Peter Orszag
- Chief Executive Officer, Lazard
New York, Washington, D.C.
CEO @Lazard
Articles by Peter Orszag
Why Your Grocery Bill Will Get Worse
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. Why Your Grocery Bill Will Get Worse Oct. 11, 2026, 9:00 a.m. ET Credit...Kaya & Blank for The New York Times Ms. Kingsbury leads the Opinion report for The Times. Mr. Orszag is the chief executive and chairman of the global financial firm Lazard. The Times Opinion editor, Kathleen Kingsbury, spoke with Peter R.
The new supply-side era: the O-ring meets geopolitics
This is not the supply side of the 1980s: the binding constraint is now the physical and network dependencies that a generation of globalisation wrought. Following UChicago economist Michael Kremer's O-ring logic, a single missing input can halt production far beyond it—which is why these shocks work through the economy slowly and unevenly, surfacing in prices months or years later. Both policymakers and corporate leaders need to adapt their thinking to this new era.
The Trouble With State Capitalism
The relationship between governments and business is fundamentally changing. As geopolitical tensions have increased and economic warfare has become central to international competition, policymakers around the world have developed new export control systems, investment screening mechanisms, and subsidization schemes to protect their markets and reshore critical industries.
Opinion | Why Both Republicans and Democrats Are Wrong About Health Care
SKIP ADVERTISEMENT You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. The health care reform debate has become — already was — a game of hot potato among individuals, insurers and the government over who pays. Last week, two competing plans failed to pass in the Senate: Democrats want to extend Obamacare subsidies for three years; Republicans want to directly fund health savings accounts.
The Economy Is Turning Into a Black Box Original
The digitization of everyday life has inundated us with more economic data than ever. And yet, government statistics on real economic conditions seem to be growing ever less reliable. Doubts began spreading even before President Donald Trump fired the commissioner of the Bureau of Labor Statistics. For years now, response rates to surveys that are at the heart of the official statistics have been dropping.
The fiscal wolf is at the US door
To many global investors, the almighty dollar isn’t looking quite as almighty these days, in part because America’s fiscal situation has deteriorated significantly. This fiscal challenge holds one of the keys to the Trump administration’s goals on trade, as the US will not succeed in reducing its trade deficits materially unless it also reduces its budget deficit. For years it was reasonable to tune out the worrywarts carping about deficits.
I Was Obama’s Budget Director. It’s Time to Worry About the National Debt.
1 hour ago New York Post Warns Donald Trump How He’s Burning Out Even His Biggest Fans The pro-Trump tabloid warned of one particularly “endless drama” involving the president. The conservative New York Post broke ranks with MAGA world once again to issue a blunt “warning to President Donald Trump” about one of his signature economic policies. “Everyone, including your friends, is … 4 hours ago Turkish Guns Are Taking Over the U.S. Market They’re cheap, popular, and spreading beyond borders.
I Was Obama's Budget Director. It's Time to Worry About the National Debt. Original
To many global investors, the almighty dollar isn't looking quite as almighty these days, in part because America's fiscal situation has deteriorated significantly. This fiscal challenge holds one of the keys to the Trump administration's goals on trade, as the United States will not succeed in reducing its trade deficits materially unless it also reduces its budget deficit. For years it was reasonable to tune out the worrywarts carping about deficits.
U.S. trade war could expand beyond tariffs
Peter R. Orszag is CEO and chairman of the global financial firm Lazard. He previously served as director of the Office of Management and Budget under President Obama and director of the Congressional Budget Office. The Washington Post
How the trade war could expand beyond tariffs
Other countries can punch back against the United States in many ways. Military strategists know a battle can begin in one theater but quickly move into another. Similarly, what begins as a trade war can evolve into something bigger. It's a truth worth remembering as the United States imposes substantially higher tariffs on our trading partners, who have the ability to respond in unanticipated ways.
The Pentagon and Silicon Valley need to be friends again
Artificial intelligence is becoming increasingly central to modern warfare. Yet, as the DeepSeek surprise reveals, American dominance in AI is not guaranteed. With technology determining battlefield outcomes, how can the U.S. government keep pace on AI innovation, and how does the tech industry align with national geopolitical priorities?
Stop rolling the dice on the American economy
The United States is weaker, not stronger, because of the debt limit. Traditionally, Democrats have supported eliminating it, while Republicans have wanted to keep it. Now that President-elect Donald Trump is calling to get rid of it, lawmakers should take advantage of the opportunity and free the country from this unnecessary risk. Imagine there is a test you take every so often in which you roll three dice, and if you get all ones, something terrible happens. Otherwise, nothing happens.
OPINIÃO. Nos mercados emergentes, razões para um otimismo crescente
Os mercados emergentes tiveram um desempenho substancialmente inferior aos mercados desenvolvidos, especialmente os Estados Unidos, desde a crise financeira global de 2008. No entanto, acreditamos que essa subperformance pode estar mudando, e que investir nos emergentes pode oferecer importantes benefícios de diversificação e oportunidades de retorno.
COVID-19 inflation was a supply shock
Average inflation in 2022 reached 8%, the highest inflation rate since the early 1980s in the wake of the second oil shock. The COVID-19 inflation surge followed over two decades of low and stable inflation and—inevitably—raised the question whether pandemic-era stimulus was excessive, causing the economy to overheat. This blog post is our last in a three-part series that uses new data to disentangle supply versus demand in the COVID-19 inflation shock. We draw two conclusions.
The lagged effects of COVID-19 supply chain disruptions on inflation
Back in early 2023—when consensus was that inflation was out of control and the Fed seriously behind the curve—we wrote a paper suggesting that supply chain disruptions from the COVID-19 pandemic were the principal inflation driver and were likely—with a lag—to drive inflation down substantially. That was an out-of-consensus view at the time and argued for a dovish Fed, since inflation would subside mostly on its own.
US disinflation and the COVID-19 supply shock
U.S. inflation has declined more rapidly than consensus expected, as residual seasonality due to start-of-year price resets fades. We flagged the importance of this dynamic in a previous blog post and in a series of CNBC interviews in March and June. But even beyond this residual seasonality, there are reasons to think inflation will keep moderating.
Geopolitics in the C-Suite
In late 1914, U.S. President Woodrow Wilson was facing pleas from a number of influential supporters who wanted him to make a public appeal to American manufacturers to stop selling arms to European countries—or even ban them from doing so. Wilson was seeking a way to end the war then raging in Europe, or at least slow it down, and he was sympathetic to the impulse. But in a response to one such plea, he explained his predicament.
Globalization, the US Economy, and Political Backlash
Political support for the globalization of the American economy seems to have fallen dramatically in the past decade. While from the start of Ronald Reagan's presidency (1980) through the end of that of Barack Obama (2016), both American political parties supported open global markets; this has changed since Donald Trump's presidency.
Do not underestimate the ‘mega-Brussels effect’ of EU-US co-ordination
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital...
Do not underestimate the ‘mega-Brussels effect’ of EU-US co-ordination
The writer is the chief executive of Lazard In a world of tragic news, there is one unheralded bright spot: the US and the EU are poised...
Lazard names new chief executive
Lazard has appointed Peter Orszag chief executive, replacing longstanding chief executive Ken Jacobs who serve as executive chair. Peter Orszag was previously head of the firm's financial advisory business. He first joined Lazard as a managing director and vice-chairman of investment banking in 2016 before taking up the role of head of North American mergers and acquisitions and global co-head of healthcare. Lazard director Richard Parsons said Orszag was the best choice for chief executive.
LAZARD LTD : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Peter R. Orszag to Chief Executive Officer; Kenneth M. Jacobs Appointed Executive Chairman of the Board of Directors On May 26, 2023, Lazard Ltd (the "Company") announced that the Company's Board of Directors appointed Mr. Peter R.
The U.S.-Chinese Economic Relationship Is Changing-But Not Vanishing
Sign in and save to read later Print this article Share on Twitter Share on Facebook Share on LinkedIn Get a link Page url Request Reprint Permissions In boardrooms and executive suites, many fear that a sweeping and potentially painful economic rupture between China and the United States is inevitable.
The COVID Inflation Shock, Monetary Policy Gradualism, and Lingering Supply Chain Effects
By Robin Brooks and Peter Orszag The Fed last year hiked its policy rate aggressively, driven by fears it was falling behind the curve. Yet the lags with which various forces drive inflation are uncertain, so resulting tightening in US financial conditions may have been too rapid relative to the “true” pace of underlying inflation. We focus on one particular source of lags in the inflation process: lingering effects from supply chain disruptions at the height of COVID.
Why the Fed Should Pause For Now: The COVID Inflation Shock, Monetary Policy Gradualism, and Lingering Supply Chain Effects
Skip to main content Peter Orszag Peter Orszag CEO Financial Advisory at Lazard Published Mar 17, 2023 In the face of high inflation, how quickly should monetary policymakers move to a given terminal rate? Going rapidly may help bring inflation down more quickly. But going rapidly also can pose higher adjustment costs, since going faster can "break things." The evolving banking crisis may at least in part be an example of the latter phenomenon.
Central banks should beware the dangers of over-tightening
The writer is the chief executive of Lazard Financial Advisory Are interest rate rises more like antibiotics or steroids?
Made in the Alliance
Russian President Vladimir Putin’s invasion of Ukraine has reinvigorated the Western alliance and bolstered transatlantic solidarity. After being declared “brain dead” by French President Emmanuel Macron in 2019, NATO has sprung to life, deploying forces to its eastern flank and coordinating the provision of sophisticated weapons that have helped Ukraine impede Russia’s invasion. For the first time in its history, the European Union has financed the purchase and delivery of lethal aid.
Keynote: Costs, Inflation and their Impact on Health and Health Policy
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When Hospitals Buy Doctor Practices, Do Prices Always Rise? Original
What happens when physicians are employed by hospitals, rather than working independently? Over the past decade, the share of doctors practicing on their own has declined markedly. Many antitrust advocates are concerned that nothing good will happen as a result, and the Federal Trade Commission is studying the situation. But new research suggests that the shift may bring more benefits than expected, at least for specialist doctors.
Investors Are Punishing the Polluters. Here's Proof.
Investors reward energy companies for lowering emissions. (Photographer: Christopher Furlong/Getty Images) The corporate sector has a leading role to play in the world's response to climate change. The data accumulated so far make it clear that the more greenhouse gases a company emits, the lower its stock price relative to its earnings.
Three Reasons for Optimism About Climate Change
3:00 PM IST, 02 Nov 20218:23 PM IST, 02 Nov 20213:00 PM IST, 02 Nov 20218:23 PM IST, 02 Nov 2021 (Bloomberg Opinion) -- World leaders and energy specialists seem to have a lot of pessimistic things to say about the prospects for meaningful action at the international climate summit that began on Sunday in Glasgow, Scotland.
Superstar firms benefit more than others from cheap credit
"storyDirectUrl" HomeLatest TrendingPremium Coronavirus Vaccine TrackerCoronavirusMarket DashboardLong StoryPlain FactsMark To MarketPrimerPhotosPodcasts Home >Opinion >Columns >Superstar firms benefit more than others from cheap credit Premium Monetary stimulus might have worsened economic-power concentration bloomberg 4 min read . Updated: 27 Oct 2021, 10:40 PM ISTPeter R.
How Superstar Firms Win Big From Low Interest Rates
Low rates, big payoff. (Photographer: Bloomberg/Bloomberg) Low real interest rates and the rise of so-called superstar firms are two of the most prominent features of the macroeconomy over the past decade. A new analysis suggests the two are intricately related, highlighting the interaction between monetary policy and the industrial organization of companies.
Peter R. Orszag column: Climate change's migration may have surprising economic consequences
Peter R. Orszag column: Climate change's migration may have surprising economic consequences THE ASSOCIATED PRESS By Peter R. Orszag By Peter R. Orszag As the risk of severe climate change rises and efforts to reduce carbon emissions ramp up, serious thought also must be given to the movement of people that climate change stands to provoke.
Kavak raises a blockbuster $700 million Series E, becomes most valuable startup after Nubank.
Miami — Kavak today announced that it has raised a $700 million Series E at an $8.7 billion valuation, making it the most valuable private company in LatAm after Nubank. The company more than doubled its valuation since April when it announced a $400 million Series D that valued the company at $4 billion. It hasn’t even been a year since the company achieved its unicorn status in October 2020.
5 things that have gone up in price in Miami in the last 12 months
Miami is more expensive than ever. Bloomberg Línea spoke with a local economics professor to find out why Miami has gotten more expensive since the pandemic started. Bloomberg Línea found out why. (Steele Rutherford) September 21, 2021 at 12:23 pm UTC Miami — While a lot of top global cities turned dark during the pandemic, Miami is flourishing. With outdoor malls, restaurants, and plenty of beaches, it became a haven for those trying to get some fresh air and semblance of normalcy.
Climate change will force people to move. We need to know where they’ll go
As the risk of severe climate change rises, and efforts to reduce carbon emissions ramp up, serious thought must also be given to the movement of people that climate change stands to provoke. This migration looks to be disruptive, but it may also significantly affect the long-term economic consequences of climate change — and not necessarily for the worse. Many studies have found reason to assume that people will relocate in response to climate change.
With a $5.7M Seed Round, Sprout lets you Invest in the U.S. with just $1
Miami — By Marcella McCarthy Today, Sprout, a social network and investment platform that just graduated from Y Combinator’s Summer 21, announced a $5.7 million Seed round. The company, which has offices in São Paulo and Miami and is in invite-only beta, allows those living in Latin America to invest in the U.S. markets via its app. It plans to launch to the public in Q4 of this year.
Climate change will force people to move. We need to find out where they'll go
by Peter R. Orszag Credit: Pixabay/CC0 Public Domain As the risk of severe climate change rises, and efforts to reduce carbon emissions ramp up, serious thought must also be given to the movement of people that climate change stands to provoke. This migration looks to be disruptive, but it may also significantly affect the long-term economic consequences of climate change—and not necessarily for the worse.
Climate change will force people to move
September 16, 2021 12:03 PM As the risk of severe climate change rises, and efforts to reduce carbon emissions ramp up, serious thought must also be given to the movement of people that climate change stands to provoke. This migration looks to be disruptive, but it may also significantly affect the long-term economic consequences of climate change — and not necessarily for the worse. Many studies have found reason to assume that people will relocate in response to climate change.
Analysis | Climate Change Will Force People to Move. We Need to Find Out Where They’ll Go
As the risk of severe climate change rises, and efforts to reduce carbon emissions ramp up, serious thought must also be given to the movement of people that climate change stands to provoke. This migration looks to be disruptive, but it may also significantly affect the long-term economic consequences of climate change — and not necessarily for the worse. Many studies have found reason to assume that people will relocate in response to climate change.
The US makes carbon pricing more complicated than it needs to be
As the November climate conference in Glasgow approaches, debate over the value of carbon "border adjustment" mechanisms in many countries is picking up. Most puzzling is a US approach proposed in Congress. A border adjustment is a fee that a country would impose on the quantity of carbon embodied in imports. The idea is to mitigate "leakage" of emissions toward countries with looser climate policies, and encourage those countries to adopt stricter ones.
Analysis | The U.S. Makes Carbon Pricing More Complicated Than It Needs to Be
As the November climate conference in Glasgow approaches, debate over the value of carbon “border adjustment” mechanisms in many countries is picking up. Most puzzling is a U.S. approach proposed in Congress. A border adjustment is a fee that a country would impose on the quantity of carbon embodied in imports. The idea is to mitigate “leakage” of emissions toward countries with looser climate policies, and encourage those countries to adopt stricter ones.
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