R. Andrew Butters
Kelley School of Business
Indiana University
“Professor Butters is a co-creator of the Brave-Butters-Kelley Indexes (BBKI), which provide real-time insights into U.S. economic activity, and also contributed to the development of the National Financial Conditions Index (NFCI), a key measure of financial conditions used by policymakers and analysts nationwide.
His impact in the classroom—specifically at the undergraduate level—is equally impressive. Just recently he designed and launched a new undergraduate course, Energy Economics and Environmental Policy, expanding Kelley’s curriculum in response to student interest and global relevance. One student in the inaugural offering commented: “I find it very impressive that the class went this smoothly for being the first time it’s been taught.”
He has been nominated and received multiple teaching awards, including the Harry C. Sauvain Undergraduate Teaching Award (2025) and the Indiana University Trustee Teaching Award.” – Sreeni Kamma, associate dean for academics
Andrew Butters, 39, is an associate professor of business economics and public policy at Indiana University’s Kelley School of Business and a Blanche “Peg” Philpott Faculty Fellow. Heis currently is serving as associate chairperson of the department. He earned his Ph.D. in Managerial Economics and Strategy from Northwestern University’s Kellogg School of Management, his B.A. with Highest Honors in Economics from the University of North Carolina at Chapel Hill and completed the General Course at the London School of Economics and Political Science. Before joining Kelley, he served as an associate economist at the Federal Reserve Bank of Chicago.
Professor Butters’ research centers on issues within industrial organization and applied econometrics, with recent work on the economics of battery storage, renewable energy markets, and pricing dynamics in retail and hospitality industries. His research appears in leading journals such as American Economic Review, Econometrica, and the RAND Journal of Economics. His research contributions have been recognized with awards, including the Best Rising Star Paper Prize at the International Industrial Organization Conference and the University of Florida Public Utility Research Center Prize, and has led to the regular production of some of the leading indexes that track financial and business cycle conditions for the U.S. economy; the National Financial Conditions Index (NFCI) and the Brave-Butters-Kelley Indexes (BBKI). He also serves as principal economist for the Center for Econometric Model Research and is a regular contributor to the Indiana Business Research Center.
A dedicated educator, Butters teaches econometrics, predictive analytics, and energy economics, earning multiple teaching awards such as the Harry C. Sauvain Undergraduate Teaching Award and the Faculty Exceptional Inspiration and Guidance Award. He is frequently sought for commentary on economic trends and policy issues, with insights featured in outlets like The Wall Street Journal, CNN Business, and Forbes.
BACKGROUND
At current institution since what year? 2015
Education: PhD Kellogg School of Management, Northwestern University; B.A. University of North Carolina Chapel Hill; London School of Economics, General Course
List of Undergraduate courses you teach: Business Econometrics, Predictive Analytics for Business Strategy, Energy Economics and Environmental Policy
TELL US ABOUT LIFE AS A BUSINESS SCHOOL PROFESSOR
I knew I wanted to be a business school professor when … I knew I wanted to be a business school professor when I noticed they were the faculty members that were always smiling. It struck me that they seemed genuinely excited about what they were researching and teaching and the impact they were having on students and the world.
What are you currently researching and what is the most significant discovery you’ve made from it? I’ve (together with “better third” co-authors Daniel W. Sacks and Boyoung Seo) recently focused on investigating how firms set prices when managing thousands of products across hundreds of store locations—think grocery chains making weekly pricing decisions. One key insight from this work is that while firms often keep prices remarkably stable despite large swings in demand, they respond very quickly to changes in costs—even when those cost changes vary across different stores within their network. This suggests that pricing strategies react differently to factors that shift demand versus those that affect supply, which has important implications for how we think about firm behavior and market dynamics.
If I weren’t a business school professor, I’d be … If I weren’t a business school professor, I’d be operating a chairlift by day and working as a sous-chef at a scrappy, up-and-coming restaurant tucked at the base of a mountain in a ski town by night. Fresh powder in the morning, fresh pasta in the evening—that sounds pretty good to me.
What do you think makes you stand out as a professor? Enthusiasm.
One word that describes my first time teaching: Anticipatory.
Here’s what I wish someone would’ve told me about being a business school professor: I wish someone had told me that being a business school professor means you’ll never be in the “wrong room.” There’s an old saying: “If you’re the smartest person in the room, you’re in the wrong room.” In this role, you’re constantly surrounded by brilliant students, colleagues, and researchers who challenge your thinking and push you to grow. It’s humbling and energizing—and it’s one of the best parts of the job.
Professor I most admire and why: I feel incredibly fortunate to have learned from a long line of outstanding professors. It started with my very first economics teacher in high school, Hank Haake, who taught us that economics could be both practical and fun—famously suggesting we buy donuts instead of roses for our dates to the school dance! Later, at the Kellogg School of Management, I benefited from the guidance of exceptional mentors including Mike Mazzeo, Meghan Busse, Daniel Spulber, Thomas Hubbard, Ben Jones, and David Besanko. And now, at Kelley, I’m inspired daily by my colleagues—especially the senior faculty who lead by example as thought leaders in research, dedicated teachers, and compassionate colleagues: Mike Baye, Rick Harbaugh, John Maxwell, Haizhen Lin, and Jeff Prince.
TEACHING BUSINESS SCHOOL STUDENTS
What do you enjoy most about teaching business students? Their entrepreneurial spirit. Business students are constantly asking how the concepts we cover can be applied to solve real-world challenges facing companies and society. That curiosity and drive to make an impact keeps the classroom dynamic and deeply rewarding.
What is most challenging? As someone who is inherently excited about the topics and loves asking “but why,” a significant challenge is not going too deep into the details of every question or topic that comes up in class. Business students often want actionable answers they can apply immediately, while I’m tempted to cover all the paths–even the ones that might be less traveled. Striking the right balance is something I continually work on.
In one word, describe your favorite type of student: Curious.
In one word, describe your least favorite type of student: Checked-out.
When it comes to grading, I think students would describe me as … necessarily generous.
LIFE OUTSIDE THE CLASSROOM
What are your hobbies? I love to cook and host family and friends with my wife. I’m an avid sports fan, and I enjoy games of all kinds—including trying to stay one move ahead of the second graders in chess!
How will you spend your summer? Hopefully, my summer will strike a healthy balance—spending time in the Northwoods of Wisconsin with my parents, playing outside with my kids, and catching up on research and home projects that the busyness of the semester often gets me behind on.
Favorite place(s) to vacation: On a lake in the Northwoods of Wisconsin, or on a snowy mountaintop—both offer quiet, natural beauty and an opportunity to fall face first into a mouthful of water; frozen or otherwise.
Favorite book(s): My bookshelf would suggest the answer might be “the next one”—I’ve always been drawn to the idea that there’s always something new to learn, reflect on, or be surprised by—and what better way than to hear from someone who’s done it? That said, Harvey Penick’s Little Red Book is the one that has traveled the most miles. On the surface, it’s a book about golf, but it’s really about life, patience, and the quiet wisdom that comes from paying attention.
What is currently your favorite movie and/or show and what is it about the film or program that you enjoy so much? If I’m being honest, the single most-watched show of my life is probably ER (yes—I still have the DVDs, but not the boxes they came in; my COO=wife threw those out). Growing up as a Chicagoland kid in the ’90s, there was something special about seeing a show set in a city that felt familiar. But more than that, ER was one of the first shows I got to stay up late to watch with my parents. It was their show, and by extension, it became ours—a small but meaningful ritual that made me feel a little older, a little more grown-up.
I also spent some time in hospitals at a young age, so the setting and stories hit close to home. ER had this incredible ability to make you laugh, cry, and reflect—all in the same episode. It didn’t hurt that the acting was phenomenal as well.
What is your favorite type of music or artist(s) and why? My ‘Thumbs Up’ playlist on Pandora is quite an eclectic mix that includes everything from Dave Matthews Band, Adele, and Sara Bareilles to what my wife jokingly calls ‘elevator smooth jazz.’ If I had to explain why, it’s simple: this music makes me happy.
THOUGHTS AND REFLECTIONS
If I had my way, the business school of the future would have much more of this… If I had my way, the business school of the future would have much less ivory tower and much more “get your feet dirty and your hands wet” (I’m known to mix up metaphors; just ask my former students) and instances your forced out of your comfort zone—faculty included. Some of my own experiences I value the most have come from trying to work out a solution to a problem that had ambiguity and healthy dose of working with others that had different expertise and backgrounds.
In my opinion, companies and organizations today need to do a better job at … Listening to people. I find it’s a skill that is in desperately short supply, and often the critical input to improving outcomes.
I’m grateful for … My wife—whom I’ve admired for as long as I can remember (yes, there are pictures of us both in diapers). My children, Alden and Ava—who incidentally are just recently past the diaper stage. And my mom and dad—who led by example before, during, and after changing my diapers, and whose example I still strive to live up to.
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