ECONOMICS NEWSLETTER

Rutgers University DEBATE ON Department of Economics ECONOMIC FASHIONS Phone 732-932-7482 Fax 732-932-7416 By Robert J. Alexander Website Address http://economics.rutgers.edu he lead article on “Chang- Friedman has taught us all not to ng Fashions in Economics” ignore the effects of money. No. 39 New Series T in the last issue of the Ironically, once you introduce the Summer 1999 Newsletter aroused considerable nominal rigidities that Keynes interest and some controversy. This emphasized, money plays an is reflected in what follows from two important role, as well as through its INSIDE: of our colleagues. Bruce Mizrach short run effects on real interest takes issue with that article’s doubts rates. Tribute to Monroe Berkowitz p. 2 about the future of macro For the first time in nearly 30 economics, and Ira Gang stresses years a majority of researchers Report of the Chairperson p. 3 the fact that development economics agree on the methods of modeling Report of the Graduate is alive and well. Bruce offered the the macroeconomy. Free markets Director p. 4 following: are part of this consensus, but so is Bob Alexander would be happy the role of sound monetary and fiscal Report of Undergraduate to learn that the microeconomics he policy. Director p. 6 studied back in the 1930s would still Ira Gang commented that: be useful today. Most macro- The concerns of less developed Spotlight on our Colleagues p. 8 economists use dynamic micro models economies are very obvious: poverty, with utility maximizing agents to better underemployment, inequality, and Alumni News p. 10 understand business cycles. These slow growth. The persistence of agents choose how much to consume Alumni E-mail Addresses p. 15 these problems in spite of efforts by and save each period, based on their governments,international organi- Did You Know p. 19 beliefs about their future income and zations, and non-government agen- wealth. Researchers describe optimal cies to remove them indicates there behavior, and then use computer is more to these problems than simulations of these models to match meets the eye. Development data from the economy. economics today studies why these Bob would also be happy to learn problems persist and what we can that Keynes is very much alive. do about removing them. Research Macroeconomists now examine the in the field also tries to explain why effects of animal spirits and nominal development has failed to occur in rigidities in these models. Irrational response to past policies. beliefs like stock market bubbles can What does development eco- arise. Labor contracts that don’t nomics today look like? Modern adjust perfectly with inflation can also development economics takes a have important effects. Milton level-headed approach to market

1 Economics Summer 1999 failure and the potential for We’d still be receptive to any they represented an important form government intervention. The field more comments our readers would of upward mobility: away from the does not assume that markets are like to make on this discussion. store or business and toward the intrinsically good or bad. Instead the professional life. Still, even for focus is to understand the conditions Monroe Berkowitz someone with a devotion to under which markets fail or function scholarship, an academic career at an inefficient level and to decide at Eighty: was not the natural choice in 1942. if appropriate policies grounded in an My maternal grandmother, in understanding of these conditions A Son’s Tribute particular, looked with skepticism can fix such inefficiencies. These on the life of a college teacher. conditions can best be understood by By Edward Berkowitz Despite her objections, my a serious appreciation of subjects father became an academic. that are at the forefront of economic onroeBerkowitz After the Second World War, my theory such as theories of incomplete celebrated his eightieth father entered Columbia University information, incentives, and strategic M birthday in Naples, as a graduate student in economics. behavior. Florida this March. The location of By now, labor relations had emerged Modern development economics the celebration might give the as his central field of interest. In is also at the forefront of empirical impression that it was a geriatric ways that are difficult for modern research. Applied microeconomic event at which retired people economists to understand, unions research in poor countries is en- saluted one another and reminisced were a subject of vital interest at the gaged in a healthy and vigorous about the past. But my dad, time. In the immediate aftermath of interaction with applied economics although not without sentiment, has the war, for example, unions in general. For example, household never been trapped by the past. dominated the headlines in a nation economics and in particular, the Born near Wilkes Barre, beset by a rash of strikes. To study economics of what goes on inside Pennsylvania as the youngest child labor relations and analyze unions the household, is a research area and only boy in a family of five were pursuits at the very forefront that has largely come out of con- children, Monroe Berkowitz of the nation’s concerns. cerns of development economists. received more than his share of Then, as my dad would tell it, In the academy at large, and attention as a child. If family Arthur Burns (later to be an especially in the top economics circumstances tended to coddle him, economic adviser to President departments, development eco- economic realities soon intruded on Eisenhower and still later the head nomics is robust and growing: the an otherwise contented existence. of the Federal Reserve Board) who number of active academic The Depression, which in one had once taught at Rutgers, practitioners has steadily grown. historian’s colorful words crushed suggested that my father inquire Many resources are available on the the economy like a tin can in a vise, about a possible job there. My father net. A home page has been brought a sense of urgency to the drove to New Brunswick and established linking the top task of finding employment. Even encountered Eugene Agger, chair- economists with interests in applied in hard times, however, my father man of the Economics Department. microeconomics and development attended college and that, as the Agger gave him a job that he would (http://adfdell.pstc.brown.edu/cgi- literacy cliché has it, made all the keep for the rest of his life. bin/hotsql.exe/mdlist.html).New difference. My dad went to Ohio Interested in labor relations, in development economics journals are University, he used to tell me, arbitration, in economics and in proliferating (for example, the because it had the cheapest tuition public administration, my father Review of Development Eco- in the nation. Whatever the price, gradually turned his attention to nomics (http://www.ag.iastate.edu/ he received an education of workers’ compensation. It was a journals/rde/). The most recent inestimable value. state program, with a clear economic Nobel Prize in economics has been For all of my father’s kinetic function – the restoration of an awarded to Amartya K. Sen, a qualities, books attracted him. injured worker’s income – that development economist. If ever Books were important to people of depended on an institutionalized development economics was a my father’s generation, particularly relationship between workers and ghetto, the walls are now gone. in the Jewish community, because management. My father thought

2 it might be appropriate for a adventures in academic life. The focus of her recent research has professor of economics to reflect on He is not notably patient, yet he ad- been about how joint and several New Jersey’s experience with this mires that quality in others. He does liability for polluters under the program. Over the years, my father not characteristically like to devote Superfund legislation affects the retained his interest in this rather a great deal of time to one activity, likelihood and speed of getting the arcane program, that has proved to yet here, too, he is able to appreciate Superfund sites cleaned up. She has be a perfect refuge for an that predilection in others. recently received an NSF grant to institutional economist, with an In the end, a son never sees his study free-riding on the cleanup of abiding interest in labor relations, father as a whole, nor should he. rivers that flow through more than who has passed through the era of Uncritical affection gets in the way one country. In particular, she will econometrics and entered the world of objectivity. Still, I hope this sketch examine whether countries invest beyond. illuminates something of Monroe less in sewage treatment when the In his work on this subject and Berkowitz’s character and indicates final discharge goes into a many others, my father continues to that his eightieth birthday was merely river than runs through another demonstrate the qualities that a milestone in a life of continuing country. Hilary will probably develop distinguish him as an individual. He productivity. a graduate course in environmental does not believe in scholarly economics to complement the elegance for its own sake, however field in public economics. much he may respect the forms and Chairperson’s This year, we will receive the first rituals of academic life. He writes Report income from the endowment and speaks quite differently, without contributions of our late colleague, Sidney I. Simon, who died in 1997. euphemism. In my dad’s rhetoric, By Marty Perry people do not “pass away,” they die. These funds and the other There is something almost he Department continues to contributions that we have received confrontational in my dad’s approach have excellent support from from former students will help the to pretense and in his desire not to Tthe Faculty of Arts and department to start a number of do something merely because it is Sciences. We searched for three initiatives. First, we are going to fashionable. new faculty positions last winter have annual research conferences. At the same time, my dad has and made a number of offers. We already have two conferences never been old-fashioned. I can The market for economists was scheduled for this fall. Professors recall discussions in the 1950s and very competitive, so all but one Prusa and Evenett are hosting a early 1960s among his colleagues offer was turned down. For next two-day conference on international about the place of mathematics in year, we will search on the two trade at the end of October. the discipline of economics. Some faculty positions from last year and Professor Killingsworth has also members of the Department railed start two new searches. We will hosted a one day conference entitled against quantitative analysis, as continue to build in microeconomics “Race and Economic Progress.” though their fulminations could turn and econometrics, but will focus Both of these conferences will be back the tide. My father knew heavily on macroeconomics. discussed in the next newsletter. better. He understood that the field Our newest faculty member is Annual conferences such as this will of economics was changing, and he Colin Campbell. Colin works in rotate among the various research did what he could to bring his microeconomic theory and has groups in the faculty and enhance department in line with modern times. papers on auctions, learning, and the department’s professional Similarly, he has always greeted internal organization. Colin will teach visibility. In the future, we will also changes in technology with interest graduate industrial organization this use these new funds for student and enthusiasm. fall semester. He plans to emphasize awards, academic visitors, and Like anyone, my father com- empirical applications of the theory. special lectures. bines contrary attributes. He has his I will write more about Colin’s generation’s sense of purpose, but research in the next newsletter. he also has its sense of irony. Under Hilary Sigman joined the faculty the right circumstances, he can be in January of 1999. Hilary works on very funny, as he recounts his issues in environmental economics.

3 Economics Summer 1999 Brown Prize is awarded to a student two years. The Second Year Paper REPORT OF THE who demonstrates outstanding is intended as a way of helping GRADUATE performance in the first two years students to make the transition from of graduate study. This year the doing coursework to doing original DIRECTOR winner was Elena Goldman. The research. Students select a topic, Peter Asch Memorial Scholarship is conduct research and write the By Barry Sopher for a student who performed to the paper in consultation with a faculty advisor during the second year. The wo new faculty members highest standards and is writing a completed papers are each taught in the graduate dissertation in the area of applied reviewed by several members of the program this year. Argia microeconomics. This year it is T awarded to two students, Valadimir faculty with expertise in the general Sbordone taught Macroeconomic topic area of the paper, much as an Theory II and Structure of the Mares and Ioan Voicu. Mr. article submitted to a scholarly Financial System, and Stephanie Mares’ dissertation, “Mergers in journal for publication is reviewed Schmitt-Grohe taught Monetary Auction Markets,” derives insights by referees. Theory. We look forward to Argia’s that will reverse some of the The other major changes in the and Stephanie’s contributions to commonplaces about the anti- program include the requirement the graduate program as instructors competitive effects of mergers and that PhD students submit a in the macro core and field joint bidding. Inefficiencies dissertation proposal by the end of sequences, and as advisors to associated with the “winner’s curse” the summer of their third year, and students doing research in macro. in auctions where bidders receive a significant reorganization of the The Admissions and Standards private signals about the value of an core curriculum, with the most Committee was busy processing object are ameliorated by the important change being to shift the the applications for new students informational pooling that occurs core micro and macro sequences by and awarding fellowships and when bidders can merge and share a semester so that both are teaching assistantships to the their information. Mr. Voicu’s completed at the end of the first top group of applicants. This year dissertation, “Foreign Direct year. The dissertation proposal there was an increase in Investment, Productivity Spillovers, requirement applies to the same set applications to 208 up from 164 last and Agglomeration—The Case of of students who wrote their Second year (with 184 international Romania,” focuses on the economic Year Research Papers last summer. applications), 121 admitted. We challenges facing Romania and, in The reorganized core curriculum will would like to thank the hardworking particular, foreign direct investment be instituted for the first time this Admissions and Standards and its role in Romania’s reform. coming fall. Committee, especially the A new award, a dissertation For AY 1998-99, we awarded 3 Chairperson of that committee, fellowship for a student entering the doctoral and 14 Master’s Degrees: Rosanne Altshuler, for their time fourth year in the PhD program, was and effort in the selection awarded to Zhu Wang. The award DOCTORAL DEGREES process of new students. is given for the best Second Year We were able to award 4 one- Research Paper. His paper, year graduate school fellowships to “Endogenous Growth and Conver- Amarnath Ananthanarayanan entering students. Five entering gence: A Generalized Model,” was (Ph.D.) Supervisor: Tom Prusa, students have accepted teaching judged as the best of the set of “Links Between Pollution assistantships. We are expecting an papers submitted by students Information and the Stock Market: entering class of about 15. finishing their second year in the A Panel Data Event Study The Annual Graduate Awards PhD program in August of 1998. Approach.” Amarnath returned to Ceremony was held on May 13th The Second Year Research India and is now employed by where we congratulated our new Paper is only the most visible General Electric Capital. Master’s and Ph.D.’s, as well as manifestation of a number of Ronald Drennan (Ph.D.) awarded the Sidney Brown Prize in changes in the PhD program that Supervisor: Jeff Rubin, “Health Economics and the Peter Asch have been approved by the Graduate Insurance Markets and Public Memorial Scholarship. The Sidney Faculty in Economics over the last Policy.” Ron is busy working at the

4 Department of Justice. 5 students received terminal Zuzana Sakova (M.A.) Jongwoo Kim (Ph.D.) Master’s degrees: Supervisor: Hiroki Tsurumi, “A Supervisor: Michael Bordo, “The Simple Sectoral Analysis of Self- Path and Volatility Across Exchange Employment in Transition Eco- Rate Regimes: the Japanese MASTER’S DEGREES nomies.” Experience, 1880-1996.” Jongwoo The following students received is finding his job in RiskMetrics Master’s degrees and are con- Group of J.P. Morgan in New York Ozkan Akman (M.A.), tinuing on to the Ph.D. program: City challenging. Supervisor: Michael Bordo, “An AyseAkincigil,Debjyoti Essay on Turkish Macroeconomic Chakrabarty, Shaolin Chen, We have 6 students who plan to History: The Interwar.” Ozkan is Elena Goldman, Elena defend their doctoral dissertations working at Intelligroup a high tech Gouskova, Lei Gu, Alexandre shortly or over the summer: consulting company in New Jersey. Voicu, Yijie Zhang. Evguenia (Chaliaeva) Congratulations to all the Mythreyi Bhargavan (Ph.D.) Shalyaev (M.A.), Supervisor, Roger students who received degrees Supervisor: Roger Klein, “The Klein, “Factors Affecting Cost and and awards. Incentive Effects of Employer Length of Staying in a Hospital.” The Graduate Economics Provided Health Insurance on Labor Evguenia has settled down in Albany Students Association (GESA) Market Decisions.” Mythreyi has and is working in the Central carried on the social hour every accepted a position with American Research and Development Division Thursday afternoon for the faculty/ Express and has already started her of General Electric. graduate students/staff to get to new position in Phoenix, Arizona. Leela Hebbar (M.A.) know one another. This informal Jinsoo Lee (Ph.D.), Supervisor: Supervisor: Roger Klein, “A get- together has proven to be a big Hiroki Tsurumi, “A Bayesian Parametric and Semi-Parametric success fostering communication Analysis of ARMA-SV Models with Estimation of the Training Decision while providing some relaxation. an Application to Financial Time and its Impact on Wages and Plans are already in the works for Series.” Jinsoo has returned to Employment in Germany.” Leela is next year. Mike Shor, Chairperson Korea and will start work at SK now working on a doctoral degree in of GESA, reported that Tibor Securities in Seoul. Urban Planning. Besedes has been selected as David Saal (Ph.D.), Supervisor: Anindita Mazumdar Sharma Chairperson for next year. GESA Douglas Blair, “A Reassessment of (M.A.) Supervisor, Tom Prusa, “A also sponsored an International Pot- the Impact of Mission Oriented Study of the Effect of Cumulation on Luck Dinner where dishes from Procurement Policy on Manu- the Decisions of the International around the world were enjoyed by facturing Productivity Growth.” Trade Commission: The Case of all. David is presently conducting U.S. Anti-Dumping Laws.” The Teaching Assistant research at the Middlesex University Lan Xu (M.A.), Supervisor, Program continued again this year in London. Peter Ireland, “Money and the Stock with funding from the Graduate Padmasini Sundara Raman Market Reconsidered.” School. The TAs have found this (Ph.D.), Supervisor: Hiroki Tsurumi, program most helpful. This year “The Econometrics of Housing We have 3 students who plan to we relied on the expertise of our Markets.” defend their M.A. essay shortly or faculty who presented “An Robert Schewior (Ph.D.), over the summer: Overview of TA Responsibilities” Supervisor: Mark Killingsworth, by Hugh Rockoff, “Teaching “Educational Outcomes and Doing Shigeru Hirota (M.A.) Philosophy” by Marty Perry and Homework.” Supervisor: Hiroki Tsurumi, “Testing “How to Teach Your Own Course” Myeong-Su Yun (Ph.D.), for a Structural Change in Japanese by Jeff Rubin. Supervisor: Ira Gang, “Female Wage Determination.” We continue to encourage the Labor Supply: Discontinuous Budget Anshu Anil (M.A.), Supervisor: graduate students to present papers Constraint and Endogenous Wages.” Ira Gang, “Son Preference Behavior in Germany.”

5 Economics Summer 1999 and attend conferences. David REPORT OF THE OUTGOING Saal presented “A Reassessment UNDERGRADUATE DIRECTOR of the Impact of Defense R&D and Procurement on U.S. Manu- By Hugh Rockoff facturing Productivity Growth” at the AEA/ASSA Meetings in This is my last report as undergraduate director. After three difficult but January and at the Association for rewarding years, I will be placing the job in the able hands of Jeff Rubin. Heterodox Economics Conference The hardest thing for the department to cope with during the past three in March. In September he will be years has been the increase in our enrollment. Between Spring 1996 and presenting “the Impact of Defense Spring 1999, the number of majors rose from 551 to 964. The number of Procurement on U.S. Manu- minors and the number of students taking the introductory courses has also facturing Productivity Growth” at increased substantially. The faculty, as we all know, has not risen in the European Economics proportion. The number of students has risen because the total number of Association Meeting in Spain in students in New Brunswick has increased; the business school has limited September and at the European the number of students it will admit, and for other reasons outside our control. Association for Research in But the number of majors has also risen, I believe, because we do an excellent Industrial Economics in Italy. David job teaching. Again and again I have been impressed by colleagues who also has 2 articles forthcoming in have done a superb job of teaching, who have managed to do important Defense and Peace Economics. research at the same time, and who have put up with larger classes without Zuzana Sakova presented “A (much) complaint. My guess is that the increase in the number of majors Simple Sectoral Analysis of Self- will now level off, mainly because the administration feels that the New employment” at the Conference for Brunswick campus has now reached its physical limits in terms of classrooms Labor Markets in Transition in and housing. But no decrease in the number of economics majors is in the Stockholm in June. offing. Antu Murshid presented a paper, “The International Trans- Another factor that has made it possible for us to cope with the growing mission of Financial Crises before number of students has been our growing corps of adjunct professors. They World War II: Was There teach mostly for the fun of it, get little in the way of money or recognition, Contagion?” (with Michael Bordo) and yet do a fine job. Getting to know them has been one of the rewards of at the World Bank’s preconference being undergraduate director. I hope that in the future my colleagues will workshop on “Contagion: How it get to know our adjuncts better and make an effort to include them in the Spreads and How it Can Be intellectual life of the department. At the risk of forgetting someone, I would Stopped?” like to thank Andy Abere, Walter Bell, Bela Bowley, Jerry Childs, Another student, Octavian Jim Czachor, Gerry DuGuay, George Gonpu, Tom Holt, Susan Carare, found his year spent at the Hoffman, Alex Hohmann, Paul Kadjo, Ratna Karmakar, Slawomir Tinbergen Institute in Amsterdam Kozlowski, Marjorie Munson, Walt Packowski, Rajaee Sani, Amiya as a research fellow quite Sharma, Bob Stout, Ken Siegel, and Dale Warmingham. Space does productive. He taught a graduate not permit me to recognize the contributions of all of them. But I must recitation course at the University mention Jerry Childs who has come back to us after many years in the of Amsterdam; he presented business world, and has been teaching some of our large introductory lectures; “Reserve Prices and the Timing of Marjorie Munson, who in addition to teaching for us each semester also Auctions” at the Institute and has helps us out with student advising; Bob Stout who taught many of our submitted a paper, “Can Govern- large introductory lectures before going on to a full time position at a branch ments Mandate Hard Budget of Penn State; Walt Packowski who has been teaching finance courses Constraints—Bank Lending and for us for many years; and Gerry DuGuay, who also taught finance and Financial Isolation in Romania” to other courses for us for many years, and whose premature death last summer the Journal of Comparative was a great loss to the department. Many of our graduate students have Economics.” He also had the also taught for us, and done a fine job, but as they have been learning, they opportunity to attend a conference will have to wait to see their names up in lights. at the London Business School. Two changes that will have a positive long-term impact on the

6 undergraduate program are the NEWS FROM THE NEW DIRECTOR OF imposition of math prerequisites in UNDERGRADUATE STUDIES the introductory courses, and the start of our honors program. It is By Jeff Rubin impossible to study modern economics, even at the introductory Just one month on the job and already there are a myriad of issues level, without the ability to handle facing our undergraduate program. Most of the items on my agenda relate graphs and equations. The math to the upcoming semester. In particular, we are in the midst of a growth prerequisite adopted this past spring, spurt in the demand for seats in our classes. Some of this stems from which we will begin enforcing on a increasing enrollments at Rutgers and some of it reflects a shift toward voluntary basis this fall, and formally economics. With a stable number of faculty members, the rising demand next spring, will make sure that all means bigger class sizes and greater reliance on our graduate students and of the students in Economics 102 part-time lecturers to teach in the fall term. We are also awaiting word on and 103 have these skills. The a request for additional funds to increase our offerings from 66 classes in honors program will allow our best the fall to 70. If we are able to open some new sections this would help to students to develop the strong minimize the problems of disgruntled students unable to get into classes foundation they will need for and unhappy faculty with too many students to teach. pursuing advanced degrees in economics, or careers in finance and To get some idea of the increasing popularity of the economics major other areas that make use of modern let me review some figures. In 1996, 286 students graduated with a major economics. Mark Killingsworth, in economics. In 1997, 285 graduated and in 1998, the number grew to Bruce Mizrach, and Joe Hughes 332. In June of 1999, 350 students graduated with a major in economics. have already gotten the program off As of today we have 474 students in the Class of 2000 who have declared to a promising start. economics as their major. In addition to the growth in majors, there is Some undergraduate disciplines evidence of substantial growth in the number of minors too. serve only a small number of July also provided an opportunity to give some deserving senior majors students who are able and willing to a helping hand. An alumnus, Jeffrey Scott (RC ’88), has funded a handle a rigorous program. Others scholarship program, in memory of his mother, for outstanding students serve larger numbers of students who have also demonstrated financial need. With the help of additional who have more modest goals and information provided by the Office of Financial Aid, Joe Hughes and I abilities. I think that economics can were able to update the recommendations of our awards committee and and should aim to serve both kinds notify 10 students that they would be recipients of a $1,000 scholarship! In of students. Through the honors early fall we will be having a ceremony to recognize these recipients of the program we can serve those Scott Scholarship. students who want to master The other activity that keeps the undergraduate program busy throughout modern economics, and through our the summer is a very active schedule of summer school classes. As I other classes we can provide a basic write this we are nearing the end of the third term of a very successful economic literacy for any student summer session. Several of our faculty members have taught this summer who wants it. Economics, in my and a number of our graduate students have gained valuable experience in view, should be for the classes and the classroom. In addition, the substantial enrollment in our summer classes for the masses. will provide the department with some unrestricted funds to help with our My final duty as undergraduate many needs throughout the year. director is to thank Michelle We are also considering participating in the trial run of the winter session Villalva, Paula Seltzer and Janet program Rutgers will begin at the end of the year. We are also considering Goodstein for the superb job they participating in a program Rutgers will be operating in Freehold, in conjunction have done advising students, and with Brookdale Community College. With the pressing demands facing us taking care of a myriad of for the fall term, our participation in both of these programs may have to administrative details. They are a big be put on hold for a while. We are also involved with a program Rutgers part of the reason we have been able operates in Edison High School to offer students college level courses in to cope with a rising tide of students. micro and macro economics. The first group of students completed that program this past year and some of the students who participated may be matriculating at Rutgers with a leg up on completing our major.

7 Economics Summer 1999 meeting of the Japan Economic Kodak Competition and U.S.- Japan Finally, this is the time of the year Seminar at George Washington Conflicts” at the University of British when many of our faculty are being University in Washington, D.C. on Columbia Japan Conference in approached about the Senior Honors April 4, 1999. February. He also participated in the Program. Rosanne Altshuler will Eric Friedman has recently Columbia –JAFEE joint conference again be in charge of this program. received a National Science on mathematics of finance at I would encourage all faculty to Foundation grant, with P. Resnick Columbia University in March, cooperate fully with eligible students and R. Zeckhauser to investigate presenting a paper “Bayesian in finding a topic and advisor. The “The Design of Reputation Estimation of ARMA-GARCH sooner students get started, the Systems.” Model of Weekly Foreign Exchange better the chance that their thesis Michael Bordo (with Anna Rates” (with Teruo Nakatsuma). will be good enough to earn them Schwartz) presented a paper Manoranjan Dutta was Co- high or highest honors at graduation. “Under What Circumstances, Past Chairman of the 22nd International Our Senior Honors Program and Present, Have International Conference on Asian Economic actually is made up of students who Rescues of Countries in Financial Research, jointly sponsored by the are doing one of two programs. Distress Been Successful?” at the American Committee on Asian Some students do the departmental JIMF Conference on the Financial Economic Studies, the Chula- version of senior honors and earn 3 Crisis in Asia at Fordham University longkorn University, and Chulalong- credits each term and complete a last October. It became the National korn Economic Association, in thesis. Other students participate in Bureau of Economic Research cooperation with the Asian their respective college version of working paper 6824. In that same Development Bank, which met in the honors program (e.g., Henry month he gave a paper on “Rescues Bangkok, Thailand last December. Rutgers at Rutgers College) and vs. Bailouts” at a Cato Conference Dean Sumalee of the School of earn 6 credits per term while in Washington, which became the Economics, Chulalongkorn Univer- preparing a thesis. Students in both subject of the Economist magazine sity served as the other Co- programs participate in the seminar article “Is Contagion a Myth?” Mike Chairman. Jan presented a paper at that runs throughout the year. also delivered a mini-course on the Conference on “A Macro- Students earning 12 credits for their Financial Crises at the International economic Core of Open Economics project are expected to do a more Monetary Fund Institute in February. in Asia for Progressive extensive and detailed research He delivered a paper (with Jong Industrialization in the New project than those in the 6 credit Woo Kim) on “The Relationship Millennium.” program. For students eligible for Between the Monetary Regime and Shanti Tangri attended the college honors programs, the Output: A Structural VAR Model of national meetings of the American decision as to which program to the Japanese Experience” at a Association of University Professors pursue is made by mutual agreement February NBER Conference at in Washington, D.C. last January, between the student, their faculty Stanford. In March, he gave a paper participating in several of the panels advisor, the director of the honors (with Michael Edelstein and Hugh of this meeting. He also took seminar and the Director of Rockoff) entitled “Good advantage of this Washington visit Undergraduate Studies. Housekeeping” at a NBER to confer with economists in the Conference in Cambridge, World Bank, as well as to visit Ralph SPOTLIGHT ON OUR Massachusetts. He also gave Nader’s Multinational Resource papers at another NBER Center, where he discussed the COLLEAGUES Conference in Cambridge in April; problem of hazardous wastes with a Brookings Forum on Trade in Nader and others. As part of the On The Road Washington in April, and a AAUP meeting he spent a day on Conference on European Monetary Capitol Hill lobbying members of the Kazuo Sato presented a paper, Union on “The Future of Euro: What New Jersey congressional “The Japanese Economy in the Does the History of Monetary delegation on behalf of support for 1990s: What has Gone Wrong? The Unions Tell Us?” in May. higher education and in defense of Consequences of Excessive Hiroki Tsurumi presented a intellectual property rights of faculty Financial Deepening,” at the April paper (with Yoshi Tsurumi) on “Fuji- members.

8 Monroe Berkowitz recently in April and at the Northeast May by Cambridge University attended a meeting of the Gladnet Universities Development Consort- Press. Board of Directors in Geneva, ium Conference in New Haven, Kazuo Sato’s Introduction (with Switzerland. Gladnet is an Internet Connecticut in October 1998. Ira R.W. Hooley) to The Symposium on information base dealing with also delivered a paper on “Further Japanese Trade and Investment employment of persons with Evidence of Siblings Rivalry in appeared in the Winter 1998 issue disabilities. It was begun by the Educational Attainment: The Case of Journal of Asian Economics. International Labor Organization, but of Germany” (with Thomas Bauer), Also, his “Martin Bronfenbrenner in is now an independent organization at Hebrew and Bar Ilan Universities Memoriam” appeared in the Fall with its own Board of Directors. He in Israel last December, and Hunter 1998 issue of Journal of Asian participated in panel discussions College, New York in February. Economics as did his review of the relating to his work with the casinos Finally, he read his paper (with Institute of Economic Research’s of Atlantic City. Also, Monroe and Hiroki Tsurumi) on “Antisemitism volume on Emerging Asian David Dean did a paper on the so- and the Business Cycle” at the Economies and the Role of Japan. called ticket proposal for return to Economics of Judaism Conference Eugene White has recently work of Social Security disability at Bar Ilan University in Israel, in taken over as full-time Editor of insurance beneficiaries, which paper December 1998 and Fordham Explorations in Economic History. was presented at a conference on University in April this year. Hiroki Tsurumi’s article medical and legal aspects of work Eugene White delivered a “Bayesian Estimation of ARMA- injuries, in Toronto, Canada on June paper, “Making the French Pay: the GARCH model” (with Teruo 8. Monroe, David Dean, and John Costs and Consequences of the Nakatsuma) appeared in the latest Burton visited the offices of the Napoleonic Reparations” at a issue of Asia-Pacific Financial North Carolina workers’ compen- seminar at Harvard in February. He Markets. He has become an sation division on June 21-22, to help also presented one on “Who Panics Associate Editor of Communications them in revising their statistical During Panics: Evidence From a in Statistics. system, and suggesting to them the Nineteenth Century Savings Bank” On January 1, Manoranjan possibilities of installing a new at a seminar at the Federal Reserve Dutta’s edited volume on Economic system along the lines of that of the Bank of New York in April. Eugene Regionalization in the Asia-Pacific: State of Florida instituted on also gave that same paper at the Challenges to Economic Coop- Berkowitz’, Dean’s, and Burton’s National Bureau of Economic eration was published by Edward recommendation. Research Summer Institute. He Elgar, London. This was the twenty- Joseph Hughes presented continues to edit Explorations in second volume authored, coauthored, papers at the Chicago Federal Economic History. edited or co-edited by him. Reserve Bank’s Conference on Marty Perry visited Tel Aviv Joe Hughes’ Presidential Bank Structure and Competition, at University for three weeks in May. Address to the Atlantic Economic the American Economic Association He was invited to teach a minicourse Society, “Incorporating Risk Into the meetings in January, and at the in vertical restraints. Marty reports Analysis of Production” was Wharton School subsequently. that Tel Aviv University has an published in the Society’s Journal. In Ira Gang presented a paper, “The excellent economics department addition, his paper “Measuring Political Economy of Russian City which is strong in a variety of fields, Efficiency When Competitive Prices Growth” (with Robert Stuart) at particularly game theory. In Aggregate Differences in Product the CEPR Conference: Metropolitan conjunction with the conference, Quality and Risk,” which he gave at Economic Performance, in Lisbon, Marty met with the Israel Antitrust the Conference on the Micro- Portugal, in October 1998 and at the authorities and discussed their economics of Financial Inter- Association for Comparative enforcement problems. mediation, sponsored by Academic Economic Studies in New York last Press and the University of Venice, January. He also presented a paper, New in Print has been published by Academic “Temporary Migrants from Egypt: Press in its journal, Research in Economics/Ricerche Economiche. How Long Do They Stay Abroad?” Michael Bordo’s book, The Likewise, his article on “The Dollars (with Thomas Bauer) at Aoyama Gold Standard and Related Regimes: and Sense of Bank Consolidation” Gakuin University in Tokyo, Japan Collected Essays, was published in

9 Economics Summer 1999 has just appeared in the current issue As I look at the shelf in my office, I ALUMNI NEWS of The Journal of Banking and can count 30, repeat, 30 volumes written by Bob and I am sure that I Finance. By Dorothy Rinaldi Ira Gang’s article (with Robert have others at home that ought to be counted in the total. Yet, in spite Stuart) on “Mobility Where Mobility The alumni continue to make us of that amazing productivity, these is Illegal: Internal Migration and City proud. V. Kerry Smith (Ph.D.’70) volumes deserve recognition as the Growth in the Soviet Union,” has attained the most prestigious author’s life work. appeared in the most recent issue rank of University Professor at Duke Fresh out of high school and with of Journal of Population Economics. University. Two alumni were money in his pocket (one-half of his His piece on “Foreign Aid and Fiscal awarded outstanding prizes. father’s bonus for having served in Behavior in a Bound Rationality Howard Bodenhorn (Ph.D.’90) World War I) Bob set off for a Model: Different Policy Regimes” won the Eckstein Prize for the best European trip on the eve of the (with Haider Ali Khan) appeared article in the Eastern Economic outbreak of hostilities in Spain. The recently in Empirical Economics. Review for 1997/98 entitled “Quis Civil War there was to prove to be Robert Stuart’s “Decline and Custodiet Ipsos Custodes?” (“Who the training ground for the world Recovery in Transition Economies: Will Watch the Watchers?”) Bruno conflict that was only a few years The Impact of Initial Conditions” Parigi (Ph.D.’90) was awarded the in the offing. In Spain, Bob saw an (with our former graduate student Journal of Financial Intermedia- aspect of Russian communism that Christina M. Panayotopoulos) tion Most Significant Paper prize for was to alienate him thereafter from recently appeared in Post-Soviet “Contagion and Efficiency in Gross anything to do with the Stalinist Geography and Economics. His and Net Interbank Payment regime. What fascinated him most invited lecture, “The Russian Systems.” Bruno was also pro- then and through his entire career Economy” was placed on the moted to Associate Professor in the were the Spanish anarchists who website of The Global Inter- University of Padua in Venice came to power, and, for a time, ran dependence Center in Philadelphia. (which was founded in 1222!). factories and plants and put their The lecture had been given at the Clara Graziano (Ph.D.’92), his anarchist policies and ideals into Federal Reserve Bank in Phila- wife, is teaching at the University practice. delphia last September. of Udine. Hugh Rockoff’s article, “World Listening to Bob over the years War II and the Growth of the U.S. has alerted me to the nuances of the ThomasFetherston (Ph.D.’85) Federal Government” recently differences among the left-wing was promoted to Full Professor at appeared in Japan and the World factions. But it is fascinating to see University of Alabama at Economy. them spelled out in the experiences Birmingham.Radhika with the urban and rural collectives Balakrishnan (Ph.D.’90) emailed A REVIEW in Spain. Anyone curious at all about she got tenure at Marymount this unusual experience when these Manhattan. Radhika mentioned she anarchists came to power will find recently had lunch with Will Milberg By Monroe Berkowitz the relevant questions answered (Ph.D.’87) who is now Chairman of here. the Department of Economics at the Special recognition goes to Bob For years and years, Bob has New School. Alexander’s two volume study of studied the anarchists and their Ananish Chaudhuri (Ph.D. The Anarchists in the Spanish Civil experiences, he has interviewed ’97) teaching at Washington State War, published by Janus Publications persons all over the world who University, had an article “The in London, which appeared at the participated in the experiments and Ratchet Principle in a Principal beginning of July. For most authors, has perused the documents and the Agent Game with Unknown Costs: these volumes with their nearly 1500 secondary literature. These books An Experimental Analysis” pages would truly be considered have been in the works for many published in the Journal of their life work. It is only because the years but one thing and another kept Economic Behavior & Organi- author has produced dozens of other them from seeing the light of day. It zation.” Ananish has been made volumes during his lifetime that I is good to see them in print at last. the coordinator of the MBA program hesitate to label this as his life work. at Washington State, as well as designing the department’s 10 Alumni Achievements...Appointments...Honors...Promotions webpage. Ananish is off to India to of Northern Illinois University. He son, Jesse, appears to be following be married on June 20 and has fondly remembers Monroe and Bob in his footsteps. He is finishing written the wedding ceremony and Alexander and the tradition of dissertation at the Tinbergen vows. We send him and the bride, fairness and kindness to “the lowly Institute, University of Amsterdam Indira Basu, our congratulations and graduate students.” Commenting on in Labor Economics and best wishes. Ananish will stay in the last Newsletter, he said: Econometrics and just had an article India for the summer as a visiting “I....remember to this day that the accepted in Labour Economics. research scholar at the Indian textbook had only two chapters on Stanley Rosen (M.A.’70) sent Statistical Institute in Calcutta. macroeconomics on national income us an article he did in Punto De Vist Peter Zangari (Ph.D.’94) is and the other on Keynesian theory. on Paul Robeson. He is enjoying now a Vice President at Goldman Yes, fashions in economics certainly retirement life in Santa Fe and Sachs and Associate Editor of the have changed!” He also mentioned keeping busy teaching a graduate new Journal of Risk. Peter “we had a nice visit from Nicholas level class on labor relations in the recently emailed Hiroki Tsurumi Balabkins (Ph.D.’56) and his wife. summer at the College of Santa Fe. with a research topic that might be Nicholas Balabkins (Ph.D.’56) He also received his certification to of interest to graduate students. wrote to Monroe Berkowitz as well, do video editing at the Public TV We were pleased to hear from remembering his training at Rutgers Station at the college and is planning Charles O’Fori Mensa (Ph.D. after he arrived as a “timid immigrant some programs on labor. He said ’82) who emailed he especially from Latvia.” He said: “My 40 he “always enjoys the Newsletter.” enjoyed the last Newsletter and years in the academic world have Sally Fillmore (M.A.’78) had thanked us for the email addresses. been easy, exciting and most a change in careers. She switched Charles has left AT&T and joined rewarding.” Nicholas teaches in the from economics to teaching music a small computing consulting Department of Economics at Lehigh and is herself playing chamber company in Oakland County, University. He, too, enjoyed Bob music. David Appel (Ph.D.’80), Michigan, as director of sales and Alexander’s piece in the Newsletter her husband, is busy and on-the-go marketing. He said his two on the fashions in the economic traveling for Milliman and Roberts daughters are now in college, one profession over the past fifty years. located in NYC. at the Wharton School at the He enclosed his resume listing his Peter Loeb (Ph.D.’73) stops by University of Pennsylvania and one many publications. occasionally when visiting from at Hope College in Michigan. He Hank Levin (Ph.D.’66) wrote Rutgers Newark. Peter has often sent regards to Hiroki Tsurumi and how much he enjoyed the Newsletter mentioned how over all the years he Joe Hughes. and the article by Marty Perry on has stayed in touch with Bill Clark Jerry Langin-Hooper (Ph.D. La Universidad de Barcelona (Ph.D.’74) and Vincent Lin ’83) stopped by to visit while on a Autonoma. He is disappointed to (Ph.D.’73) . The three became fast business trip to New York with see so few names from the alumni friends while in the graduate AT&T. He looks exactly the same! from the early sixties. Hank is the program. It is truly nice to see all He said things were going well for David Jacks Professor of Higher the lasting friendships bonded while Langin-Hooper Associates out in Education and Economics at in the economics program. Colorado Springs, as well as for his Stanford University and still Incidentally, Vincent Lin just family. His daughter is graduating publishing in the Economics of attended his son’s graduation from from home-schooling and was Education. His latest piece is Columbia. accepted into Duke and the “Education Vouchers: Effectiveness, Demetri Tsanacas (Ph.D.’82) University of Pennsylvania. Jerry Choice, and Costs,” in The Journal recently visited the U.S. from keeps in touch with Mariano of Policy Analysis and Greece with his children. Klinge-Loy (Ph.D.’85) who is now Management. Hank is taking early Mihir Pandey (Ph.D.’96) a director for AT&T International. retirement from Stanford to join the recently visited the department. John LaTourette (Ph.D.’55) wrote faculty at Teachers College, Mihir and his wife have helped to Monroe Berkowitz letting him Columbia to work with a small organize an exchange program know he is resigning the presidency economics of education group. His between Rutgers and Delhi

11 Economics Summer 1999 Alumni Achievements...Appointments...Honors...Promotions University as part of the Study Jim Polito (Ph.D.’90) emailed her husband, Badri, are also proud Abroad Program. They had some that “life is going well in the desert parents. Their second son, Nishant, excitement while here. His wife, west” and is enjoying backpacking was born in October. Veenita, broke her ankle and was on in snow covered mountains. Jim Ron Moy (Ph.D.’90 ) and his crutches for the long journey back recently changed his job and is now wife, Leah were thrilled to bring to India with the 2 children. Mihir in the world of information home their adopted son, David, from recently worked with Ira Gang on technology and is chief of Planning Korea. Ron and Leah also have a paper, “What Was Protected? and Programming for the State of an adopted little girl from China. Measuring India’s Tariff Barriers Nevada. Lan Xu (M.A.’98) and her 1968-97.” He also recently Keith Waehrer (Ph.D.’92) husband now have 2 daughters to attended a meeting in Geneva on the called to say he has accepted a keep them busy. They had another United Nations Environment position at the Department of Justice. girl, Susan. Lan is presently in the Program. He will feel right at home joining job market. Jongwoo Kim (Ph.D.’95) (with Chuck Romeo and Ron Drennan We just heard the good news Michael Bordo) presented “The (Ph.D.’98). Incidentally, Ron is from Despina Sikalidou Relationship Between the Monetary busy right now with wedding plans (M.A.’91). She and her husband, Regime and Output: A Structural set for November. Dimitris have a baby boy, Antony. VAR Model of the Japanese Dennis Shea (Ph.D.’90) And, Edwin Milan (M.A.’90) Experience, 1915-1998” in the emailed he is keeping busy, sending and his wife had another girl. Their NBER Japan Biannual Program out new grants, publishing a few other daughter is 6 years old. Meeting in Palo Alto, California. more articles, but mostly enjoying his Joe Santos (Ph.D.’96) is still Jongwoo is quite busy at J.P. daughter, Caroline. thinking of us all the way out at South Morgan, NYC, working on Lowell Johnson (Ph.D.’97) is Dakota State University. We thank riskmetrics. enjoying his son, Alexander, and sent him for recommending the program Tae Yong Jung (Ph.D.’91), after us some great pictures of him and to one of his students who stopped finishing a visiting position at Kyoto Lowell enjoying the good life in by for a visit. University, and then a visiting fellow Texas. He also recently emailed Hillar Neumann (Ph.D.’86) for the National Institute for with the good news that he and his also in South Dakota but at Northern Environmental Studies in Tsukuba, wife, Karen, are expecting another State College sent a photo Christmas Japan, joined their subsidiary baby in November (tests indicate it’s card of the family and all look great. research institute, Global a girl). You can also find him on his website. Environmental Strategies (IGES). Judy Chen (Ph.D.’91) again Mike Becnel (Ph.D.’95) left Suduk Kim (Ph.D.’93) has visited Hiroki Tsurumi over the Fleet credit card company and been in touch with Hiroki Tsurumi summer to work on some research. moved on to work at Providian on a paper he is writing. Suduk is She is busy teaching three courses Financial in San Francisco. Fred enjoying teaching at Hoseo and presenting a seminar in the Engst (Ph.D.’97) is carrying on at University in Korea. Economics Department at Feng Chia Fleet busy solving problems and We were very pleased to hear University in Taiwan. building models. from Jose Traslosheros (Ph.D. Achintan Dey (Ph.D.’98) Amarnath Ananthanarayanan ’91) who works in the Trade returned from India and resumed (Ph.D.’99) returned to India and is Ministry of Mexico as Director working at NECA (National working for GE Capital as part of a General for Multilateral Affairs in Exchange Carrier Association). So team that will be sourcing data the Undersecretariat of International this finds Achintan and Tatjana processing + data mining work from Trade Negotiations. He sent regards Curovic (Ph.D. ) working together the U.S. and European operations to Professors Tsurumi, White, Gang. once again, that is, once Tatjana of GE to India. He is presently in Kunal Sen (Ph.D.’89) has returns to work. She and her the U.S. in Philadelphia for 2 months moved to the UK and is now at the husband, Bojan, are the proud working on a special project. This School of Development Studies at parents of a baby boy, Nikola. gave him the unexpected opportunity the University of East Anglia. Priya Sarathy ( Ph.D.’93) and to attend graduation and receive his

12 Alumni Achievements...Appointments...Honors...Promotions doctoral degree. While here, he teaching at University of Central job opening at Household Insurance met up with Evguenia Shalyaev, Florida recently returned from a nice Group. also here for graduation and who trip back home to the Philippines. Kristin Kuscma (M.A.’93) has works for GE in Albany. Fabio Sanchez Torres been great about sending job Zhongian Xia (Ph.D.’96) (Ph.D.’93) stopped by to visit the openings. For some reason I had emailed with several job openings at department and Eugene White. He Kristin teaching at the wrong school. American Express in Arizona in the was here for a meeting at the World She had been teaching at St. Peter’s area of Fraud Risk Modeling. Bank. Fabio is also teaching at the College, Seton Hall University and David Axelrod (Ph.D.’90) gave Universidad de los Andes. We thank Drew University (but not Hunter as a talk, “Evolution and Creation: a him once again for bringing us that I previously stated). However, Compatible Cosmology” to one of delicious, authentic Colombian Kristin recently stopped by the the clubs at Douglass College. coffee. department to tell us that she will be Besides doing some economic Jim Barrese (Ph.D.’82) is teaching full-time at Seton Hall. She consulting for Volvo Finance, David teaching at the College of Insurance mentioned she has been keeping in is also playing with a new trio. in New York and recently Mark touch with Ananish Chaudhuri, Luc Moens (Ph.D.’91) notified Lewis (M.A.’79) who has his own Jakob Koens and Alex Hoh- us of the merger of Price Water- consulting business taught a course mann, and recently ran into Tatjana house and Coopers & Lybrand at the college. Curovic as they live nearby. forming Pricewaterhouse Coopers Matthew Fung (Ph.D.’91) Eileen Ciesla (M.A.’96 ) has and said everything is fine in London changed his job and is now working also been keeping busy and is with Esther and their two daughters in the Economic Research and finding time for her first love, Silvia now 7 and Ana 3. Consulting Department of the Swiss writing, while at the same time Incidentally, the International Pot Re Group, an international pursuing her career as a senior Luck Dinner which Luc and Priya reinsurance company with head- financial analyst at Thomson started is as popular as ever with quarters in Zurich, Switzerland. Financial Securities Data. She has everyone enjoying dishes from We heard via the grapevine that started her own on-line women’s around the world again this Spring. Alfredo Arizaga (M.A.’88) is magazine: Femme Soul Ying Lei (M.A.’98) told us she married with two children and (femmesoul.com) and has several is enjoying using all her working in a very important bank in of her of essays published in online econometrics skills honed at Rutgers Quito. journals, such as Right Magazine in her job at MDRC (Manpower Sean O’Connell (M.A.’95) and Enter Stage Right. She was also Direct Research Corporation). Ying emailed from the Ukraine where he a contributor on Rightgrrl Magazine is also working with Mark is still working for the World Bank. and their featured girl of the month. Killingsworth and hopes to finish her He will be presenting a research Eileen invites you to visit her site and dissertation soon. paper on debt issuance and veksels submit some work. David Russell (M.A.’84) (sort of quasi-equity, financial Richard Zeni (M.A.’97) emailed he enjoys the Newsletter. derivative based notes) and their stopped by on his way to present a He is working on a home page for effect on tax collections and service seminar at RUTCOR. He is still his business, Russell Consulting. Said provision to the Minister of Finance working for United Airlines and has everyone is fine and his oldest son among others. Sean plans to return moved to Virginia. is “a senior at that other school in to the U.S. by the year 2000 to look Evguenia (Chaliaeva) NJ.” for new horizons to conquer. He Shalyaev (M.A. ’98) stopped by on Kaisheng (Kenny) Bao (M.A. promises to stop by so we can meet her way to graduation. Everyone ’97) sent Christmas greetings with his wife, Yulia. told her how much they appreciated the news that he was “doing well at Chia-Hui (Wendy) Cheng the clock in the New Jersey Hall Indiana University and had two job (M.A.’97) is back in the U.S. and Library that she gave us as a gift offers so far.” We will be anxious currently in the M.S. program in when she left to work for General to hear which one he picks. Finance at Syracuse University. Electric in Albany. Catherine Yap Co (Ph.D.’ 95) Milly Tai (M.A.’98) sent word of a Brenda Brockman (M.A.’87)

13 Economics Summer 1999 Alumni Achievements...Appointments...Honors...Promotions sent her annual Christmas letter other countries. present at these annual meetings in telling of the “perfect house” she We heard that Eungho Ahn addition to a number of faculty who bought in Bethesda, despite all the (Ph.D. ‘88) is in Boston taking a attend. Therefore, we think it would work that had to be done. February class at Harvard University. He is be a great opportunity for a get- found her in Chicago as part of her planning to come to Rutgers to visit together. Please contact Ananish job at the Customs Bureau in D.C. while here. Chaudhuri (Ph.D.’97) (achaudh@ Mark Goldhammer (M.A. Amiya Sharma (Ph.D. ‘94), beta.tricity.wsu.edu) or Partha Deb expected) started working at back visiting Rutgers, is busy (Ph.D.’91) ([email protected]) to Macrosoft Consulting Company and teaching two classes in the express your interest.The Eco- is presently at AT&T with the Economics Department in the nomics Department has pledged Internet Pricing Group where Paul summer session, as well as funds to defray expenses. More de- Schwabe (M.A.’90) is employed. conducting some research. He tails later. Incidentally, Partha will be The Rutgers contingent at recently planned a mini-reunion with spending the year in Boston on Health Products Research is George Wasilyew (M.S. ‘93) and sabbatical at Harvard’s Department growing. Margaret Windrem Nathan Weisman (M.A. ‘92) and of Health Care Policy. So, he’ll be (M.A. expected) joined Peter Marty Perry. A good time was had there waiting for you ...... Mehr (Ph.D.’89), Janine Matton by all with plenty of reminiscing and In Memoriam (M.A.’88), and Louis Brooks laughs. George just finished a We were sad to learn of the death (M.A.’98). They do economic consulting job for AT&T and Nathan of Carl Heyer (RU’25). We met analysis for various pharmaceutical is employed full-time by AT&T. Carl in 1982 when the Department firms. We hear wedding bells will soon of Economics was housed in Marc Leibovic (M.A.’85) be ringing. Larry Swanzer (Ph.D. Winants Hall. We all soon became emailed with a job opening at Chase ‘90) is engaged and plans to marry fond of Carl and were fascinated by Automotive Finance in Risk in the near future. Larry is presently his stories and incredible memories Management. He said his wife, with Pricewaterhouse. Stephen of his days at Rutgers when he was Fiona Maclachian (M.A.’85) Krieger (M.A. ‘95) was recently an undergraduate and lived in received tenure at Manhattan engaged and plans to marry next Winants Hall, the first dormitory at College and was promoted to July 2. Stephen is in the process of Rutgers. He made real to us life Associate Professor. applying to become certified as a as a student when the rooms were Martin Weber (M.A. ‘95) high school math teacher. lit by candlelight and ink froze in the emailed with some changes to This is a little late (something like inkwells. More amazing, Carl had announce. He will quit Arthur “Christmas in July”) but I want to varied memorabilia from those days Anderson in the Fall and work for thank everyone who sent holiday and donated his original bills, dance the European Court of Auditors with greetings. It’s always nice to hear card, pictures of his room and more special focus on internal and from people and how they are doing. to the Alexander Library archives. research policies. In the meantime, So, if we haven’t heard from you in Carl was so pleased when after the he is busy repairing and renovating a while, send an email to renovations at Winants Hall, they had his new home in Luxembourg and [email protected] with preserved the original staircase and preparing for a hiking tour with his your news. And be sure to look up entranceway. He had an undying father in the Italian Alps. your old classmates and friends on love of Rutgers, marched in every Shigeru Hirota (M.A.‘99) the e-mail list included with the Alumni Day Parade when he emailed that he has adjusted to his newsletter. wasn’t serving in the Air Force, and new environment since returning to was thrilled the day a room in the Japan. He has been assigned as the AEA/BOSTON/2000 Alexander Library bore his name. Deputy Director of the International Plans are underway to have a Carl was fond of saying about Economic Affairs Division, which is reunion/reception at the ASAA Winants Hall: “ She was good to in charge of bilateral economic meetings beginning with Boston in me.” We will all miss Carl. He was consultations between Japan and the January 2000. A number of Rutgers good to Rutgers. U.S., Britain, Germany, France, and grads and ex-faculty tend to be

14 ALUMNI E-MAIL ADDRESSES Roberto Agodini (M.A.’93) Mythreyi Bhargavan Tatjana Curovic (Ph.D.’97) Mathematica (Ph.D.exp.) National Exchange Carrier [email protected] American Express/Phoenix Association [email protected] [email protected] Eungho Ahn (Ph.D.’88) The Export-Import Bank of Korea Howard Bodenhorn (Ph.D.’90) Partha Deb (Ph.D.’91) [email protected] Lafayette College Indiana University Purdue- [email protected] University at Indianapolis Amarnath Ananthanarayanan [email protected] (Ph.D.’98) Lawrence Boyer (M.A.’93) General Electric Capital (in India) Price Waterhouse Jacob DeRooy (Ph.D.’69) [email protected] [email protected] Penn State-Harrisburg [email protected] Jose Alameda-Lozada Brenda Brockman (M.A.’87) (M.A.’83) Customs Bureau Susan Despins (M.A.’96) University of Puerto Rico [email protected] American Express/New York [email protected] [email protected] Louis Brooks (M.A.’98) Robert Arnold (Ph.D.’88) Health Products Research Achintan Dey (Ph.D.’98) Congressional Budget Office [email protected] National Exchange Carrier Assoc. [email protected] [email protected] Richard V. Burkhauser David Axelrod (Ph.D. ’90) (M.A.’69) Ronald Drennan (Ph.D.’98) Volvo Finance North America, Cornell University U.S. Department of Justice Inc. [email protected] [email protected] deltaaxe@aolcom Evguenia Chaliaeva Fred Engst (Ph.D.’97) Radhika Balakrishnan (see Evguenia Shalyaev) [email protected] (Ph.D.’90) Marymount Manhattan College Ananish Chaudhuri (Ph.D.’97) Bernhard Eschweiler [email protected] Washington State University (Ph.D.’93) [email protected] J.P. Morgan (Singapore) Kaisheng (Kenny) Bao [email protected] (M.A.’97) Chyong Lin (Judy) Chen Indiana University/Bloomington (Ph.D.’91) Fritz Efaw (Ph.D.’87) [email protected] Feng Chia University University of Tennessee [email protected] [email protected] James Barrese (Ph.D.’82) College of Insurance/New York Chia-Hui (Wendy) Chen Thomas Fetherston (Ph.D.’85) [email protected] (M.A.’97) U. Alabama at Birmingham Syracuse University [email protected] Michel Becnel (Ph.D.’95) [email protected] Providian Funancial Joyce Furfero (Ph.D.’80) [email protected] Catherine Yap Co (Ph.D.’95) St. John’s University University of Central Florida [email protected] Gauri Bijur Saal (M.A.’96) [email protected] www.drfurfero.com (website) Adelphi Group Ltd./Manchester [email protected]

15 Economics Summer 1999 ALUMNI E-MAIL ADDRESSES Frances Goodin (M.A.’97) Darryl Jayson (M.A.’89) John Krainock (M.A.’77) [email protected] Tobacco Merchants Association Department of Agriculture [email protected] [email protected] Elliot S. Grossman (Ph.D.’73) Mount Sinai Medical Center Li Jin (M.A.’96) Denise Kronyak Esakoff [email protected] Graduate student/MIT (M.A.’86) [email protected] AT&T Oskar Harmon (Ph.D.’80) [email protected] University of Connecticut Lowell Johnson (Ph.D.’97) [email protected] Ernest & Young Sandhya Kuruganti (Ph.D.’95) [email protected] American Express/New York John Claude Hallak (M.A.’82) [email protected] Family business William Johnson (Ph.D.’71) [email protected] Arizona State University Kristin Kucsma (M.A.’93) [email protected] Seton Hall University Anita Hall-Kane (M.A.’86) [email protected] AT&T Tae Yong Jung (Ph.D.’91) [email protected] Natl Inst.Environmental Studies Jerry Langin-Hooper [email protected] Langin-Hooper Associates Carol Harvey (Ph.D.’81) [email protected] Center for Public Health/Rutgers Madhusudhan Kalimipalli [email protected] (M.A.’95) James Lambrinos (Ph.D.’79) Graduate student/University of Union College Andreas Hertkorn (M.A.’93) Houston [email protected] German Central Bank [email protected] [email protected] Michael Laracy (M.A.’94) Ki-won Kang (Ph.D.’83) (own consulting company) Peter Herzog (M.A.’92) Seowon University/Korea [email protected] Coopers & Lybrand [email protected] Co.NCR [email protected] Patricia Kerster (M.A.’97) Mark LeClair (Ph.D.’87) Shigeru Hirota (M.A.’99) New Solutions Inc. Fairfield University EPA (Japan) [email protected] [email protected] [email protected] Changsoo Kim (Ph.D.’91) Ahyee Lee (Ph.D.’87) Paul Holtberg (M.A.’79) Pusan National University Fu-Jen Univesity Gas Research Institute/ [email protected] [email protected] Washington, D.C. [email protected] Jongwoo Kim (Ph.D.’98) Frederic Lee (Ph.D.’83) J.P. Morgan De Montfort Univeristy (U.K.) Alexandre Hohmann (M.A.’96) [email protected] [email protected] AT&T [email protected] Suduk Kim (Ph.D.’93) Hoesung Lee (Ph.D.’75) [email protected] Hoseo University Korea Energy Economics Institute [email protected] [email protected] Pekka Ilmakunnas (Ph.D.’82) Helsinki School of Economics [email protected]

16 ALUMNI E-MAIL ADDRESSES Keune-Hyun Lee (Ph.D.’79) Edwin Milan (M.A.’90) Paul O’Leary (Ph.D.’96) Daewoo Corporation/Korea [email protected] Social Security Agency [email protected] [email protected] William Milberg (Ph.D.’87) Kiseok Lee (’85) New School Richard Olsen (Ph.D.’67) AT&T [email protected] Technology Commercialization [email protected] [email protected] Luc Moens (Ph.D.’91) Ying Lei (M.A.’98) Price Waterhouse/London Mihir Pandey (Ph.D.’96) MDRC [email protected] Ramjas College/India [email protected] [email protected] Roger Moore (Ph.D.’85) Marc Leibovic (M.A.’85) Monmouth College Bruno Parigi (Ph.D.’90) Chase Bank [email protected] University of Venice [email protected] [email protected] Ronald Moy (Ph.D.’90) Henry Levin (Ph.D.’67) St. John’s University Marcos Perera R. (M.A.’58) Stanford University [email protected] Seguros Patria-Paraguay [email protected] [email protected] Teruo Nakatsuma (Ph.D.’98) Mark Lewis (M.A.’79) Hitotsubashi University William Perkins (Ph.D.’83) private consulting business [email protected] Manhattanville College [email protected] [email protected] Matt Narramore (M.A.’95) Wenchuan Li (Ph.D.’91) CS First Boston/NYC James Polito (Ph.D.’90) Feng Chia University [email protected] Planning and Programming/ [email protected] Nevada Hillar Neumann (Ph.D.’86) [email protected] Francis (Ward) McCarthy Northern State College (Ph.D.’82) [email protected] Paul Rabidau (Ph.D.’87) Stone & McCarthy Associates Novartis Pharmaceutical Corp. [email protected] Chien-Chung (Jeff) Nieh [email protected] (Ph.D.’96) Anindita Mazumdar Sharma Tamkang University Anasuya Ray (M.A.’93) (M.A.’99) [email protected] Prudential HealthCare [email protected] [email protected] Sean O’Connell (M.A.’95) Athanassios Mergoupis World Bank/Ukraine Libby Rittenberg (Ph.D.’80) (M.A.’94) [email protected] Colorado College London School Economics [email protected] [email protected] Charles Ofori-Mensa (Ph.D.’82) David Russell (M.A.’84) Mary Merva (Ph.D.’89) consulting company Russell Consulting St.John Bosco/Italy [email protected] [email protected] [email protected] Alonso de Ojeda (M.A.’70) David Saal (M.A.’93) Bank of Spain Middlesex University/U.K. [email protected] [email protected]

17 Economics Summer 1999 ALUMNI E-MAIL ADDRESSES Joseph Salerno (Ph.’80) Raymond Stone (Ph.D.’81) Nathan Weisman (M.A.’92) Pace University Stone & McCarthy Associates AT&T [email protected] [email protected] [email protected]

Chetan Sanghvi (Ph.D.’95) Karin Swenson Szotak Martin Weber (M.A.’95) National Economic Research (M.A.’88) European Court of Auditors Associates National Exchange Carrier [email protected] [email protected] Association [email protected] Ming-Chung Wen (Ph.D.’91) Fabio Sanchez Torres Nat’l Taiwan Normal University (Ph.D.’93) Milly Tai (M.A.’98) [email protected] Universidad de los Andes Beneficial/Household Insurance [email protected] [email protected] Jimmy Wheeler (M.A.’76) Arthur Andersen Joseph Santos (Ph.D.’96) Laura Tandy (Ph.D.’84) [email protected] South Dakota State University Brooklyn Union [email protected] [email protected] Shu Wu (M.A.’94) Stanford University Priya Sarathy (Ph.D.’93) Yuan Tian (M.A.’98) [email protected] AT&T University Texas/Austin [email protected] [email protected] Zhongjian Xia (Ph.D.’96) American Express/Arizona Kunal Sen (Ph.D.’89) John Tomer (Ph.D.’73) [email protected] University of East Anglia Manhattan College [email protected] [email protected] Peter Zangari (Ph.D.’94) Goldman Sachs Amiya Sharma (Ph.D.’94) Jose Traslosheros (Ph.D.’91) [email protected] North Eastern Dev. Finance Corp. Trade Ministry of Mexico [email protected] [email protected] Adam Zaretsky (M.A.’92) Federal Reserve Bank of St. Louis Evguenia Shalyaev (M.A.’98) Joseph Vogel (Ph.D.’87) [email protected] General Electric Facultad Latinoamericana de [email protected] Ciencias Sociales [email protected] Dennis Shea (Ph.D.’90) Penn State University Geetha Varghese Waehrer [email protected] (Ph.D.’94) Pacific Institute for Research and Despina Silakidou (M.A.’91) Evaluation [email protected] [email protected]

Lynnette Smyth (Ph.D,’95) Keith Waehrer (Ph.D.’92) University of Maryland/Baltimore Bureau of Labor Statistics [email protected] [email protected]

James Spalding (M.A.’92) James Watkins (M.A.’97) Ministry of Integration/Paraguay American Express/NY [email protected] [email protected] 18 DID YOU KNOW....

By Dorothy Rinaldi

....that Bob Stuart and Jessie Hartline are celebrating 30 happy years at Rutgers?

....that Elena Goldman, Anshu Anil and Elena’s husband, Denis, joined the Peace Run America and said it was great fun to run with the peace torch through Highland Park. More amazing is that last November Elena ran and finished her first marathon in six hours in New York City. And this is while keeping up with her graduate studies! They followed this with a trip to see the Grand Canyon, and along the way Elena and her husband stopped off to visit Mythreyi Bhargavan in Phoenix, Arizona, who is settling down in her new job with American Express.

....that Heather Cammisa and Margaret Windrem participated in a mini-triathalon with Heather swimming a half mile, Margaret running 3 miles, and another friend biking 15 miles. They came in first place and have a plaque to prove it. In between running and working, Margaret found time to buy a new house in Raritan, which she is now decorating and fixing up. And Heather has returned to work for Monroe Berkowitz in the Bureau of Economic Research. Heather is also quite proud of her dog, Shane, who received a certificate for “Canine Good Citizen” given by the American Kennel Club to become a “therapy dog” who will visit nursing homes.

....that Barry Sopher and Merih Uctum are the proud parents of a baby girl, Derya Lydia, who will be keeping big brother, Revan, company.

....that the stork was busy over the summer. Eric Friedman and his wife, Michelle, had a baby boy, John. Eric said: “Mother, father and John’s big brother, David, are all doing fine.” Hilary Sigman and her husband, Howard Chang, announced the birth of their first child, a boy, Merrick, and said: “We are delighted with our latest joint project.”

....that we enjoyed our visits from Christina, Michelle’s Villalva’s new baby, as well as with Haley when she accompanied her happy Daddy, Tom Prusa, to the office.

....that Mark Goldhammer and his wife enjoyed their trip to England and their visit with David Saal and Gauri Bijur.

19 Economics Summer 1999 20