What is Institutional Economics?

A weekly newsletter by Dr Stephen Kirchner about economics, finance and public policy.

Most of my career was spent in financial markets, as a fx and fixed income analyst with S&P Institutional Market Services in Sydney and Singapore and later as chief economist at the Australian Financial Markets Association, representing financial market participants to government and regulators.

I have also worked as an academic, in think tanks and as an adviser to members of the Australian House of Representatives and Senate.

My writing has featured in The Wall Street Journal, Bloomberg, Straits Times, Australian Financial Review, The Australian, Sydney Morning Herald, Sky Business, and with the Australian Broadcasting Corporation.

I have also published in leading academic journals including Public Choice, The Australian Economic Review, Australian Journal of Political Science and Economic Analysis and Policy and with think-tanks including the United States Studies Centre, Fraser Institute, Cato Institute, Mercatus Center and the Centre for Independent Studies.

I was an early adopter of blogging in 2003. You can read about the pre-history of this newsletter in this post. The content and format has changed over time, reflecting changes in my day job. I started this newsletter in 2019 to takeover from the old web site. Views expressed in this newsletter are my own and should not be attributed to current or previous employers.

I am a member of the Mont Pelerin Society, which aims ‘to contribute to the preservation and improvement of the free society.’

I currently live and work in Sydney, Australia.

Who reads Institutional Economics?

Based on Substack’s metrics, this newsletter is read in 64 countries and 33 US states. Best as I can tell, the modal subscriber is an offshore financial market participant, although subscribers run the gamut from undergraduate students, to members of parliament, RBA Board members and a former chief of staff to a Vice President of the United States.

What people are saying about Institutional Economics:

If you care about RBA or AUD (or monetary policy in general), @insteconomics is a must read.

- Brent Donnelly, Spectra Markets.

Stephen’s economics writing is thought-provoking and a pleasure to read.

- Michael Read, economics correspondent, Australian Financial Review.

Special offers

There is a standing 50% discount for email addresses affiliated with educational institutions.

There is also a standing 50% discount for .gov/t and .org email domains in Australia, the US, the UK and NZ.

Institutional and group subscriptions are also available.

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Economics, finance and public policy.


Financial market, think-tank and academic economist based in Sydney, Australia. Views expressed in this newsletter are my own and should not be attributed to current or previous employers.