NEWSLETTER

Wellesley College Department of Economics June 2013

Dear Alumnae, Graduating Seniors, Former indicate that our trend over the past decade Faculty, and Friends of Economics at or so of having 100 or more majors per year Wellesley, will continue. It is also interesting that only seven percent of students reported that they I am writing to you for the last time in my entered the College planning to major in official capacity as Chair of the Department. Economics. One hypothesis is that students After six years filling that role, I will be do not know what economics is until they stepping down at the end of the year, get to campus, take their first course, and returning to ―civilian‖ life. Early in my term, subsequently choose to pursue it as a major. I led the department through the process of This would support the strength of our hosting an outside visiting committee. One department in conveying the value of of my main accomplishments as Chair has economics as a field of study. been to implement a number of the recommendations provided by that One of the amenities that we have been very committee. I am also proud of the new fortunate in being able to provide to our faculty who have been hired while I have students is a strong list of outside speakers been Chair. Although hiring is a who provide a glimpse of the economic departmental task, the Chair‘s role in world outside the Wellesley bubble. In the leading the process is an important one. Of fall, we recognized Marshall Goldman‘s the 21 faculty who will be in the department many great contributions to our department next year, 10 of them have been hired while in many ways, including funding the I have been Chair. Starting July 1, the Goldman Lecture. This year‘s speaker was Department will be placed in the capable Doug Elmendorf, who is the Director of the hands of Kristin Butcher (‘86), who will be Congressional Budget Office. He was able writing to you next year, speaking from one to come to campus before the election and Wellesley sister to another! talk to us about the difficult choices that any newly elected President and Congress would In student news, the economics department face given the structure of the tax system continues to be very popular. A recent and promised expenditures. His words were survey conducted by the College‘s Office of as enlightening as they were sobering. In the Institutional Research of enrolled students spring, thanks to another gift to the College indicated that 318 students reported to support our activities, we held the majoring in economics (including 23 Calderwood Lecture. The speaker at this reporting IR-econ), representing 21 percent event was Amy Finkelstein. In addition to of all those who reported a major (mostly the prestige she brings to the table having sophomores, juniors, and seniors). This was recently won the John Bates Clark Medal the highest level at the College by a large (given annually to the best economist under margin (Psychology was second with 11 the age of 40), Amy is a primary member of percent of students majoring in that the team that is evaluating the Oregon discipline). These enrollment numbers Health Experiment. For institutional reasons that are beyond this medium, Oregon (‘04), who is a macro/trade/development created a randomly assigned control and economist from Columbia University, and treatment group to evaluate the impact of Seth Neumuller, who is a macroeconomist receiving health insurance (the treatment). from UCLA. We are happily awaiting their Amy came to talk to us about the initial arrival on campus sometime later this results of the experiment and provide a way summer. Kristin Butcher, the incoming to think about these issues going forward. Chair of our department, was named as the Both talks were very well attended and our holder of the new Marshall I. Goldman students learned a tremendous amount from Chair in Economics at commencement last them. year. Although our faculty have achieved many individual accomplishments in their The department is proud of the research and teaching, I‘d like to highlight a accomplishments of all of its students, but a few of the more notable ones. Casey handful deserve special recognition for the Rothschild had a big hit, having one of his exceptional feats that they have achieved. papers accepted for publication in the Five members of the Class of 2013 (Lizi Quarterly Journal of Economics, one of the Chen, Ye Ji Kee, HoLum Kwok, Ljubica top journals in the profession. Joe Joyce‘s Ristovska, and Iris Wang,) successfully new book, The IMF and the Global completed honors theses this year or Financial Crisis: Phoenix Rising?, was satisfied other requirements to achieve published by Cambridge University Press. departmental honors. Lizi Chen received David Lindauer received funding from the the Schiff Fellowship to support her thesis College to introduce a new team-taught research on "How Do People Form course with a member of the Philosophy Longevity Predictions?‖ A number of Department, called ―Inequality.‖ current and former students will be attending economics Ph.D programs starting in the fall I hope we see many of you at reunion – our as well, including Aigerim Kabdiyeva (‘08, reception will be at 3:30-4:30 on Saturday, Yale), Amy Bond (‗09, Wharton Health June 8th on the 4th floor of Pendleton East. Care Management and Economics), Siobhan Best wishes to all for a relaxing and O‘Keefe (‘10, UC-Davis), Teju Velayudhan enjoyable summer. (‘10, Michigan), and Toby Chaiken (‘ll, Harvard Health Policy). Our department continues to be a major contributor of Sincerely, female Ph.D students in economics. Phil Levine, Chair

In faculty developments, I am proud to **************** announce that three members of the department (Brett Danaher, Dan Fetter, and The joint Williams/Amherst/Wesleyan/ Casey Rothschild) have been successfully cocktail reception at reappointed by the College. Casey will stand the American Economics Association for tenure in the fall of this year. Brett and meetings in San Diego, January 4-6, 2013 Dan will receive a year of academic leave to was well attended, bringing together focus exclusively on their research, then alumnae, former faculty, and current faculty. return to the College, and be eligible to Next year‘s meetings will be held in stand for tenure three years after that. Two in Philadelphia, PA on January 3-5, 2014. new members of the economics department Please follow this link to learn also will be joining us in the fall. After an more about the annual meeting: exhaustive (and exhausting!) search over the http://www.aeaweb.org/Annual_Meeting/ winter, we were able to identify and successfully recruit two high quality candidates. They are Baafra Abeberese *************** The Natalie Bolton Student Prize: Ashley Longseth ‗13 This year, the Economics Department‘s Annual Senior Dinner was held on **************** Thursday, May 2, 2013 in Alumnae Hall with 71 of our 113 majors in attendance. 2012-2013 ECONOMICS DEPARTMENT Participants en-joyed music played by the FACULTY AND THEIR ACTIVITIES Wellesley Jazz Ensemble and Award winners for 2013 were announced at the Kristin Butcher ‘86 was honored to be dinner. named the first holder of the Marshall I. Goldman Chair in Economics last year at Commencement. She has vivid memories **************** from the time when she was a student at Wellesley of the intellectual vigor that Marshall Goldman brought to his research 2013 Economics Department and teaching, and those memories make Award Winners holding this Chair all the more meaningful. This academic year, Kristin was on leave for The Wall Street Journal Award: the fall term. She split her time on two Selema Natasha Beg ‘13 and Hannah research projects: one on food insecurity in Galin ‗13 the U.S., and the other on the effect of the Community Reinvestment Act on consumer The Peggy Howard Fellowship: credit outcomes. In the spring term she Sheng (Leslie) Shen ‘10, Tejaswi taught a two Econometrics courses, and Velayudhan ‘10, Lin Xu ‘09, Siobhan supervised Rebecca Leung‘s independent O‘Keefe ‘10, and Jahanara Ahmad '11 study project. Last year, Kristin and Corrine Taylor (Director of Quantitative Reasoning) The Natalie Bolton Faculty Prize in co-led a working group (of which Courtney Economics (Best 200-level Paper): Coile was also a critical member) examining HoLum Kwok ‘13, Lucy Swenson ‘13 how to support quantitative research, by and Dana Lee ‗13 faculty and students, at Wellesley. Through combined efforts of departments and groups The Natalie Bolton Faculty Prize in across campus, especially Library and Econometrics: Technology Services and the Psychology Soomi Kim ‘14, Sookyo Jeong ‘14 and Department, this summer Wellesley‘s Sara Ro ‗14 Quantitative Analysis Institute is beginning a pilot program. Stay tuned for updates! The Natalie Bolton Faculty Prize in Outside of work, Kristin‘s daughters are Economics (Best 300-level Paper): now 11, 9, and 7 years old. Recently, her 9 Shuyu Gao ‗13 year old asked, ―Mommy, can time be one of the scarce resources that Economists study?‖ The Natalie Bolton Faculty Prize in Oh yes! And on that note, Kristin is equal Economics for the Best ERS Thesis parts daunted and excited to be taking over Presentation: as Chair of the Economics Department as of Lizi Chen ‗13 July 1, from Phil Levine, who leaves some mammoth shoes to fill! The Joseph Lambie Economic History Prize: Courtney Coile‘s mix of teaching, research, Carolyn Bonner Campbell ‗13 and service this year consisted of teaching econometrics in the fall, being on sabbatical leave in the spring, and serving as the Faculty Director for Pendleton East/Social for research/conferences, and next semester Sciences all year. In the Faculty Director he will be spending his sabbatical in Los role, she particularly enjoyed working with Angeles working with movie studio data and Kristin Butcher, Corri Taylor, and others to finally getting back to some sand volleyball! create a Quantitative Analysis Institute (launching this summer!) to provide Dan Fetter spent 2012-13 teaching his Wellesley students and faculty with courses and continuing his research on advanced training and support for data economic history and housing markets. In analysis. On the research front, she addition to teaching Introductory and continues to work with an international team Intermediate Microeconomics, he continued of researchers on a cross-country study of to develop his course in Advanced the effect of disability insurance on Econometrics, which focuses on methods for retirement and was happy to travel to Paris causal inference in applied microeconomics. to meet with the team. She recently began He continued research that spans many work on a new project on house price topics and many periods, including the roles fluctuations and elderly mobility and joined of housing and crowding on infectious a National Academy of Sciences panel disease in 19th century American cities, the studying the macroeconomic effects of an health effects of food rationing during aging population. Outside of work, she finds World War II, and imperfect information in that her new running hobby helps her keep modern-day low-income rental markets. He up with Nathaniel (10) and Meredith (6). looks forward to sun, avocados, and lots of time to work on his research projects during Brett Danaher had his paper with Siwen 2013-14, when he expects to be on leave at Chen ‘11 accepted into the Journal of Stanford; in his leisure time he has been Industrial Economics and also enjoyed planning the cross-country road trip he significant media attention (as well as being hopes to convince his wife to take to get interviewed on Bloomberg News) around there! his paper on the shutdown of the popular filesharing site Megaupload.com. He took it Eric Hilt Eric Hilt was back at Wellesley as a positive sign that Kim Dotcom tweeted after spending last year on sabbatical at the discouragingly about his work. Brett Russell Sage Foundation in New York City. continues to work with movie studio and He taught his Economic History course, his music label data to better understand how Finance course, and also Principles of (and if) we should reform copyright policy Macro. In addition, this year he taught the in the digital era. Economics Research Seminar, in which the thesis students present their work. He He incorporated this as a new theme into his enjoyed his return to teaching and working Econ 242 class and was extremely with Wellesley students. With regard to his impressed by the variety and quality of ideas research, Eric is currently focused on several and questions that his students came up with projects analyzing American financial (Brett apologizes for a terrible attempt at markets in the early 20th century, and most performing the ―soulja boy‖ dance in this recently finished a draft of a new paper with class). In addition to teaching several other some co-authors from on econ courses, Brett supervised an honors the assassination of President McKinley and project for Ljubica Ristovska ‘13 in an effort the reaction of the stock market. He's also to better understand how the use of music currently revising a paper that analyzes the streaming services (like Pandora) impacts consequences of the Panic of 1907. But he music purchasing behavior. He also gave a is also interested in earlier American talk on the future of the music industry to financial history, and he is the Tau Zeta Epsilon society. This summer currently working on a paper on the role of Brett will travel to Portugal, Spain, and DC business corporations in early nineteenth century American politics, for a new book the real world. On the research front, he has project sponsored by the Tobin Project in largely focused his attention to two topics, Cambridge entitled The Corporation and why teen childbearing is so high in the American Democracy. United States and the long-term health implications of early ―retirement‖ generated Joe Joyce has had a busy year. He taught by a recession. Along with seeking classes in intermediate macro, the publication in traditional academic outlets, economics of globalization and international Phil has also had success recently placing macroeconomics. His book, The IMF and his work in the broader media, including The Global Financial Crises: Phoenix Rising?, Atlantic, New York Times, and Huffington was published last fall by Cambridge Post. Phil is also realizing that life as an University Press, and Joe was invited to empty-nester is quickly approaching, as his speak about it at the IMF‘s Spring Annual older son just completed his first year at Meeting. He served again as Faculty Brown University (hitting .265 in his rookie Director for the Madeleine Korbel Institute season!) and his younger son is completing for Global Affairs, which held its fourth his sophomore year in high school. program this past January. In June he will travel to Beijing to participate in a joint David Lindauer introduced a new course program of the Institute and Peking this year. Econ/Phil 246, Inequality, was University. team-taught with Helena de Bres of the Philosophy Department. The course Pinar Keskin had a wonderful second year examined the trends, causes and at Wellesley, teaching two sections of consequences of growing income and wealth Principles of Microeconomics in the Fall. inequality in the United States. David also Her research continued to focus on has developed a new program at Wellesley determinants and consequences of water based on his Economic Journalism course. access. For instance, she completed an With a generous donation from the article (released as an NBER working paper Calderwood Charitable Foundation, the in September) about the impact of local Calderwood Seminars in Public Writing will agricultural development on broader begin in 2013-14 with eight new 300-level economic development within a region. seminars from across the disciplines. David Pinar spent her Spring semester on maternity will serve as the first Faculty Director of the leave enjoying her time with her sweet program. David‘s work as a development daughter Maya, who was so well-behaved economist included publication of the 7th (!) that she waited for Pinar to finish her last edition of his co-authored textbook, fall semester class before introducing Economics of Development (W.W. Norton). herself. Through the Inter-American Development Bank, David had the opportunity to engage Phil Levine will be completing his sixth in field research in Belize studying the year as Chair of the Department and country‘s labor market. He enjoyed the stepping down from that role at the end of work, not to mention spending ten days in the academic year. Despite the time Belize in January. David also was appointed commitment required to fulfill the Chair‘s Chair of the Advisory Group of the Center obligations, Phil was still able to make for Global Development, a D.C. based contributions in the classroom and with his think-tank devoted to development issues. research. His teaching activities were limited to his staple course, introductory statistics Julie Matthaei This year I was surprised, (econ 103). He still enjoys the ability to shocked and awed when I was invited to engage students in the technical nature of Wellesley‘s annual anniversary celebration the material while also conveying how to celebrate my 35th anniversary at the important that material is to understanding college! Much has changed since I first arrived in the fall of 1978. My early Economics. I continue to work away at my colleagues, Teresa Amott, Bruce Norton, book-in-progress, Occupy the Economy, Arjo Klamer, and Marcellus Andrews left, about the development of transformative amongst others; , Rod modes of consumption, production, work, Morrison, and Chip Case retired; and many exchange, and public policy in the U.S., and new and wonderful faculty came here to to serve of the board of the U.S. Solidarity teach. Our department started requiring Economy Network. My daughter, Ella, is calculus for 201 and added 103 as a core now 21, in her junior year at Trinity College course, and the teaching load fell from five in Hartford, studying in Trinidad for the courses per year to four. Through it all, I semester. I love to hear from alums, so have never once been bored with teaching at don‘t be a stranger! Wellesley, largely because my students -- intelligent, inquisitive, skilled, open-minded, Patrick McEwan had a busy fall at thoughtful, caring, prepared, and diverse – Wellesley, teaching courses in Econometrics wouldn‘t let me! This year I taught The and the Economics of Education. In spring, Political Economy of Gender, Race, and he moved to Tegucigalpa—thus dodging Class in the fall, and Feminist Economics in many feet of snow—and taught a course on the spring. My fall students‘ final projects the impact evaluation of social programs, as included the creation of a Wellesley part of a Fulbright fellowship. His rusty solidarity economy website Spanish improved dramatically, though his http://wellesleysolidarity.org/, a lively handwriting is problematic in both bartering group on Facebook, and the languages. During the year, he published Wellesley Workers Alliance, which research on alumnae giving at liberal arts organized a successful student effort to colleges, the result of a collaboration with support our union workers in their contract Kristin Butcher and Caitlin Kearns (‘10). negotiations with the College. In Feminist His work on the impact of a Honduran Economics, Katherine Collins (‘90) conditional cash transfer plan was published (http://www.honeybeecapital.com/index.php) in in the Journal of Public Economics, and he the field of socially responsible finance, and worked on a related paper with Nandita a variety of fascinating feminist projects and Krishnaswamy (‘12, now pursuing graduate research papers are nearing completion. I studies at Columbia). He continues work on have continued to focus my research and a project funded by the William and Flora speaking on the growing ―solidarity Hewlett Foundation, aimed at understanding economy.‖ I was an invited speaker for the the cost-effectiveness of Hewlett-funded Occupy National Gathering or ―NatGat‖ last education interventions in Africa and India. July, in Philadelphia, and keynoted at a Finally, he analyzed results from a session on ―Revolutionary Feminist Futures‖ randomized evaluation of Venezuela‘s youth at the National Women‘s Studies orchestras, developed jointly with many Association meetings in November, in colleagues at the Inter-American Oakland. I attended a small conference at Development Bank. He looks forward to the Mondragon Cooperative Corporation in teaching a full schedule at Wellesley during the Basque region of Spain, a complex of the coming academic year. 120 worker-owned and –run cooperatives, and helped organize and introduce the new Robin McKnight finds it hard to believe documentary on worker coops, that her first-ever First-Year advisees are ―Shiftchange: Putting Democracy to Work,‖ about to graduate from Wellesley. Time at a variety of venues in the Boston area. really flies. It is fun to see how much the My 2009 short Adbusters piece, whole class has learned over the past four ―Confessions of a Radical Economics Prof,‖ years and to see their plans for the future was reprinted this year in Meme Wars: The emerge. Robin added Econometrics to her Creative Destruction of Neoclassical teaching repertoire this year, and continued to teach Statistics and Health Economics. in Singapore, escaping the New England She also enjoyed supervising research winter and eating a lot of dim sum. These projects for Iris Wang‘s honors thesis and months were very productive as she co- for Sophie Sun‘s independent study. wrote two new working papers: one on Outside of the classroom, Robin continues financial literacy among foreign domestic to work on research projects that are focused workers in Singapore and the other co- on health insurance and health care. When authored with fellow Wellesley economics Robin isn‘t working, she is usually ferrying faculty member, Pinar Keskin, on arsenic her daughters to birthday parties, playdates, contaminated ground water in Bangladesh the horse farm or Irish stepdance class. and breastfeeding responses. She continues Along the way, her kids seem to be her research on financial literacy in the U.S. absorbing a very modest amount of and South Africa. In addition, her field economic thinking: her kindergartner experiment in Orissa, India, evaluating recently concluded an argument with the different systems for delivering iron- statement, ―So, you see, there are trade- fortified meals to malnourished school offs!‖ Indeed. Maybe they‘ll start learning children, is underway, with the baseline about correlation and causation soon…. survey completed in December 2012 and the interventions starting in April 2013. Casey Rothschild had a busy second year at Wellesley, kicked off by the birth in August Olga Shurchkov ‘01 had a busy year back of his second daughter, Mabel. Adele, now at Wellesley after spending her junior leave three, adores her new sister and ―reads‖ her at the Harvard Kennedy School. As usual, all her favorite books. Mabel seems more she taught classes in introductory and interested in eating books, rather than intermediate macroeconomics, as well as reading them. two sections of the ever-popular 300-level course on behavioral and experimental In the fall, Casey taught a first-year writing economics. She was also thrilled to advise seminar, Contemporary Economic Issues, HoLum Kwok on her honors independent for the first time; and he once again taught study project investigating the behavioral Intermediate Microeconomics and Strategy effects of health shocks on retirement and Information. He also continued his work planning. She enjoyed her visits to the on optimal income taxation: he spent much Wellesley Alumnae Clubs of Greater of the year presenting his recent his article Denver and Chicago, and had fun meeting a ―Redistributive Taxation in the Roy Model‖ fabulous group of potential future Wellesley which develops and solves a simple formal students when she taught a sample class model of ―trickle down‖ economics, at called ―When Psychology Meets various universities and conferences. The Economics: The Puzzles and Paradoxes of article is forthcoming the next issue of the Everyday Life‖ at Junior Open Campus. Quarterly Journal of Economics. He is Olga continued her research on the nature looking forward to a getting several new and causes of appearance-based optimal tax articles jump-started this discrimination in the labor market and in summer. education, which she presented at various conferences and seminars, including the Kartini Shastry had an enjoyable and American Economic Association productive year on leave from Wellesley conference. This summer, Olga is excited to College. In the fall semester of 2012, she start new projects that range from gender was on parental leave: Baby Jai Louis differences in leadership productivity to the Tortorice was born in mid-October. In the impact of institutions and culture on pro- spring semester of 2013, Kartini was on social behavior. She is also looking forward sabbatical and spent three months working to some upcoming conference travel to Zurich, Switzerland, and Gothenburg, well on its way to completion. The research Sweden. Outside of her Wellesley life, Olga project on beauty contest experiments, joint and her husband, Mike, continue to practice with Jeff Livingston (Bentley) and Mike and teach Taekwon-do. At a recent Price (Tennessee), has considered the promotional exam in New York City, Olga importance of experience in such games and received her 4th degree black belt, while is now moving on to consider the role of Mike received his 5th. different levels of experience as well as whether gender differences affect behavior. Dan Sichel Dan really enjoyed his first year Sue continues to teach Econ 201 in the Economics Department. In the fall, he (Intermediate Micro) and Econ 222 (Games taught a section of Intro Macro (102) and a of Strategy) and to enjoy each one, even 300-level seminar on U.S. Macroeconomic though she has now taught Econ 201 almost policy. In the spring, he taught two sections 40 times! For those of you who follow such of 102. Dan is finding that 102 is a great things: Emily (18) will graduate from high opportunity to spark students‘ interest in school in June and head to Ursinus College macro, and he says that teaching Wellesley in PA in the fall where she was recruited to students isn‘t all that different than briefing play volleyball and where she plans to major the Federal Open Market Committee at the in environmental studies; Pierce (16) is a Fed! In terms of research, Dan finished a high-school sophomore, just got his driver's paper on household income volatility with permit, and is currently captain of the boys coauthors Karen Dynan and Doug JV volleyball team. Elmendorf that was published in the B.E. Journal of Economic Analysis and Policy. Ann Velenchik is dividing her teaching He also finished a paper on planning lags for time between the Economics department and commercial construction activity with the Writing Program, where she has two coauthors Jon Millar and Steve Oliner that‘s more years as Director. Teaching Economics under review at Economic Inquiry. On new 214 this fall, after a 20 year hiatus, was both research, Dan wrote a paper titled ―Is the challenging and fun, and the course went Information Technology Revolution Over?‖ well though it still pales in comparison with with coauthors Dave Byrne and Steve Oliner David Lindauer's version. She hopes to that was published in the International finish the first draft of the Intermediate Productivity Monitor. (Their answer is Microeconomics book she is writing with ―No‖). Dan also was appointed a Research Sue Skeath this summer. Ann continues to Associate by the National Bureau of do a lot of workshop-giving at other Economic Research. On the lighter side, colleges, and to spend a lot of time watching Dan was interviewed by NPR in April and her children play soccer and futsal (Becca, talked about new procedures for measuring 12) or football, basketball and lacrosse (Nate GDP and how that new methodology will 16). affect the measurement of GDP produced by Lady Gaga. Finally, Dan and his partner, Corri Taylor, director of the Quantitative Sam (and their three dogs), have had a great Reasoning (QR) Program, celebrated her time settling into a beautiful home in 15th year at the College this spring. She Sherborn. continues her work promoting quantitative reasoning at Wellesley College and across Sue Skeath (van Mulbregt) is currently in the US and in Chile at colleges and school the midst of two textbook projects and one districts developing QR courses and ever-broadening research project. Her text programs. Over the last two years, Corri has Games of Strategy is going through developed a specialized interest in revisions for its 4th edition and the draft of promoting environmental sustainability, not her Intermediate Microeconomics text, co- only as an end in itself, but also as an authored with colleague Ann Velenchik, is outstanding theme for teaching QR across the curriculum. She is the Web master for and high school years are going to be quite the multi-constituency project SISL: stressful for her father. Kiran has a quirky Sustainability Increases Student Learning. sense of humor, insists on wearing a Corri is happy to welcome Casey Pattanayak Spiderman related piece of clothing every to the College; Casey will be heading the day of the week and looks up to his big new Quantitative Analysis Institute, which sister in everything he does. I visited half a will provide advanced-level training in data dozen Wellesley alumnae clubs, analysis and statistical consultation to both reconnecting with old alums to the best of students and faculty doing research. On the my (limited) ability. I am sorry I will be home front, the exciting news is that next missing reunion this year to go to but fall 18-year-old daughter Rebecca will be I hope everyone coming back to campus has heading to her birth state of Wisconsin, a wonderful time. enrolling at Beloit College. FACULTY EMERITI Akila Weerapana feels like he is living in Groundhog Day when it comes to the Karl (Chip) Case It is hard for me to newsletter. Another year zips by and the believe that I have been retired for 2 years. I outcomes (and aspirations) are much the have not quite figured out yet how to slow same. A cynic might also say that the down. So I have been doing a lot of stuff. accomplishments (or the lack thereof) are First of all, I finished two papers that have also the same but let's not look for too many actually been in the pipeline for years. The negatives. The Groundhog feeling was first was a study of the impact of stock enhanced by the fact that I taught exactly the market wealth and housing wealth on same courses in exactly the same order as I spending behavior written with John did last year. What makes Wellesley great, Quigley and Robert Shiller which was though, is that even this level of published in Critical Finance Review. The predictability does not diminish the work I paper used quarterly data from 1975-2012 have to put in to make sure that I keep up and found powerful impacts. The second with my students, who are always reading was a paper that had its roots in a survey about and puzzling over the economic which Robert Shiller and I first published in developments happening in Europe, the 1988. We have complete data from 5,000 United States and the rest of the global homebuyers between 2003 and 2012. The economy. I am also looking forward to this paper was subtitled, ―What Were They summer when I take my first trip to China, a Thinking‖, and the final version, written in country that I have taught about in Econ collaboration with Shiller and Anne Kinsella classes for many years without ever having Thompson was published in Brookings visited it. Even better, I get to go to China Papers on Economic Activity. with a bunch of Wellesley colleagues and students as part of the new Albright My textbook, written with Ray Fair and Initiative in China. I hope that I meet Sharon Oster, went into its 11th edition this interesting new people and learn new things year, and we sold more books than in any that can shape the classes I teach for the next previous edition. I have no idea why, but few years. I‘m kind of happy about it.

On the home front, there definitely are lots I continue to give talks and lectures. Among of changes since kids grow up fast. Anya is the academic presentations include places just completing her first year of school like University of Florida, UCLA, Berkeley, (kindergarten) and loves everything about Harvard, and Peking University in Beijing. school. She loves her classmates but has I have been hanging out in an office in taken to hanging out with the 5th graders at downtown Boston courtesy of the Analysis recess, leading me to think that her middle Group, which is a real bonus. Kristen is an assistant professor of English at the University of Maine in Farmington…and ********** she‘s loving it. She‘s getting quite a reputation as a scholar, a teacher, and a ALUMNAE NEWS mentor. I could not be prouder of her. Susie continues to run her own business doing Jean Liu ‘85 returned to campus to drop off private counseling for kids applying to her daughter, first year Shannon L college. I go to lots of professional sporting Hasenfratz ‘16. events and play lots of golf. Alexandra Sheller ‘91 and Joel Shapiro are Marshall Goldman and his wife Merle still the parents of Samuel Remo Shapiro, born have their own home in Wellesley near the on September 1. College and they continue to attend College and Department functions. They even go Manisha Thakor ('92) has launched sledding on occasion on the College golf MoneyZen Wealth Management, a Santa Fe course with some of their grandchildren, the NM-based boutique Registered Investment oldest of whom graduated from Wellesley in Advisory firm providing holistic financial 2009. There are no new books in the works planning and wealth management services to but Marshall still manages a visit almost women & families around the country with every year to Russia or China. They feel $1 million to $10+ million in assets. Among fortunate that they chose to specialize in the unique aspects of Manisha's firm are the fields that have continued to be exciting and super-efficient all women staff (with 6 kids challenging. under the age of 6!) and an innovative virtual, location-independent, paperless Ann Dryden Witte On the research front, office structure allowing the women of the University of Chicago team that Ann is MoneyZen to work "anywhere, any time." working with to carry out the 2012 National Erika Camacho '97, an economics and Survey of Early and School-age Care math double major at Wellesley, and (NSECE) completed data collection in all 50 currently Asst. Prof. of Mathematics at states in June 2012. Data are now available Arizona State University, has been named and the team and funder, the Department of one of MIT's MLK Visiting Scholars for the Health and Human Services (DHHS) 2013-14 academic year. She is the first anticipate releasing the first results of the woman to be named an MLK Visiting survey in the fall. The NSECE is one of the Scholar by MIT's math department. largest surveys carried out by the federal government and is designed to provide Heather Long ‘04 left her position as policy-relevant research for federal, state Opinions Editor of The Patriot-News in and local policy makers and administrators. Harrisburg, PA to become Deputy Opinion Ann is also running a financial and Editor for The Guardian in New York. economic consulting firm (ADW Consultants, LLC) that manages financial Caroline Dickerson '05 earned her MBA in portfolios and provides financial advice & 2011 at the University of Michigan, where financial education. On the personal front, she co-authored a case study on regression Ann‘s grandson Basil Dryden Witte is now analysis with Professor Hyun-Soo Ahn. two and a delight. Ann continues to listens to a wide variety of music and recommends Sophia Shluer ‘05 is completing her first the Artemis Quarter‘s recording The year of studies at the IESE Business School Piazzolla Project. She also recommends the in Barcelona. play Proof by David Auburn. It is a good read even if you don‘t have the opportunity to see a good production of it. Paige Shevlin ‘06 is a Policy Advisor at the Linda Yan '09 was admitted to the National Economic Council at The White University of Chicago‘s Booth School of House. Business this as a Forté Fellow.

Jenny Cheng '07, Susan Colton '07, and Chanda Wong '09 will enter the joint MA Sarah Follman '09 are all working at the in International Studies/MBA program at the corporate headquarters of Ann Taylor in University of Pennsylvania next fall. New York City. Lisa Abraham ’10, who has been living in Nawar Najeeb ‗07 is working for Google in Washington, DC, where she works for the Malaysia. Treasury Department, will move to London next fall to enter a masters program in Shirla Sum ‘07 is pursuing a graduate economics and management at the LSE. degree in education at Hong Kong University. Sooah Cho ‘10 is an Associate at FSG, a nonprofit consulting firm, in San Francisco. Sara Hess ‘08 is a graduate student in urban planning at MIT with a concentration in Hilary Gram ‘10 is the Executive Assistant international development. to the COO of Rare, a conservation/international development Sare Ekin Koseoglu ‗08 is the founder of a NGO. social business that works with socioeconomically-challenged women in Susun Kim '10 will be starting dental school rural Turkey, supporting their livelihoods by in the fall. enabling them to make fashionable ethnic clothes that are sold in the U.S. The women are in the lowest-socioeconomic bracket in Ilana Orloff ‘10 is a research associate for Turkey and never worked for pay outside of Fidelity Management and Research in home. It is called the Nar Project Boston. (http://www.narproject.com). Natasha Sivananjaiah ‘10 is attending law Julie Meadows '09 is working at Harvard school in DC and will be working at the Pilgrim Health Care and studying to become Office of Management and Budget this an Associate of the Society of Actuaries. summer.

Esther Jang ‘09 is completing her first year Afia Tasneem '10 is working in the Social at Wharton. Protection and Labor Unit in the Human Development Network at the World Bank in Marisa Kaley '09 will be starting law Washington, D.C. school at Boston College in the fall. Dana Trail '10 is an actuarial consultant at Elira Kuka '09 continues to pursue a Ph.D. Aetna. in economics at UC-Davis. Min Yi '10 will begin the doctoral program in sociology at Cornell next fall. Ketty Yakupova ‘09 is a research associate in energy consulting at London Economics International, a consulting firm in Toronto. Jahanara Ahmad '11 will be starting a masters in Economics at Barcelona Graduate School of Economics this fall.

Christina Gossman ‘11 completed her year of travel on her Knafel Fellowship and is now a student in the Master in City Program at Berkeley.

Yang Jiang '11 will be starting a masters in counseling program at the University of San Diego in the fall.

Emily Scofield ‘11 left Morgan Stanley and is now Manager for Strategic Development with Journelle, a company founded and run by Claire Chambers ‗02.

Serena Zhan '11 is working at Charles River Associates in Boston.

Lukiih Cuan '12 is with Capital One in Dallas.

Lia Dawley '12 is working at Horst Frisch in Washington, D.C.

Christine Joo ‘12 works at the European Chamber of Commerce in Korea.

Gauri Subramani '12 is working at CEB in Washington, D.C.

Irem Yoruk '12 is working at Endeavor in Montevideo, Uruguay.