cutting Research". Bloomberg.
  13. ↑ "The transmission of unconventional monetary policy to the emerging markets". 21 August 2014.
  14. ↑ Nordvig-Rasmussen, Jens Jakob (2001). Matematik og okonomi. Denmark: Gyldendal Uddannelse. ISBN   9788700470866.
  15. ↑ "The 2012 All-America Fixed-Income Research Team Ranking". Institutional Investor. Retrieved 12 February 2013.
  16. ↑ "Nomura Holding Press Release". Nomura Holdings. Retrieved 12 February 2013.
  17. ↑ "Nomura Achieves #1 Ranking for FX Research in the Americas for Third Consecutive Year". Reuters. 24 September 2013. Archived from the original on 22 February 2014.
  18. ↑ Fontevecchia, Agustino (26 November 2012). "Best Ideas 2013: Nomura's Currency Expert on How Far the Japanese Yen Will Fall". Forbes. Retrieved 28 February 2013.
  19. ↑ "Jeg planlægger aldrig mange år frem". Berligske. 30 August 2013.
  20. ↑ "Wall Street's 0.01%: The Guru Who Only Talks to Hedge-Fund Elite". Bloomberg News. 15 September 2016.
  21. ↑ "Eurozone Breakup". London School of Economics Blog. 27 September 2012.
  22. ↑ "Jens Nordvig CNBC Video Appearances".
  23. ↑ "Bloomberg: Jens Nordvig". Bloomberg. Archived from the original on 3 March 2013. Retrieved 28 February 2013.
  24. ↑ "Fox News: Jens Nordvig". Fox News. Retrieved 28 February 2013.
  25. ↑ "Bloomberg on the Radio with Jens Nordvig". Bloomberg Radio. Retrieved 12 February 2013.[ permanent dead link ]
  26. ↑ "Jens Nordvig Biography". The Vox. Archived from the original on 16 April 2013. Retrieved 28 February 2013.
  27. ↑ "US Fixed Income Research Road Show 2012" (PDF). Nomura Securities.
  28. ↑ "MarketReader | Know What's Moving. Understand Why". MarketReader. Retrieved 2023-11-09.
  29. ↑ "How AI Is Being Used to Help Explain Stock Moves". Bloomberg.com. 2023-06-02. Retrieved 2023-11-09.
  30. ↑ "Inflation targeting and macroeconomic performance since the Great Recession, Oxford Economic Papers, 67: 598-613, 2015".[ dead link ]
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