Economics N E W S Fall 2010 Editor: A. Colin Cameron – Department of Economics Page 1 The Department of Economics has seen quite a few lowered national and international department rankings changes over the past year. based on publications in the top journals. Ann Stevens will be the new department chair, We are currently facing diminished resources, with replacing Greg Clark who has served admirably as chair fewer faculty and more students. This problem is for the past three years. Ann had already scheduled especially acute in social science departments that are sabbatical leave for this academic year, so Rob Feenstra already under-resourced given the many students they has generously volunteered to be interim chair in Fall service. In particular, one-third of upper division and Winter quarters, with Ann taking over full time in undergraduate credit hours across the entire UCD Spring 2011. campus are in classes taught in the Division of Social Sciences. Last year Economics alone graduated a record The department lost five faculty members last academic number of 480 majors, and a record 12,211 students year. Mitali Das (econometrics) accepted a research took undergraduate classes in economics. On the position at the International Monetary Fund in research side there is concern about the downsizing of Washington, DC. Guido Kuersteiner (econometrics) is the Institute of Governmental Affairs, which organizes now a Full Professor at Georgetown University. Joonsuk and co-sponsors many seminars and conferences and Lee (Industrial organization) is a Visiting Assistant has provided staff support for research grants. Professor at University of Southern California. Steve Sheffrin left in Fall 2009 for Tulane University - a profile For academic year 2010-11 the department, with a few of Steve was given in the Fall 2009 Newsletter. And Jay exceptions, is maintaining its full range of Helms (public economics) has retired – a profile of Jay is undergraduate and graduate classes, albeit with given later in this newsletter. We have no new incoming enlarged class sizes. In Fall 2010, thirteen of our upper faculty this year as we did not recruit last year. The division classes have ceilings of 150-200 students and recent losses will be partially alleviated by this coming ten have ceilings of 75 students. Adding in the four year’s recruitment to fill two faculty positions. larger lower division classes, at most 20% of students in an economics undergraduate class will be in a class of There has also been a major reorganization of our staff, 75 or fewer students. We are maintaining our many away from solely supporting our department to being seminar series. part of larger groupings within the Division of Social And we continue Sciences. These changes are detailed in the Staff News to receive outside section of this newsletter. competitive Like many state universities, U.C.-Davis has been research grants to adjusting to a large reduction in direct financial support support some of from the state government. Long-term responses are our research. This currently being developed for the U.C. system (see supplements the ucfuture) and for U.C.-Davis (see ucdinitiatives). 50% of our UCD Streamlining university administration at higher levels appointments that and bringing in additional resources to the university is for time devoted to research. And, on a lighter note, would be helpful. But to what extent will proposed recently-planted roses (pictured) are thriving in the changes trickle down to the department? For example, formerly bare large planter area outside the if we admit more students paying high out-of-state fees department entrance. - will economics benefit directly? Currently 12% of Donor support, such as that discussed on page three economics majors, versus 4% campus-wide, are from the Levine Family Fund and from Steve and Anjali international students. This raises $3 million annually in Sheffrin and for the various department awards, is out-of-state fees to the UC system that does not appear especially welcome. We hope that the donor base may to benefit the department. And there is concern that enlarge as more of the graduates in our program that greater emphasis on more applied economics research began fifty years ago reach an age where giving to increase grant funding may be at the expense of becomes less challenging (see gifts). Fall 2009 UC Davis Economics N E W S Page 2 Jay Helms Retires The paper “Retirement Wealth Across Cohorts: The Role of Earnings Inequality and Pension Changes” shows that Jay Helms retired in June 2010 following a career at the increased inequality in earnings of the past few UCD that began in 1978 – he was our longest serving decades is also being reflected in increased inequality of faculty member. wealth (excluding Social Security) at the point of Jay’s research spanned both microeconomic theory and retirement. The paper “Why are Recessions Good for empirical analysis. Your Health? Understanding Pro-cyclical Mortality” His most-cited (with Marianne Page, Doug Miller and Mateusz Filipski) work, with 322 cites shows that the surprising result that mortality rates in Google Scholar, increase in good economic times is not due to changes was a 1985 paper in in individuals’ work status or in health behaviors, two The Review of commonly posited explanations for this puzzling result. Economics and Ann’s research has been cited several times in the Statistics on “The media in the past year, especially her work on the Effect of State and consequences of job loss (see NY Times and NY Times Local Taxes on and WallStreetJournal). Economic Growth: A Time Series-Cross Section Approach”. Some of his earliest Joaquim Silvestre awarded the 2009 work was in health economics, and he returned to this Narcís Monturiol Medal Scientific and area more recently with papers such as a 2008 paper in Medical Care on "Tamoxifen for Breast Cancer Risk Technological Medal by the Catalan Reduction: Impact of Alternative Approaches to Government Quality-of-Life Adjustment on Cost Effectiveness Joaquim Silvestre was awarded the Narcís Monturiol Analysis," joint work with faculty in the UCDMC Center Medal (see medal website). This highly selective award for Healthcare Policy and Research. for contributions to universities and research is granted Jay was an extraordinary teacher, teaching courses in annually by the Ministry of undergraduate and graduate public finance, as well as Innovation, Universities and the large capacity Principles of Microeconomics Enterprise of the (Economics 1A). He won the Department of Economics government of Catalonia Tom Mayer Distinguished Teaching Award twice, in (population 7.5 million). 1996 and 2003, and is the only two-time winner of this Joaquim was one of thirteen award. recipients from all areas of In retirement Jay, with wife Terry, will no doubt science, mostly physical continue to go Ashland to attend plays at the Oregon sciences. Joaquim has had a Shakespeare Festival, and continue hiking in California long affiliation with and Europe. Catalonia, including employment at Universitat Autonoma de Barcelona Ann Stevens is new department chair before coming to Davis, encouraging many Catalan Ann Stevens will be the new department chair, students to do Ph.D.’s in economics at Davis, and replacing Greg Clark who has served admirably as chair authoring a microeconomics text in Catalan. for the past three years. Ann takes over in Spring 2011, Joaquim is a Fellow of the Econometric Society, while Rob Feenstra serves as interim chair in Fall and reflecting his research contributions in public economics Winter quarters when Ann is on sabbatical leave. Ann and microeconomic theory. His most recent research came to UCD from Yale University in 2003, and served (with John Roemer and Humberto Llavador) on as Graduate Program Chair from 2005 to 2009. “International justice when future worlds are uncertain” Ann’s recent research includes a paper on “Short-run and “A Dynamic Analysis of Human Welfare in a Effects of Parental Job Loss on Children’s Academic Warming Planet” uses economic theory to provide Achievement,” (with graduate student Jessamyn guidance on issues such as how a planner maximizing Schaller) that finds that parental job loss increases the social welfare under uncertainty should react to the probability of a child repeating a grade by 15 percent. Fall 2009 UC Davis Economics N E W S Page 3 possible disappearance of the human species in the "Health Reform in the U.S.: How We Got Here and future due to global warming. Where We Are Going". The Sheffrin lecture was made possible by a gift from Steven M. and Anjali Y. Sheffrin, New Steven M. Sheffrin Award for in addition to receiving support from the Levine Family Fund and the Herbert A. Young Society. Contributions to Graduate Education Chris Meissner has taken over as chair of the The department added a new teaching award in the committee this year and has already lined up an past year, the Steven M. Sheffrin Award for impressive list of speakers: Matthew Ridley (author of Contributions to Graduate Education. This award was “The Rational Optimist”); Hal Varian (Chief economist of generously funded by Steve Sheffrin, a former long- Google), Emmanuel Saez (Professor of Economics at UC time department member and leader and Dean of Berkeley and winner of the prestigious John Bates Clark Social Sciences who recently left UCD for a position at Medal in 2009 for the best U.S. economist under 40 Tulane University. The Tom Mayer Distinguished years old), Peter Lindert (UCD Economics Professor Teaching Award is typically awarded for contributions to emeritus); Claudia Goldin (Professor of Economics at undergraduate teaching. The new award complements Harvard. this by focusing on graduate teaching. Events in the Levine Family series will take place in the Joaquim Silvestre is the inaugural winner of this award. evenings throughout 2010-11 and we welcome the For many years Joaquim has taught the key Ph.D. first- general public. Stay tuned for more information. year first-quarter course in Microeconomic Theory (200A), and the immediately preceding Summer Mathematics Boot Camp course. The new award has Conferences and seminars The department organized many conferences and given the department the opportunity to acknowledge seminars in the past year. his excellent graduate teaching. Marianne Page, director of the UCD Economic, Justice and Society Program (EJS), organized the annual two- Levine Family Fund lecture series day EJS Spring conference in May 2010, along with Kim continues Shauman and Greg Clark. This year’s topic theme was The Levine Family Fund, created by the Jay (B.A. "Economic and Social Mobility: Historical and Economics '84) and Tammy Levine Family Foundation, Contemporary". has generously provided support that enables lecture Greg Clark, director of the All-U.C. Group in Economic series that promote debate and interest in Economic History co-organized several conferences throughout issues in the Davis community. the year at other U.C. campuses, in addition to the EJS Wing Woo organized the following speakers in spring conference. academic year 2009-10. Burkhard Schipper organized a workshop on Phillip Swagel (U.S. Treasury) spoke on “The Financial Neuroeconomics and Endocrinological Economics at Crisis: An Inside View”. UCD in November 2009, the world’s first workshop in Minxin Pei (Claremont endocrinological economics that was supported by the McKenna University) and Levine Family Fund. Wei Zhang (Cambridge Alan Taylor, director of the UCD Center for the University) spoke on Evolution of the Global Economy (CEGE), organized the "China's Return: The fourth annual CEGE conference. This year’s topic was Changing Global Political “Financial Shocks and the Real Economy”. and Economic Landscape". Steve Sheffrin, director of the UCD Center for State and Laurence Kotlikoff (Boston Local Taxation and former UCD Economics Professor, University) talked on "The organized the twentieth annual week-long Summer Tax Key to Preventing Banking Institute, held in June 2010. Crises is Limited Purpose Several faculty members have additionally organized Banking". international conferences in other parts of the world, Finally Jonathan Gruber most notably in Europe. Some of these are detailed in (M.I.T.), a key architect of the individual faculty entries below. the 2006 Massachusetts This Fall the department will be organizing about thirty health insurance reforms, seminars in the Economic History, Economics Theory, gave the inaugural Sheffrin Lecture in Public Policy on Macroeconomics / International Economics, Public Finance / Labor Economics and Economy, Justice and Fall 2009 UC Davis Economics N E W S Page 4 Society seminar series. In Spring 2011 we will Scott’s research (with James West) on quality of additionally have seminar series in Econometrics, teaching, published in the Journal of Political Economy, Economic Theory and Industrial Organization (see was cited in the September 14 Chronicle of Higher department seminars and EJS seminars). Education story on “Why Teaching is Not Priority No.1”. See Chronicle story. The New Republic magazine blog by Zubin Jelveh (The Stash) cited as one of the Year’s Biggest Ideas in Economics a related paper (with Department Water Cooler lives Marianne Page and James West) that shows that a another day professor’s gender has a “powerful effect” on the The department water achievement of women. cooler is no longer The New York Times Freakonomics blog featured a endangered. The water recent paper by Scott Carrell (joint with Mark Hoestra cooler provides water that and James West), “Does Drinking Impair College is pleasanter in taste and Performance?” shows that for those of legal drinking texture than the hard age the university water, and consumption provides hot water as well of alcohol as cold water, a leads to convenience especially to significant some tea drinkers. In these reductions in challenging times the academic associated expenditure performance was viewed as frivolous, just like expenditure on office (roughly a telephones. 0.1 lower But thanks to the GPA) and that the effect is largest for the highest- financial contributions of performing student. The study exploits data from the many department Air Force Academy, where laws against under-age faculty, staff and drinking are strictly enforced, permitting comparison of students the necessary those either side of age 21 (see NY Times). funding has been Research by Christopher Knittel that found that the obtained, at least for this recent federal “Cash for Clunkers” program reduces year. The free rider CO2 emissions by an expensive $237-$365 per ton was problem is temporarily cited in the Wall Street Journal and the New York Times. at bay, but we will Research by Chris Knittel and Victor Stango (UCD GSM) consider giving naming showed that the Tiger Woods scandal had an rights to a generous appreciable negative effect on the stock market value of donor. companies whose products he endorsed. This research received much media attention – TVEyes, a media tracking service, found 168 TV and radio broadcast Faculty and Graduate Student reports of this study in the week following December 28 2009 with estimated total audience reach of 9.9 million Research in the Media viewers (see article summary). A September 13 article in the Los Angeles Times on Chris Knittel was also quoted in a Wall Street Journal “The ‘contagion’ of social networks” cites research by article on the recommendation of the California Scott Carrell that examined the spread of fitness habits Economic and Allocation Advisory Committee panel (of in students at the Air Force Academy and found that the which Chris is a member) to return greenhouse-gas probability of a student being classified “unfit” tripled emissions to consumers via tax cuts or dividend checks. once half the student’s social network fell out of shape. And on January 19 Chris’s voice could be heard on Carrell sees an opportunity in the results. “If you make NPR’s Morning Edition explaining externalities: “If we that ‘unfit’ person more healthy,” he says, “that worry about climate change, if we worry about even suggests you will also increase the fitness levels of more local pollution such as smog, if we worry about everyone else in the group.” (see LA Times). the fact that our military is larger, the more oil we consume, all of those costs are not in that $3 a gallon. Fall 2009 UC Davis Economics N E W S Page 5 So, from that perspective, $3 a gallon is actually a pretty for suppliers to Wal-Mart increasing suppliers’ good deal.” productivity. The Wall Street Journal blog notes that A feature article on Immigration to America (“A Ponzi while this is good for China and for global economic scheme that works”) in The Economist included the output, an increase in consumption in China facilitated following quote regarding the positive effect of by entry of U.S. firms such as Wal-Mart may not lead to immigrants: “Gianmarco Ottaviano of the University of the desired reduction in the size of the large trade Bologna and Giovanni Peri of the University of deficit that the U.S. has with China. California, Davis, find that nearly 90% of native-born The PBS television show Nightly Business Report had an American workers actually enjoy higher wages because extensive interview on the economy of Russia with Ivan of immigration.” Tchakarov, who received his PhD from the department A Federal Reserve Bank of San Francisco Economic in 2003 and is now chief economist for Russia at BofA / Letter by Oscar Jorda, joint work with graduate student Merrill Lynch. See transcript and video. Travis Berge, was widely cited in the media (Reuters, Bloomberg, Wall Street Journal, ….) following its release More Faculty News August 9. The research uses an improved forecasting The faculty news items are often on matters other than method to forecast that in June 2010 the probability of teaching and research papers produced. Faculty another recession by June 2012 is between 0.2 and 0.5. publications are listed under their individual entries at See paper. Related research by Oscar and Travis finds http://www.econ.ucdavis.edu/people_faculty.cfm that the economic recovery in the U.S. began in July Giacomo Bonanno organized two conferences this year: 2009, though the NBER business cycle dating committee the ninth LOFT conference, held in Toulouse (France), July 2010 (LOFT2010) and the three-day Workshop on Information processing, rational beliefs and social interaction held in Banff (Canada), August 2010 (workshop). Both events were interdisciplinary and brought together researchers from economics, game theory, philosophy, logic, computer science, artificial intelligence and linguistics. Giacomo is now in his fifth year as Editor of Economics and Philosophy and is currently co-editing three special is yet to make its determination. issues of journals (Journal of Philosophical Logic, Research by Oscar Jorda and Alan Taylor was the International Journal of Game Theory and Journal of featured research in the Economics Focus section of the Applied Non-Classical Logics). He is also Associate Editor December 10 2010 issue of the Economist Magazine; of three other journals (Knowledge, Rationality and see Economist article. The original research paper on Action, Bulletin of Economic Research, and Journal of “The Carry Trade and Fundamentals: Nothing to Fear Logic and Computation). But FEER Itself” suggests a way to make a steady profit Colin Cameron was the instructor for the 7th Summer in the carry trade where investors borrow low-yielding School, NIPE, Universidade do Minho, Braga, Portugal, currencies and lend (invest in) high-yielding currencies. and for the Summer School, Central Bank of Austria, This trade is big – around $1 trillion was estimated to be Vienna, Austria. While in Europe he also presented in the yen carry trade in 2007. seminar papers at Universidade do Minho and Ann Steven’s research, discussed earlier and some University of coauthored with Marianne Page and Jessamyn Zurich. For Schaller, has been cited several times in the media in part of Fall the past year, including the New York Times (see NY 2010 Colin will Times on effect of job loss and NY Times) and the Wall be on unpaid Street Journal (see WSJ). leave, on a Deborah Swenson’s NBER working paper on the effects mountain of large retailer expansion on Chinese trade, joint with adventure in Keith Head and Ran Jing, was noted by the Wall Street Nepal. The Journal (see WSJ). The research (see NBER paper) finds photo is of that expansion of U.S. retailers such as Wal-Mart in Colin on a China leads to increased exports by Chinese firms, popular training hike overlooking nearby Lake though channels such as more stringent requirements Berryessa. Fall 2009 UC Davis Economics N E W S Page 6 Colin completed a Revised Edition of the book Chris Knittel’s paper “Absence of Value: An Analysis of “Microeconometrics Using Stata” (with Pravin Trivedi). Investment Allocation Decisions by Institutional Plan Colin will be an Associate editor for the new Journal of Sponsors” (with Scott Stewart, John Neumann and Econometric Methods, as will Oscar Jorda. Jeffrey Heisler) won the Graham and Dodd Scroll Award Scott Carrell was awarded an NSF Grant of $250,951 for of Excellence for outstanding article published in the “Network Formation and Peer Effects at the USAFA” Financial Analyst Journal. Chris is a member of Governor (with Nicholas Christakis, Guido Imbens, and James Schwarzenegger’s Economic and Allocation Advisory West). Scott passed his fitness test (push-ups, sit-ups, Committee to the California E.P.A. that gave 1.5 mile run) for the Air Force Reserves; ran a half recommendations on how to distribute or auction marathon emissions allowances (worth $12 billion annually) with Dave associated with California’s greenhouse gas cap and Rapson last trade program. Chris was awarded the Department of Fall; and is Economics Tom Mayer Distinguished Teaching Award. now Chris Meissner, with collaborators David Jacks (Davis coaching PhD) and Dennis Novy, organized a conference in two Little Venice, Italy, on international trade. Chris presented a League baseball teams (coaches are not evaluated using value-added methods). Greg Clark has moved on from department chair to chair of the All-U.C. Group in Economic History. The group, based here at UCD at the Institute for Governmental Affairs, has five year funding of $450,000 from the U.C. Office of the President to promote research in economic history across all 10 UC campuses. Greg was the keynote speaker for the Associação Portuguesa de História Económica e Social paper at Chatham House London on “Systemic Changes (APHES) at their annual conference in Porto in October, in the International Monetary System and the Need for 2009. Translations of his book, A Farewell to Alms Coordination, Cooperation and Enforcement”, a book (2007), appeared in Chinese, Italian, Japanese, Korean, chapter reprinted in China’s leading financial magazine and Portuguese. He secured an NSF grant for $130,000 Caijing. He also gave presentations in Houston, IMT Lucca Italy and the German Bundesbank. His research for 2010-2012 for a study of social mobility over 800 years. on historical aspects of the international economy was Thanasis Geromichalois has joined forces with his published in the Journal of Economic History, colleague Ina Simonovska writing a paper on Asset Explorations in Economic History, Journal of Home Bias. Thanasis and Ina have integrated techniques Development Economics, Journal of International from their different fields (Macro and International Money and Finance, and Vox Eu. Chris will serve for Trade, respectively) to propose a novel explanation of one year as director of the one of the prominent paradoxes of International UCD Center for the Macroeconomics. This work was presented in August at Evolution of the Global the Summer Workshop on Money, Banking, Payments Economy (CEGE) while our colleague Professor Alan and Finance organized by the Chicago FED. Thanasis has also completed a series of research papers focusing on Taylor is on leave for the the welfare properties of Search and Matching models year, organizing the annual of the labor market. This academic year Thanasis CEGE conference in May of teaching will include graduate Monetary Theory (235B) 2010. and first-year graduate Macro (200E). Doug Miller’s biggest news is the birth of son Cole, now approaching a year old. Fall 2009 UC Davis Economics N E W S Page 7 at seminars at UC San Diego and the University of Marianne Page’s on “Sex and Science: How Professor Oregon. He presented his work on unawareness at the Gender Perpetuates the Gender Gap”, with Scott conference on Logic and the Foundations of Game and Carrell, was published in the Quarterly Journal of Decision Theory in Toulouse and the Max Planck Economics. Marianne continued as director of the EJS Institute for Mathematics in the Sciences, Leipzig. His program, organizing seminars and the Spring EJS new experimental results on "Sex Hormones and 7Conference. And Marianne was awarded a $143,000 Competitive Bidding" were presented at the Workshop research grant “The Effects of Alcohol Policies on Fetal on Gender Differences in Competitiveness and Risk Health and Children’s Development.” Taking in Barcelona. He served on the program Martine Quinzii visited the Centre D’Economie de la committees of the conference on Logic and the Sorbonne in Paris in June, and attended several Foundations of Game and Decision Theory in Toulouse conferences throughout the year. She will be and the workshop on Logic for Resource Bounded sponsoring two visitors to the department in Spring Agents in Lyon. Burkhard recently became a faculty 2011. member of the UC Davis Graduate Group in Applied Dave Rapson continues research to explore ways in Mathematics. which economics can inform energy policy and climate Ina Simonovska was appointed as a Faculty Research change mitigation efforts. His several new projects Fellow at the National Bureau of Economic Research. include a novel and large ($1 million) randomized field Ann Stevens, new department chair beginning Spring trial that will contrast the response to price and non- 2011, has benefitted in this recession from renewed price interventions to encourage conservation. In the interest in her work on job loss and employment meantime, concern for being pigeonholed as the stability. This work has been featured several times in department intellectual has led him to undertake an the New York Times and Wall Street Journal. array of testosterone-rich hobbies. He pumps iron with Deborah Swenson enjoyed meeting and teaching colleagues, Scott Carrell and Chris Knittel, feigns an professionals from 16 countries who attended the U.C. interest in talking sports whenever possible, and has Davis Law program on the Global Trading System. Her upgraded his newly-purchased bachelor pad on the NBER working paper on the effects of large retailer edge of Aggie Village with dark wood, slate, and steel. expansion on Chinese trade, joint with Keith Head and Pictured on page six are Dave, Scott and Scott’s wife Ran Jing, was noted by the Wall Street Journal (see Susie after completing a half-marathon. WSJ). Pontus Rendahl is on leave in Fall and Spring at Alan Taylor spent the summer of 2010 on the Houblon- University of Paris, spending winter quarter back in Norman/George Fellowship at the Bank of England. Davis. The department informal lunch gatherings continued Kadee Russ will be a visiting scholar at the Deutsche through summer. Here Dave Rapson, Deborah Swenson, Bundesbank for parts of this year and the next to study Marianne Page, Paul Bergin Greg Clark, Ann Stevens and lending and financial frictions in the global economy. Chris Knittel suggest solutions to some of the world’s Kevin Salyer continued his theoretical analysis of the problems. effects that time-varying risk has on lending and the housing market (with Gabriel Lee, University of Regensburg, and Victor Dorofeenko, Institute for Advanced Studies in Vienna), work funded in part by the Austrian Central Bank. He’ll extend this research while on sabbatical for the 2010-11 academic year. Kevin also found time to complete his first Boston marathon in April and, in June, finished the inaugural Central Coast 1000km bicycle ride in 65 hours. The latter is a prelude for his second attempt at the famed 1200km Paris- Brest-Paris bike ride in 2011. Burkhard Schipper presented his new work on imitation in games at the 2010 Econometric Society World Congress (held every five years) in Shanghai, the Midwest Economic Theory Conference in Evanston, and Fall 2009 UC Davis Economics N E W S Page 8 Emeriti News Chi-Hung (Charles) Liao from National Taiwan University, South Korea, University of North Carolina, Alan Olmstead and Paul Rhode (B.A. graduate from and Yale University. UCD now at University of Michigan) were awarded the Jake Losh from University of California – Davis. Alice Hanson Jones Prize for their book, Creating John Luidens from Calvin College. Abundance: Biological Innovation and American Mitsuhiro Osada from University of Tokyo, Japan. Agricultural Development, published by Cambridge Shinhyung Park from Ewha Woman’s University, South University Press in 2008. The prize, awarded by the Korea. Economic History Association, recognizes the best book Angsoka (Oka) Paundralingga from Duke University published in the past two years on North American (originally from Indonesia). economic history. Alan has been elected to a five year Kevin Shih from Claremont McKenna College. term to the NBER Board of Directors. Hyungsik (Chris) Shin from Pennsylvania State University – College Park and Boston University In Memoriam (originally from South Korea). Former department member William Moss passed Chi-Yuan Tsai from National Taiwan University, Taiwan. away in September 2009. He was at UCD for half a Qiao (Doris) Wang from University of California - San dozen years in the 1970’s, teaching Urban Economics, Diego (originally from PRC). Industrial Organization, Statistics and Survey Sampling. Kevin Williams from Claremont McKenna College. He was a member of 8 Ph.D. committees and chaired Zhe Yang from Peking University, PRC. two. Subsequently he continued to pursue his research Lijuan Yin from Peking University, PRC, and University interests in restructuring of energy and water markets of Hong Kong. as a consultant, most recently as a principal investigator for the Brattle group who named their mentoring awards after him. The American Statistical Association Graduate Students on the Job Market At this early stage of the job seeking process, sixteen named him a member of their Committee on Energy Ph.D. students intend to go on the job market. Statistics for the period 2000-2002. Will Ambrosini, “Task knowledge, task premia, and Former Ph.D. graduate William Rosen, passed away in wage inequality,” Advisor: Giovanni Peri. May 2008 at the age of 57. His PhD on "Short-run Travis Berge, “New empirical methods for classifying Residential Electricity Demand: A Policy Oriented Look" and forecasting cyclical phenomena,” Advisors: Alan as chaired by William Moss. He became a teacher of Taylor and Oscar Jorda. economics and statistics in the College of Human Ronald Carpio, “Maturity transformation and fractional- Ecology's Department of Policy Analysis and reserve banking,” Advisor: Martine Quinzii. Management at Cornell University. Bill Rosen served as Chia-wen Chen, “Estimating the foreclosure effects of director of the Capitol Semester in Albany program and exclusive dealing from an entry game,” Advisor: Chris was a recipient of such prestigious awards as the New Knittel. York State Chancellor's Award for Excellence in Teaching Yi Chen, “Long-run news and international (2006), Merrill Presidential Scholar Outstanding macroeconomic puzzles,” Advisor: Paul Bergin. Educator (2004, 2005) and HEAA/KON Honorary Society Changho Choi, “The effect of news shocks in the Award for Advising and Service (2001). presence of informational heterogeneity and credit constraints,” Advisor: Oscar Jorda. New Graduate Students Rowena Gray, “U.S. labor markets in historical At the Fall Graduate Student reception held at Putah perspective,” Advisor: Alan Taylor. Creek Lodge the department welcomed twenty Marco Hernandez, “Nontraded goods and the real incoming Ph.D. students. exchange rate: The case of Mexico and U.S.,” Advisor: Massimo Anelli from Bocconi University, Italy. Paul Bergin. Gregory Barr from University of Notre Dame Amanda Kimball, “Green companies: The impact of Yi Chen from Peking University, PRC, and University of women, education and network status,” Advisors: Hong Kong. Burkhard Schipper and Martine Quinzii. Andrew Foote from Lewis and Clark College. Jason Lee, “Essays on the good roads market,” Advisor: Qi Han from Peking University, PRC. Alan Olmstead. Jae Wook Jung from Yonsei University, South Korea. Jeremy Moulton, “Chiseling a notch out of the next Yo Han Jung from Seoul National University, South generation's assets: The effect of the social security Korea. Fall 2009 UC Davis Economics N E W S Page 9 amendments of 1972 and 1977 on intergenerational The Department of Economics 2009 Distinguished transfer behavior,” Advisor: Ann Stevens. Teaching Assistant Award was awarded to Shaofeng Jed Richardson, “Accountability incentives and Xu. academic achievement: The benefit of setting Tom Blake was awarded a UCD Institute of standards low,” Advisors: Scott Carrell and Marianne Transportation Studies student travel award and Page. presented “Air Freight Demand and Passenger Prices in Charles Stoecker, “Long run effects of in-utero the Face of Weight Capacity Constraints" paper on the temperature exposure”, Advisor: Hilary Hoynes. economics of air cargo at the U. C. Transportation Anson Soderbery, “Essays Exploring the Effects of Firm Center's annual conference at U.C. Irvine. Behavior on International Outcomes,” Advisor: Rob Doug Campbell presented a paper at the Eastern Feenstra. Economic Association Conference in Philadelphia and at Abhijit Talathi, “Assessing the impact of the interstate the Analyst Institute. He held a research Fellowship at system on employment density in the U.S.,” Advisor: the Democratic National Committee and is currently Giovanni Peri working as a Modeling Analyst at the DNC, on loan from Greg Wright, “Revisiting the employment impact of off the President's Council of Economic Advisers (CEA) for shoring,” Advisor: Giovanni Peri. the November 2010 midterm elections. Gabriel Mathy presented the paper “International Recent Placements Business Cycle Transmission in the Interwar Period” (with Chris Meissner) at the All-University of California Despite the tight economy last year, the eight Ph.D. Economic History Conference in March 2010. students on the job market were all successful, Seema Santiga presented papers at the annual Pacific including five placements as tenure-track Assistant Conference for Development at University of Southern Professors. California and the 85th annual conference of the Shih-Wei Chao, Assistant Professor, National Chengchi Western Economic Association International in University, Taiwan. Portland, Oregon. Yanping Chong, Assistant Professor, Winona State Jessamyn Schaller received a UCD and Humanities University, Minnesota. Graduate Research Award. Ling Feng, Assistant Professor, Shanghai University of Liugang Sheng received a 2010-11 George and Dorothy Finance and Economics, PRC. Zolk Fellowship, and a 2010-11UCD and Humanities Jeff Graham, Economics Consultant, OnPoint Analytics Graduate Research Award. He presented the paper "Did Inc., Emeryville, California. His job market paper on China diversify its reserves?" in the annual joint strategic real options is forthcoming in the Journal of BIS/ECB/World Bank Public Investors Conference at the Economic Dynamics and Control. World Bank in Washington DC. This summer he was a Meixin Guo, Assistant Professor, Tsinghua University, visiting scholar at Chinese University of Hong Kong. PRC. Anson Soderbery presented the paper “The Weijun Hu, Economist, China International Capital Competitive Effects of Heterogeneous Firms Facing Corporation, Hong Kong. Capacity Constraints Under International Trade” at the Zhiyuan Li, Assistant Professor, Shanghai University of Midwest International Economics Group conference at Finance and Economics, PRC. Northwestern University and will also present it at the Nick Sanders, Postdoctoral Scholar, Stanford Institute Empirical Investigations of International Trade for Economic Policy Research (SIEPR), Stanford conference at University of Chicago. He was awarded a University, California. research grant from the UCD Office of Graduate Studies at UCD. Graduate Student News Charles Stoecker presented "Drawn into Violence: The Department of Economics 2009 Raymond J. Evidence on What Makes a Criminal from the Vietnam Beaumont Memorial Award was awarded to Rowena Draft Lotteries" (with former UCD student Jason Lindo, Grey. This prize is awarded annually to an outstanding now at University of Oregon) at the San Francisco student in the Ph.D. program who both succeeds Federal Reserve Bank Summer Applied Micro academically and helps make the department a better Conference. He received a UCD and Humanities place. Graduate Research Award. Fall 2009 UC Davis Economics N E W S Page 10 Record number of undergraduate Tran, and Erika W. Zucca received Department Citation Awards in recognition of outstanding Economic majors in economics Undergraduate Accomplishment. A record 480 degrees of B.A. with major in economics The Michael Alan Anthony Fund, a monetary award were awarded by U.C. Davis last year. There are now provided in memory of Michael Alan Anthony who 1,137 undergraduate economics majors currently received his Bachelor of Arts in Economics in 1989, is enrolled. And a record 12,211 students took given to a deserving undergraduate student. It undergraduate classes in economics in 2009-10. The alternates between majors in the Department of biggest increase has been in upper division course Economics and History and was given to a History enrollment. Over the past fourteen years this has student in 2010. increased at a compound rate of eight percent per year, Cameron Brown and Jason Ronzani received Sweetland from 2,664 in 1995-96 to 8,526 students in 2009-10. scholarships, awarded through the Undergraduate These great increases mainly reflect a switch to Scholarship application. The scholarship is funded by economics, and other social sciences, rather than the Tim Sweetland (Economics ‘82) who values his growth in overall student numbers over the past fifteen educational experiences and would like to support years. students majoring in his home department. Mr. The budget challenges compound existing challenges Sweetland believes the future of California’s economy is for social science departments that are already under- dependent on the success of our students. resourced given the many students they service. In Derek Ryan-Costa DeGroot, Early S. Elias, David W. particular, one-third of upper division undergraduate Green, Hingzhi Gu, Lindsey M. Hack, Justin Huang, credit hours across the entire UCD campus are in classes Brent J. Jensen, Robert S. Lange, Jr., George Li, Yuki taught in the Division of Social Sciences. Last year Nakagawa, Arata Oto, Victoria E. Phillips, Steven M. Economics alone graduated a record number of 480 Pitchford, Daniel A. Stevens, David C. Stowitts, Y-Vu majors, and additionally we teach many students in the Van, Phon Vo, and Wing Sum Wong were elected to International Relations major which has no home membership in Phi Beta Kappa, the oldest and most department. On the research side there is concern prestigious national academic honor society. Kappa about the downsizing of the Institute of Governmental Chapter recognizes by election as Members in Course Affairs, which organizes and co-sponsors many seminars juniors and seniors who have compiled outstanding and conferences and provides staff support for research academic records in a curriculum including the grants. The biggest increase has been in upper division humanities, natural sciences, and social sciences. course enrollment which was as low as 2,664 in 1995-96 Election and initiation take place annually in Spring. and has since more than tripled to 8,526 students in 2009-10, a compounded rate of increase of eight percent each year. Lecturers Emmanuel Frankel’s book, “Serenity Economics” has been published. Aside from being a book on economic News from our Undergraduates growth and achievement, “Serenity Economics” teaches Hoa Gabriele Tran received the Distinguished an appreciation for micro and macro by introducing the Undergraduate Student Award. This award is presented notion that each individual is an economy that interacts by the Faculty to a student who has been cited for with other economies (other people and the outstanding achievement in Economics. community) constrained by economic "laws" that do Katlyn Ann Calia, Mark Y. Colas, Christopher R. not discriminate. Johnson, Kirill A. Levashov, Jean-Laurent Pelissier In addition to Emmanuel, our lecturers this academic graduated in 2010 (through end Spring quarter) with year will include Bagher Modjtahedi (continuing Highest Honors, and Wing Sum Wong graduated with lecturer), John Parman, Janine Wilson, Kristen Van High Honors. These awards are granted for the best Gaasbeck, Mark Siegler, David Lang and Farshid performance by Economics majors who have completed Mojaver. the Economics Honors Program. Graduate students Changho Choi, Jeremy Moulton, Nicholas J. Gentry, Melissa Anne Paloma Go, Patrick R. Anson Soderbery, Paul Gaggl, T.J. McCarthy, Will Godwin-Painter, Robert Steven Lange, Kirill A. Ambrosini and Jessamyn Schaller will be Associate Levashov, Philip M. Litchenstein, Philip S. Liu, Yuki Instructors, each teaching one course this year and Nakagawa, Jean-Laurent Pelissier, Steven M. Pitchford, gaining valuable teaching experience. Gregory K. Reimer, Hoa Gabriele Tran, Thao Stephanie Fall 2009 UC Davis Economics N E W S Page 11 Visitors Pictured are Kathy Miner, Monica Fischer, Jessica Lewis, and Rachel Hale releasing some of the tension at a Academic visitors to the department this year include much-needed staff retreat. the following. John Ries from the Sauder School of Business at University of British Columbia will spend his sabbatical leave year visiting the department, sponsored by Rob Feenstra. His research is in international trade. Filipe Martins da Rocha from the Graduate School of Economics and Getulio Vargas Foundation in Rio de Janeiro will visit in Spring quarter 2011, sponsored by Martine Quinzii. His research is in general equilibrium theory, and he will also teach a graduate course while visiting. Diane Branam has been promoted to supervisor of not Yiannis Vailakis from the School of Business and only the economics undergraduate and graduate Economics, University of Exeter, will visit in Spring program, but the history department undergraduate quarter 2011, sponsored by Martine Quinzii. His and graduate programs as well. research is in microeconomic theory, including general Janine Carlson is now a Senior Support Analyst, Service equilibrium theory. Desk Team, DSS IT Service Center. Portia Yin a Ph.D. student at the School of Finance, Marilyn Dexter remains as the Economics Graduate Central University of Finance and Economics, Beijing, Program coordinator. will visit in Fall and Winter quarters, sponsored by Wing Monica Fischer has been promoted to the Business Woo. Officer for both Economics and History departments and will provide backup assistance to Military Science as Staff News well. Kristine Augustin left in January 2010, after working Rachelle Hale remains the Undergraduate Advisor in here for seven years, to commence studies in the Economics. Nursing program at Napa Valley College. Jessica Lewis has been promoted to Academic We welcome Jessica Lewis, who previously worked in Personnel Coordinator for the Economics faculty. the Department of History. She received her B.A. in Joe Lee remains in the Department of Economics Economics and Sociology here at UC Davis and most Undergraduate Office. recently received her M.B.A. in finance from California Kathy Miner is now the Chief Administrative Officer for State University - Sacramento. the DSS Blue cluster. Many other staff members have seen substantial Scott Dyer is now Lead Application Developer for the changes in their duties and responsibilities, due to a Development Team, DSS IT Service Center. major restructuring of all staff in the Division of Social Sciences that has taken place over the last few months. This newsletter is posted at Many staff members are now part of a larger group, the www.econ.ucdavis.edu/NewsLetters/newsletter_f10.pdf Blue Cluster, which provides service to the Departments News updates are at www.econ.ucdavis.edu/ of Economics, History and Military Science. And our We thank all contributors to this newsletter, especially computing support staff is now based in the Division of Burkhard Schipper for very timely copyediting. Social Sciences IT Service Center. For any comments on the current issue of UCDavis The department faculty appreciate the changed and Economics NEWS or news items for the next issue or increased workloads of our staff, and are trying to aid our web page, contact Colin Cameron, the challenging transition. We also hope that firstname.lastname@example.org, or University of California, administrative changes at higher levels of campus lead Davis, Department of Economics, One Shields Avenue, to a more streamlined system that reduces the Davis, CA 95616, USA. workload of our staff. We especially welcome news from our alumni.
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