Raymond P. Kluender
Assistant Professor
Berol Corporation Fellow
Assistant Professor
Berol Corporation Fellow
Entrepreneurial Management
Ray Kluender is an assistant professor in the Entrepreneurial Management Unit, teaching Entrepreneurial Finance to second-year MBA students.
He studies the causes of financial distress among American households and how public policy, private markets, and financial innovation can help insure those risks. His recent projects have focused on improving our understanding of the economic consequences of health care policy, the consumer bankruptcy system, and financial and insurance technology. His research has been published in journals including the American Economic Review, American Economic Journal: Applied Economics, and the New England Journal of Medicine, and received coverage from news outlets including The New York Times, The Associated Press, The Economist, and The Washington Post.
Ray earned his Ph.D. in Economics from MIT and served as a Post-Doctoral Fellow in Household Finance at NBER before joining HBS. He has a B.S. from the University of Wisconsin-Madison with degrees in Economics, Mathematics, and Political Science.
- Journal Articles
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- Kluender, Raymond. "Pay-As-You-Go Insurance: Experimental Evidence on Consumer Demand and Behavior." Review of Financial Studies 37, no. 4 (April 2024): 1118–1148. View Details
- Adams, Alyce S., Raymond Kluender, Neale Mahoney, Jinglin Wang, Francis Wong, and Wesley Yin. "The Impact of Financial Assistance Programs on Health Care Utilization: Evidence from Kaiser Permanente." American Economic Review: Insights 4, no. 3 (September 2022): 389–407. View Details
- Coombs, Kyle, Arindrajit Dube, Calvin Jahnke, Raymond Kluender, Suresh Naidu, and Michael Stepner. "Early Withdrawal of Pandemic Unemployment Insurance: Effects on Earnings, Employment and Consumption." AEA Papers and Proceedings 112 (May 2022): 85–90. View Details
- Kluender, Raymond, Neale Mahoney, Francis Wong, and Wesley Yin. "Medical Debt in the U.S., 2009–2020." JAMA, the Journal of the American Medical Association 326, no. 3 (July 2021): 250–256. View Details
- Gross, Tal, Raymond Kluender, Feng Liu, Matthew J. Notowidigdo, and Jialan Wang. "The Economic Consequences of Bankruptcy Reform." American Economic Review 111, no. 7 (July 2021): 2309–2341. View Details
- Kluender, Raymond, Carlos Dobkin, Amy Finkelstein, and Matthew Notowidigdo. "Myth and Measurement—The Case of Medical Bankruptcies." New England Journal of Medicine 378, no. 12 (March 22, 2018): 1076–1078. View Details
- Einav, Liran, Amy Finkelstein, Raymond Kluender, and Paul Schrimpf. "Beyond Statistics: The Economic Content of Risk Scores." American Economic Journal: Applied Economics 8, no. 2 (April 2016): 195–224. View Details
- Dobkin, Carlos, Amy Finkelstein, Raymond Kluender, and Matthew Notowidigdo. "The Economic Consequences of Hospital Admissions." American Economic Review 108, no. 2 (February 2018): 308–352. View Details
- Working Papers
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- Kluender, Raymond, Neale Mahoney, Francis Wong, and Wesley Yin. "The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments." NBER Working Paper Series, No. 32315, April 2024. View Details
- Wang, Jialan, Jeyul Yang, Benjamin Iverson, and Raymond Kluender. "Bankruptcy and the COVID-19 Crisis." Harvard Business School Working Paper, No. 21-041, September 2020. View Details
- Cases and Teaching Materials
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- Kluender, Raymond, and Emanuele Colonnelli. "Untapped Global: Financing Africa's Missing Middle." Harvard Business School Case 825-056, January 2025. View Details
- Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good (B)." Harvard Business School Supplement 825-094, December 2024. View Details
- Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good." Harvard Business School Case 825-064, December 2024. View Details
- Kluender, Raymond, Emanuele Colonnelli, and Sabrina Howell. "Mercado Bitcoin: M&A, IPO, or Series B?" Harvard Business School Teaching Note 825-092, November 2024. View Details
- Kluender, Raymond, Emanuele Colonnelli, Sabrina T. Howell, and Karina Souza. "Mercado Bitcoin: M&A, IPO, or Series B?" Harvard Business School Case 825-047, August 2024. (Revised November 2024.) View Details
- Kluender, Ray, Emanuele Colonnelli, and Ramana Nanda. "Financing Matillion’s Scaleup (B2): Dharmesh Thakker." Harvard Business School Supplement 824-158, June 2024. (Revised March 2025.) View Details
- Kluender, Ray, Emanuele Colonnelli, and Ramana Nanda. "Financing Matillion’s Scaleup (B1): Matthew Scullion." Harvard Business School Supplement 824-157, June 2024. View Details
- Colonnelli, Emanuele, Raymond Kluender, and Shai Benjamin Bernstein. "TimeCredit." Harvard Business School Teaching Note 824-171, February 2024. View Details
- Kluender, Raymond, Anke Becker, and Johnson Elugbadebo. "ELCA's Series A Cap Table Exercise (Student Version)." Harvard Business School Spreadsheet Supplement 824-713, March 2024. View Details
- Kluender, Raymond, and Anke Becker. "ELCA's Series A Cap Table Exercise (Instructor Version)." Harvard Business School Spreadsheet Supplement 824-712, March 2024. View Details
- Kluender, Raymond, Emanuele Colonnelli, and Ramana Nanda. "Financing Matillion's Scaleup (A)." Harvard Business School Case 824-140, February 2024. (Revised February 2025.) View Details
- Kluender, Raymond, and Anke Becker. "ELCA's Series A." Harvard Business School Teaching Note 824-159, February 2024. View Details
- Bernstein, Shai, William R. Kerr, Christopher Stanton, Raymond Kluender, and Mel Martin. "Chime Solutions." Harvard Business School Case 824-133, February 2024. View Details
- Colonnelli, Emanuele, Raymond Kluender, and Shai Benjamin Bernstein. "TimeCredit." Harvard Business School Case 824-139, February 2024. (Revised September 2024.) View Details
- Becker, Anke, Raymond Kluender, and William R. Kerr. "ELCA's Series A." Harvard Business School Case 823-079, January 2023. (Revised November 2024.) View Details
- Kluender, Raymond, Joshua Krieger, and Mitchell Weiss. "Biobot Analytics." Harvard Business School Case 821-045, January 2021. (Revised June 2023.) View Details
- Business and Opinion Writing
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- Kluender, Raymond. "The Worst Part About Getting Sick Isn't Medical Bills." Bloomberg Opinion (October 8, 2019). View Details
- Additional Information
- Areas of Interest
- In The News