Research
Research papers, briefings and a podcast. Published without charge for any reader.
Research and instruction
An institute for the study of markets.
The Prehn Institute publishes research on the financial markets and provides instruction in how they work. It gives no financial advice.
Latest research
Research paper · 15 October 2026
Did Money Growth Predict the 2021 to 2023 Inflation?
M2, Divisia M4, and the Limits of Real-Time Monetary Signals
The surge in money growth preceded the 2021 to 2023 inflation. The paper tests whether M2 and Divisia M4 would have improved forecasts made with the information available at the time. The benchmark already includes inflation, supply-chain pressure and a real-time output gap.
Purpose
An institution for the study of finance.
The Institute exists to publish research on the financial markets that any reader may examine. Its papers, reports and indices are open to all, and its instruction is given by people who have worked in professional markets.
The Institute does not manage money and does not advise on investments. Its interest is in how markets work and in how professional practice may be taught.
Areas of work
The Institute's work
Instruction
A course of study in professional market practice, developed by Felix Nikolas Prehn and taught by the Institute's faculty.
Scholarships
Funded places on the programme, awarded at the Institute's discretion to deserving and exceptional applicants.
Faculty
The faculty.
Practice
The faculty includes former hedge fund managers, institutional traders and market makers.
Teaching
Instruction is given by people who have worked in professional markets. No member of the faculty advises on what to buy or sell.
Scholarships
Funded places.
The Institute funds places on the programme, as places allow, for individuals who could not otherwise reach it. Most are young adults at the start of their working lives. Awards are made at the Institute's discretion, on the strength of a short written application.
The scholarship policy