Published triennially by the American Economic Association’s Committee on the Status of Women news in the Economics Profession fall 2013

In Thiscswep Issue A Celebration of the Life of Feature Section Anna Jacobson Schwartz Marjorie B. McElroy NBER Anna J. Schwartz Memorial Sofitel Hotel, New York City The April 2013 NBER memorial service April 21, 2013 for Anna Schwartz provided a picture of Welcome by James Poterba . . . 3 a truly exceptional economist working Remembrances by for the first four decades of her career Michael Bordo ...... 4 in an era when women went largely un- Martin Feldstein ...... 5 recognized, even one who made contri- Alan Greenspan ...... 6 butions the magnitude of Schwartz’s. Allan Meltzer ...... 6 Yet against all odds she managed to Edward Nelson ...... 7 practice the profession she loved at the William Poole ...... 8 highest level, to make fundamental Eloise Pasachoff ...... 9 contributions to academic economics, Christina D. Romer . . . . . 11 to influence key policy debates, and to embed all of this into a rich family life. CSWEP Chair’s Letter About the time Schwartz was turn- ing 65, the status of women in the pro- From the Chair by Marjorie B. McElroy ...... 2 fession was beginning to improve. And at age 91) were her major lifetime hon- so, while she never held an academ- ors. Not bad, but not enough for “one of Tributes & Commendations ic appointment and while appropriate those few economists who changed our recognition never caught up with her, understanding of the world.” Hence, Interview with Anna Mikusheva at age 78 she was made a Distinguished the feature section of this issue is de- by Nancy Rose ...... 1 Fellow of the American Economics As- voted to preserving the memory of her Brag Box ...... 20 sociation and at age 92 a Fellow of the achievements and her life as intro- Board Member Bios American Academy of Arts and Scienc- duced by NBER President James Poter- es. These, plus nine honorary degrees ba and told by the eight distinguished Cecilia Conrad ...... 13 (with the most prestigious from CUNY speakers at her memorial service. Kevin Lang ...... 14 CSWEP @ AEA/ASSA Meetings Interview Paper Sessions ...... 16 Anna Mikusheva Event Schedule ...... 17 Mentoring Breakfasts . . . . .17 Calls & Announcements Nancy Rose The Elaine Bennett Research Prize was estab- AEA/ASSA ...... 19 lished in 1998 to honor outstanding research in MEA ...... 19 any field of economics by a woman at the begin- SEA ...... 19 2012 Elaine Bennett Research Prize ning of her career. Anna Mikusheva was awarded WEA ...... 19 Winner, Anna Mikusheva, this prize in 2012 in recognition of her important CSWEP 2015 Sessions ...... 19 the Castle-Krob Career Development contributions to econometric theory. Her research 2014 Summer Fellows ...... 19 Associate Professor of Economics at MIT combines a powerful command of econometric

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Michael Bordo is the Federal Reserve Board of From the Chair Governors Professor of Economics at Rutgers University and a Research Associate at the Na- tional Bureau of Economic Research. First, thanks to NBER President James Poterba for spon- Cecilia Conrad is the Vice Pres- soring the Memorial Service for Anna Schwartz and, at ident, Fellows Program of the MacArthur Foun- the conclusion of the service, immediately grasping the dation. She is a former Professor of Economics merit of publishing the remembrances in this issue of the and Vice President and Dean of the College of CSWEPNews, and greatly facilitating their publication here. Pomona College and a member of the CSWEP Board. Second, if you are a senior graduate student or junior fac- ulty member, note that applications are open for the Sum- Martin Feldstein is the George Baker Profes- mer Fellows Program. Details available at cswep.org. sor of Economics at Harvard University and Re- Third, you are invited to all CSWEP events at the 2014 search Associate and President Emeritus of the National Bureau of Economic Research. AEA/ASSA Meetings in Philadelphia. Full details are avail- able in this issue and through cswep.org. Alan Greenspan is the former This year’s highly competitive submissions produced a Chairman (1987–2006) of the Federal Reserve total of 24 excellent papers organized by Serena Ng and Pe- Board of Governors, and the former Chairman tra Todd into three sessions on econometrics and by Kevin (1974–1977) of the Council of Economic Advisers. Lang and Susan Averett into three on gender-related issues. Kevin Lang is a Professor of A hearty congratulation to the authors! From these sessions Economics at Boston University and a member our hard-working committee will choose eight for publica- of the CSWEP Board. tion in the 2014 Papers and Proceedings issue of the American Marjorie McElroy is a Profes- Economic Review. A call for papers for the 2015 Sessions can sor of Economics at Duke Uni- be found in this issue and at cswep.org. versity and Chair of CSWEP. Last year’s inaugural CSWEP Mentoring Breakfast was an overwhelming success and this year we are redoubling Allan Meltzer is a Professor of Political Economy at Carnegie our efforts. Organized by Linda Goldberg and Bevin Ash- Mellon University. He chaired the Shadow Open enmiller, CSWEP will sponsor two Mentoring Breakfasts Market Committee from 1973–1999. in the 8:00–10:00am time slot—one on Friday, January 3rd and one on Saturday, January 4th. At these informal meet Edward Nelson is the Assistant and greet events, 20–30 senior economists will be on hand Director for Program Direction in the Monetary Affairs Division of the Federal Reserve. to provide mentoring and networking opportunities. Tables will be arranged by topic (tenure, research, grants, non-aca- Eloise Pasachoff is an Asso- demic careers, work-life balance, and so on). I urge junior ciate Professor, Georgetown economists within six years of their PhD as well as graduate University Law Center, and the grand-daughter of Anna J. Schwartz. students on the job market to participate. Space is limited and preregistration is required. See details in this issue and William Poole is a Senior Fel- at cswep.org. low at the Cato Institute. He is the former Chief Join us at CSWEP’s Business Meeting and Luncheon on Executive of the Federal Reserve Bank of St. Lou- Friday, January 3rd at 12:30pm to celebrate Rachel McCull- is, and is a former Professor of Economics at Brown University. och, recipient of the 2013 Carolyn Shaw Bell Award and the accomplishments of Anna Mikusheva, winner of the 2012 James Poterba is the Mitsui Professor of Eco- Elaine Bennett Research Prize. The celebration will be fol- nomics at MIT and the President of the National lowed by a brief presentation of the 2013 Annual Report on Bureau of Economic Research. Women in the Economics Profession, leaving ample time for Christina Romer is the Class dialogue on your feedback and wishes regarding CSWEP ac- of 1957 Garff B. Wilson Pro- tivities. All are welcome. fessor of Economics at the University of Califor- Also, join us for a cocktail reception (with light hors nia, Berkeley, and the co-director of the Monetary d’oeuvres and a cash bar) on Friday, January 3rd from 6:00– Economics Program at the National Bureau of 7:30PM. In keeping a valued tradition, this event is jointly Economic Research. She is the former Chair (2009–2010) of the Council of Economic Advisers. sponsored by CSWEP, the CeMENT Mentoring Workshop and CSMGEP. Nancy Rose is the Charles P. Kindleberger Pro- continues on page 12 fessor of Applied Economics at MIT and a Re- search Associate at the National Bureau of Economic Research. 2 CSWEP News Remembering Anna Jacobson Schwartz James Poterba

Anna Jacobson Schwartz was a distin- held a number of adjunct teaching the most significant contributions of guished monetary economist and eco- positions during the course of her the last century in the field of macro- nomic historian. She passed away on career, the NBER was always her pri- economics and monetary economics. June 21, 2012, at the age of 96. The Fi- mary affiliation. Anna collaborated with Friedman on nancial Times obituary for Anna offered Anna published her first article, two other important volumes on his- a simple but fitting summary: “One of “British Share Prices, 1811–1850,” in torical monetary economics: Monetary those few economists who changed our the Review of Economics and Statistics Statistics of the United States (1970) and understanding of the world.” in 1940 (with Gayer and Isaiah Fin- Monetary Trends in the United States and To remember and celebrate Anna’s kelstein). Her first book, The Growth the United Kingdom (1982). life and contributions, the National Bu- and Fluctuations of the British Econo- Anna was always keenly interested reau of Economic Research (NBER) in- my, 1790–1850, published in 1953 in in public policy, particularly monetary vited eight distinguished speakers to collaboration with Gayer and W.W. policy issues, and she was a founding share their memories of Anna, and to Rostow, was also related to this re- member of the Shadow Open Market place her accomplishments in context search. Anna remained an active re- at an event held in New York on April searcher throughout her life, distribut- 21, 2013. Their remarks, which are col- ing working papers until the year of her One of those few economists lected in this tribute, highlight Anna as death. In 2014, the University of Chi- who changed our a scholar, as a mentor, as a public poli- cago Press will publish Strained Rela- understanding of the world. cy analyst, and as a family member and tions: U.S. Monetary Policy and Foreign friend. Exchange Operations in the 20th Centu- Anna was born in New York City in ry, a book by Anna, Michael Bordo, and Committee. For her seminal contribu- 1915, and she received her Bachelor of Owen Humpage. A copy of Anna’s cur- tions to economic science, Anna was Arts (BA) degree from Barnard in 1934 riculum vitae may be found at http:// recognized with nine honorary doc- at the age of 18. She received her Mas- www.nber.org/Anna_Schwartz/Anna_ torates. She served as President of the ter of Arts (MA) in economics from Co- Schwartz_cv.pdf, and a video interview Western Economic Association, and lumbia a year later. She worked briefly conducted by Claudia Goldin is posted was a distinguished fellow of the Amer- for the U.S. Department of Agriculture, at http://www.nber.org/nberhistory/ ican Economic Association. and then spent four years at the Social oralhistories2.html. I am very grateful to Michael Bor- Science Research Council (SSRC) work- Anna is best known for her land- do, Christina Romer, and David Romer ing with Arthur Gayer, who had been mark study with Milton Friedman, A for their help in planning the NBER’s one of her teachers at Barnard. Gayer Monetary History of the United States, program to remember Anna and her was studying economic fluctuations which was published in 1963. This re- remarkable contributions and to Carl in Europe during the nineteenth cen- search project displayed Anna’s re- Beck and Marinella Moscheni for han- tury. Wesley Clair Mitchell, the NBER’s markable talents as an economic dling all of the logistical arrangements research director, was one of Gayer’s historian and statistician, since one associated with this gathering. I am mentors, and he had been very sup- of its key contributions was a wealth also pleased that Marjorie McElroy, portive of Gayer’s research. When the of new historical information on vari- who attended the Memorial Service, of- funding for Gayer’s SSRC project ex- ous monetary aggregates in the Unit- fered to preserve the talks in this fitting pired in 1941, Anna joined the research ed States. Just as importantly, however, publication. staff at the NBER. With the exception of the work reflected Anna’s keen interest Anna was an economist of extraor- a brief period in the early 1980s when in the practical application of econom- dinary insight and impact, and a vital she served as Staff Director for the U.S. ic analysis. The relationship between contributor to the intellectual life of the Commission on the Role of Gold in the money supply and the level of real NBER. She will be deeply missed. the Domestic and International Mon- economic activity that this study un- etary Systems and was the primary covered played a central role in alter- author for the first volume of the com- ing the consensus view of the efficacy mission’s report, Anna remained an of monetary policy as a tool of stabiliza- NBER affiliate for the next 71 years. At tion policy. It also led to a fundamental the time of her death, she had the lon- re-thinking of the factors that contrib- gest NBER affiliation of any research- uted to the Great Depression. A Mon- er—by several decades. Although Anna etary History is widely viewed as one of fall 2013 3 Anna Schwartz: My Mentor Michael Bordo

Anna Schwartz was one of the great- in monetary economics, economic his- Reserve and Treasury interventions. To est economists of the twentieth centu- tory and international economics com- put it mildly, we had a hard time getting ry. She spent all of her 70 year career plemented hers. The papers we worked the data from the Fed and completely at the National Bureau of Economic Re- on were always driven by pressing pol- struck out with the Treasury. Our first search (NBER) in New York City. I first icy issues of the day which could be il- visit with Gretchen Green, who oper- met Anna in 1970 when I was at the Bu- luminated by an historical perspective. ated the foreign exchange market desk reau on a Visiting Fellowship that Mil- We would usually start a project with a at the New York Fed, was not fruitful. ton Friedman, my dissertation advisor, brainstorming meeting at her office at We were told that the data didn’t exist, had arranged for me to finish my dis- the Bureau and then set up a plan, di- which of course Anna didn’t believe for sertation in U.S. monetary history and vide up the work to be done and then a second. We also ran into a brick wall to have access to her expertise at first follow through with telephone calls ev- with later attempts. hand. Anna had done path-breaking re- ery week and periodic meetings. Not willing to give up, Anna asked search since the 1930s in assembling Anna had extremely high standards Milton to write to Alan Greenspan to the monetary statistics that were at the in her scholarship and so she really kept help us get the data from the New York me on my toes. She was very sparing Fed. Eventually after a few more hurdles in her praise. Her judgments ranged and years went by, Bill McDonough, Rick She was skeptical about the from “it was flawed” to “it doesn’t make Mishkin and Linda Goldberg [CSWEP conventional wisdom of the day sense” to “it was very disappointing” Board] came through and did get us the and the latest fads and fashions to “it is a contribution” to once when data. But there were lots of missing en- in monetary economics. she commented to me on my presen- tries as well as documents that we knew tation at the NBER conference on Bret- existed that they would not release to us, heart of her three monumental books ton Woods, “It was a triumph.” She was and it seemed like we would never get written with Milton Friedman: A Mon- skeptical about the conventional wis- the whole picture. We finally surmount- etary History of the United States (1963), dom of the day and the latest fads and ed the hurdle by following the principle Monetary Statistics of the United States fashions in monetary economics. This “if you can’t beat ’em, join ’em;” and we (1970) and Monetary Trends of the Unit- is evident in the titles of some of our asked Jerry Jordan who was then Pres- ed States and United Kingdom (1982). I work, such as “Real versus Pseudo Sys- ident of the Cleveland Fed if he would have had the good fortune of collaborat- temic Risk.” let Owen Humpage, the leading expert ing with her on papers ever since then, Anna was an excellent economist. on EMI in the Federal Reserve system, and we recently finished writing (with She reasoned through every argument work with us. Jerry agreed and also pro- Owen Humpage of the Cleveland Fed) carefully. Her tools of analysis were vided us with ample resources, and we Strained Relations: U.S. Monetary Policy Chicago price theory, monetary theo- were able to get access to the missing and Foreign Exchange Operations in the ry and statistics. She didn’t use much data and reports that we needed to com- Twentieth Century, to be published by math or write down models, but she al- plete the project. the University of Chicago Press. ways got to the heart of the issue with- Anna had an incredible depth Anna was my mentor since the out them. She also was a stickler for of knowledge of the monetary his- 1970s and we had an incredible col- finding, processing, checking and us- tory, monetary institutions and the laboration. We wrote 30 articles and ing the best data. Much of her research history of monetary thought of the two books on subjects ranging from effort was involved in “getting the data” United States and the United King- the Modern Quantity Theory of Mon- in the true NBER tradition that she dom. She could cite at will the details ey/Monetarism to inflation, monetary grew up on. of long-forgotten debates, legislation policy, floating versus fixed exchange Anna always had dogged determi- and financial crises. With her passing rates, the gold standard and related nation to get the information that we we have lost a trove of knowledge that monetary regimes, financial crises, the needed. We started our project on the will be hard to regain. Great Contraction and exchange mar- history of U.S. Exchange Market In- Anna was also a pioneering mon- ket intervention. Our first joint paper, tervention (EMI) in 1990 when it was etarist and one of the founders of the published in 1977, was titled “Issues in a very hot policy issue. We intended at Shadow Open Market Committee in Monetary Economics and Their Impact the outset to write a serious scholarly 1973. She never gave up on the Modern on Research in Economic History.” monograph like she had done earlier Quantity Theory of Money and the im- Collaborating with Anna was both with Milton Friedman. To do this effort portance of monetary aggregates. hard work and exhilarating. My interests required getting the data on Federal continues on page 5 4 CSWEP News Bordo continued from page 4 She had little patience with the sup- She just didn’t stop. She loved be- husband with a great sense of humor, porters and practitioners of discretion- ing involved in economic research and who died in 1999, four children, and ary monetary policy. She was also a the policy game. It was her passion—it many grandchildren and great grand- strong believer in the free market and drove her, even in her later years. With- children, and they used to come into had little truck with those who doubted out that extreme intellectual vitality, New York to see her often. She had sea- the power of the market. I don’t think she would have lived as son tickets to the Metropolitan Opera, What I remember most about Anna long. In her later years, she went to a lot which she loved, and she rarely missed is how much she loved her work. Her of trouble to come into the office (with a performance. She was a very active whole life was organized around go- her aide Peter Pomianowski’s help) and person in other dimensions as well. ing to the office. She officially retired worked there for hours, answering her She always had a few novels going, and from the Bureau when she was 65, but correspondence and working on papers especially liked Anthony Trollope. She she didn’t stop working until she was and the book with Owen and me. She was on top of what was going on in pol- 94. She went into the Bureau every day was involved in the deliberations of the itics and economic policy everywhere when she was in her eighties and nine- Shadow Open Market Committee up in the world. She read the Wall Street ties, and she still put in a full eight- until she couldn’t travel any more. Journal and the New York Times each hour day. Yet she was a balanced person. She day, picking up every little detail. She had a great family—Isaac, a caring never missed a beat. I miss Anna.

Anna Schwartz Martin Feldstein

I had the privilege of knowing Anna for disconnection between what he had papers but longed for the day when more than 30 years, from the time that been saying and the real world that her NBER colleagues produced the I was appointed President of the Na- Anna knew very well. massive books that used to be the basic tional Bureau of Economic Research Anna also reminded researchers that product of Bureau research. (NBER). That was, of course, only a their views had to be tested against the There was no more important ex- fraction of the time that Anna was as- accumulated statistical evidence. Again, ample of that research than the vol- sociated with the NBER, an association I can hear her saying to someone: “How umes that she and Milton Friedman that began in 1941 when Anna joined can you continue to hold that view wrote on the monetary history of the the staff of the Bureau here in New when the evidence all points in the oppo- United States. That enormously in- York City. site direction?” That would then be fol- fluential work reflected Anna’s belief There are many things that I will al- lowed by a sample of the evidence that that the careful study of historic evi- ways remember about Anna. But none she knew very well. dence could help us understand the is more vivid in my memory than An- Anna was a prodigious research- present and guide economic policy for na’s participation in the meetings of er from the very beginning of her ca- the future. the NBER’s program on Monetary Eco- reer, and that continued until recent That famous collaboration began as nomics. Anna was a faithful participant times. A visitor to the Bureau’s office part of the NBER’s research program in those meetings, even when her de- would find Anna in her eighties at her on the business cycle, headed by Wes- clining health made it more difficult for desk hard at work. And it was produc- ley Mitchell and Arthur Burns. Anna her to come to Cambridge. She would tive work. If you check the NBER’s was already collecting data that would listen carefully to the presentations and website, you will find that Anna, Mike be useful to study the role of money in offer useful comments. Bordo and Owen Humpage had five the business cycle when Arthur sug- But she would also make it clear jointly authored NBER working papers gested to her that she might collaborate when she thought the paper did not re- between 2009 and 2011. They are the with another young NBER researcher, flect the reality of financial markets. I fruit of their long-term research project Milton Friedman, to study the role of can hear her now saying to some ear- on exchange rates that will soon appear money in the business cycle. The re- nest young economist who had just fin- as a book written by Anna, Mike and sult, published many years later in ished a series of power point slides full Owen. 1963, was the monumental volume The of equations: “I’m afraid that you just For Anna, books were the natural Monetary History of the United States. don’t understand how banks and finan- way to present serious empirical re- As all economists know, that vol- cial markets really work,” she might search. She had reconciled her- ume has had an enormous impact on say. And she would then explain the self to the flow of NBER working economic policy and on subsequent continues on page 6 fall 2013 5 Feldstein continued from page 5 economic research. Friedman and Anna Schwartz and Alan Schwartz showed how the inappro- Greenspan priate policies of the Federal Reserve Her Contributions in the 1930s exacerbated the depres- sion. When the current Federal Re- I knew Anna Schwartz for many years, The Friedman and Schwartz data serve chairman, Ben Bernanke, wrote but not well. I always felt as though I demonstrate amongst other things that his doctoral thesis at the Massachusetts understood how she viewed the world unstable creation of money leads to un- Institute of Technology, he returned to by surveying her very long career and stable economic performance. More- the study of the economic events of the what she accomplished. I share her im- over, as Milton generalized based on 1930s depression, a study that he cred- plicit view that the only way we can un- their joint research, the data suggest its with helping him formulate policy derstand the future is by understanding that inflation is always and everywhere after the economic downturn that be- the past. I am sure that she, like me, a monetary phenomenon. gan in 2007. agreed with Winston Churchill that the Anna shared quarters with a num- The famous collaboration between further backward you look the further ber of senior researchers from whom, Anna and Milton was all the more re- forward you can see. After all, we have over the years, I obtained much of my markable because they were not locat- only history as a guide to infer how fu- economic education. Arthur Burns, ed in the same city during most of the ture events are likely to unfold. Geoffrey Moore, Sol Fabricant and joint research and writing. Anna was Anna specialized in numbers, the George Stiglitz come to mind. Anna at the Bureau in New York and Milton language that enables us to vastly im- Schwartz was a founding member of was generally in Chicago. And there prove our ability to assess history. She the Shadow Open Market Committee, was no internet to exchange drafts. So and Milton Friedman, with whom her a group of monetary economists who drafts and comments and suggestions career is closely associated, were pi- evaluated Federal Reserve policy on an went back and forth by mail. oneers of historical data. The result ongoing basis. I always found their in- It was a stroke of genius or good luck is evident in the pages of the monu- sights constructive, although I didn’t that caused Arthur Burns to suggest this mental Monetary History of the United always agree with their recommenda- collaboration. Neither Anna nor Milton States, a text that has held up so well tions. It probably would be useful for could have produced that important over the past half century. Friedman other government agencies with discre- work alone. Its major impact has been and Schwartz shared a fascination with tionary power to be subject to such out- the result of the prodigious analysis of numbers, and they were prepared to side surveillance. the evidence that would not have been describe areas of the economic land- The National Bureau of Econom- possible without Anna. scape where most economists do not ic Research (NBER), since the days of Anna represented the best that the tread. For example, a typical Schwartz Wesley Clair Mitchell and the Bureau’s NBER can aspire to—careful empirical data table might be titled, “Vault Cash pioneering work on the business cycle, research on important public policy is- in All Non-member Banks Reporting has always represented to me the merg- sues, and a colleague who contributed on Bank Call Dates.” Indeed, there is ing of the best of business and academic to the intellectual life of the organiza- such a table in an article Anna wrote economics. It is fitting that this memo- tion over her long lifetime. We will re- in 1947. Numbers, as I am sure Anna rial to Anna Schwartz be held under the member her and miss her. would say, tell important stories. auspices of the NBER, where she spent so much of her professional career. Anna Schwartz Allan Meltzer

I will talk about my personal relation- Anna and I first met at a conference the work at the National Bureau of ship with Anna, leaving to others to dis- at Princeton. The American Bankers Economic Research (NBER) on mon- cuss the large and imposing research Association ran a monetary conference etary economics, so we spoke briefly that she did alone and with collabora- every summer. In 1964, a main topic about that. tors. Before doing that, I want to say was the just-published Friedman and In 1973, Karl Brunner and I started that the fact that Anna never received Schwartz Monetary History. Jim Tobin the Shadow Open Market Committee an appointment at any major universi- and I gave papers reviewing the book’s (SOMC). At the time, much of the pub- ty is the clearest example I know of dis- contributions. I mentioned that Anna, lished and broadcast journalistic dis- crimination against women in the past. with Edna Oliver, had earlier initiated cussion of inflation and unemployment continues on page 7 6 CSWEP News Meltzer continued from page 6 presented two polar views. One side fa- results on monetary, fiscal, regulatory made it a better history. She loved his- vored controls on price and wages. The and balance of payments issues. tory and was committed to the idea that other advocated a return to the gold In 1963–1964, Karl and I had writ- we shared—the best hope of improving standard. The active discussions within ten a series of reports for what was then monetary policy was to expose the mis- the economics profession were ignored the House Banking and Currency Com- takes made and to applaud the correct for the most part. Karl and I, with sup- mittee. We always planned to revise decisions. port from Bill Wolman, decided to pres- and extend the reports, but Karl either As Anna approached the end of life, ent analysis based on economic theory never found the time or lacked the in- her interest in events remained strong. and empirical studies. terest. After he died, I decided to return On my visits, she remained insightful The initial SOMC had 12 members to the project. Anna was an enthusias- and concerned about the path the Fed- drawn from universities, business and tic supporter of the history, urging me eral Reserve followed. She urged me to banking. Homer Jones, retired Senior on. It took 14 years to complete. Anna do more. Vice President at the St. Louis Fed, Ber- read and commented on every chapter Anna, we will not forget you and the yl Sprinkel, Bob Rasche, Erich Heine- with her usual insight. Her comments many lessons you taught us. man and Anna were among the first people we invited to join. All agreed. The process that soon developed had some of the members prepare discus- Remembering Anna Schwartz Edward Nelson sions of relevant topics. Karl prepared a statement, and I prepared a first draft of the committee’s statement. At the In George Orwell’s book Nineteen issues during their own education and semi-annual meetings on a Sunday af- Eighty-Four the principal character were not inclined to dwell on them ternoon, we discussed the forecast and comes across a vintage piece of crys- in the courses they taught. It is likely the analyses prepared for that meeting, tal and prizes it as a “chunk of histo- that the light coverage of the work of and made changes to the committee’s ry that they’ve forgotten to alter.” To a Friedman and Schwartz in the cours- policy statement. succession of generations of research- es I took, instead of steering my inter- ers in the monetary economics field, ests away from their contributions, had Anna Schwartz was that crystal. She the contrary effect. It conferred on their The fact that Anna never was an unmistakable fixture, year af- work an air of mystery that magni- received an appointment at any ter year, decade after decade, at Na- fied my curiosity about their writings. major university is the clearest tional Bureau of Economic Research In late 1991, I contacted Anna to see example I know of discrimination (NBER) gatherings. She was someone if I could meet her. My brother was get- against women in the past. engaged in present-day events and cur- ting married in New York, and my trip rent research, yet also a personifica- provided a perfect occasion, as I saw it, tion of pioneering work in the study of to ask all the follow-up questions that monetary policy, and a poignant and had accumulated from my reading of Anna and I rewrote the policy state- constant reminder of the momentous her work with Friedman and with Mi- ment to include the members’ adjust- developments that had taken place in chael Bordo. Graciously, she agreed, ments and additions. Anna was as the area of monetary economics since and this led to our first meeting, in Jan- skilled in her use of language as in her the 1940s. uary of 1992, at the Bureau’s old office economic analysis, and she insisted on In the period from the first time I on Mercer Street. To be frank, she was stating our positions clearly and force- met Anna to our final meeting, my age quite a forbidding presence. I went into fully. Working together under time exactly doubled, from 20 to 40. As an the meeting expecting to meet an el- pressure over many years strengthened undergraduate in Australia in 1991, I derly lady—though at 76 she was not my bond with Anna and increased my was studying economics during a time old by the standards she later set—who appreciation of her contributions. I left when the role of monetary policy was was happy to have a visitor and who the SOMC in 1990. Anna remained. in flux. Great emphasis continued to had plenty of time on her hands. In- Erich Heineman undertook the re- be placed by Australia’s policymakers stead, I found someone not easily im- drafting and the preparation of copies and by my own teachers on the need pressed—she certainly seemed quite that we could read at dinner. The next for a wage-oriented incomes policy as unimpressed by the quality of some of day at noon we distributed the state- the means to control inflation. As for my questions—and who kept the meet- ment and discussed it with the press money and monetarism, I was taught ing strictly to the one hour allotted. I and visitors at a luncheon. The mem- by a cohort of instructors who probably would later view that meeting as a test bers who wrote papers presented their felt inundated by the coverage of these that I passed in Anna’s eyes, and one continues on page 8 fall 2013 7 Nelson continued from page 7 that provided a solid groundwork for arcane intellectual-history issues and That drive to Vermont, and the drive the layers of friendship that would de- said, “Let’s talk about the economic sit- back to New York, proved to be an ex- velop over subsequent years. uation in Japan.” cellent opportunity for me to tap Anna At that meeting, I seized the oppor- I moved back to the United States for information and recollections on tunity to get Anna to sign my trade pa- in 2003, and this allowed me to supple- monetary matters stretching back to perback copy of A Monetary History. ment phone and email conversations the 1940s. She signed it, “With the compliments with visits a few times each year to An- Although Anna’s ability to come of one of the perpetrators—Anna J. na’s office. On one of these visits in late into the office ended in 2009, the sub- Schwartz.” A second inscription be- 2007, after having a health scare, Anna sequent years were by no means en- neath Anna’s, written in California a said to me, “I feel I’m racing time,” and tirely bleak, and I had several pleasant couple of weeks later, reads, “And of indicated that she wanted to see her Sunday brunch visits with Anna and the other—Milton Friedman.” remaining long-term research work her family at Anna’s apartment as well I did not see Anna again for more through to completion. Thankfully, she as a lunch with Anna at the NBER New than five years. In 1997, when I was a did well enough on the health front York office building. One visit to Anna graduate student, I attended the NBER throughout the whole of 2008. Near in mid-2010 stands out to me as an Summer Institute on monetary eco- the end of that year, she was due to at- occasion on which she was especial- nomics to co-present a paper that Ben tend a conference in Vermont on the ly chipper and engaged. As I entered McCallum and I had written. I ap- Great Inflation. By this time, Anna’s her apartment, she was reading the proached Anna during a session break, mobility was such that she would need New York Times, and she explained to and I was pleased to find that she re- to be accompanied on the trip. I vol- me that she was catching up with the membered me from our previous meet- unteered to accompany her, and it was news that she’d been missing out on. ing. A series of conversations with only later that I realized that Anna had In that morning’s discussion and a few Anna followed a couple of years later, taken this to mean that I had agreed to we had around the same time, Anna during the monetary economics week drive us from New York to Vermont. I was giving a lot of thought to the issue of the 1999 Summer Institute. From then had to confess that this would not of how her work with Friedman fit into that time on, we had copious corre- be possible because I didn’t have a driv- a broader perspective: for example, why spondence on many subjects, especial- er’s license, and I distinctly recall An- it was that the Monetary History had ly ones that started with the letter M: na’s polite but discernible disbelief and stayed in the profession’s conscious- money, monetary policy, monetarism dismay when I told her this over the ness even though its focus on the mon- and MF (which was Anna’s shorthand phone. Fortunately, with the assistance ey stock had fallen into disfavor. In for Milton Friedman). Anna’s longevi- of Marinella Moscheni at the New York these later interactions, Anna contin- ty, together with my getting to know her Bureau office, we were able to work out ued to be a source of insights and in- well, tapped me into recollections and an arrangement under which we would spiration. It was an enormous privilege insights on the development of mon- hire a rental car driver who could take to know her. etary economics that would otherwise both Anna and me to the conference. have been inaccessible. Although she was a living part of monetary history, Anna kept in close William Poole touch with current monetary policy Anna developments. I remember that when Mervyn King was appointed Governor of the Bank of England I forwarded Anna Schwartz was a fine woman and Allan Meltzer has already talked Anna’s delighted reaction to Mervyn’s a fine scholar. I was privileged to have about Anna’s work with the Shadow, personal assistant. On seeing the mes- come to know her, which happened so I will say just a little in that context. sage, Mervyn was deeply moved, and gradually. I probably first met her at Anna brought to our policy discussions he took the rare step of cc’ing me, a one of the Carnegie-Rochester confer- her tremendous knowledge of the his- fairly junior Bank of England subor- ences in the mid-1970s, and then saw tory of economic policy, and of the fal- dinate, when he sent a personal reply her once or twice a year on the confer- libility of decision makers in the face of to Anna. On another occasion, during ence circuit. I saw her more frequent- their lack of knowledge and the politics a history of economic thought confer- ly after Karl Brunner and Allan Meltzer of the day. As all of us were, she was ence at which she was a good 20 years invited me to join the Shadow Open very pro-market but not partisan. older than the next oldest participant, Market Committee in 1985. I was a After leaving St. Louis in 2008, I Anna expressed dissatisfaction that the member until I went to the St. Louis saw her regularly at the annual Cato lunch conversation was focusing on Fed in 1998. Monetary Conference, in November continues on page 9 8 CSWEP News Poole continued from page 8 each year. She attended until it became “Ah, Bill. But the economy will go on presumption of a bailout of any large too difficult for her to travel. At the after the financial crisis. What the Fed financial firm in trouble—did not have 2008 conference, shortly after Lehm- has done, which would not have much to be this way. an failed, I recall talking with her about affected the course of the financial cri- Anna was a careful scholar. She did Federal Reserve policy. I am not sure sis anyway on your own argument, has not lightly throw around charges using how much of what I am about to say created a serious long-run problem. pejorative words. However, when pro- accurately reports the conversation and Given Lehman, and weak public un- voked she could be feisty and very clear. how much comes from thoughts while derstanding, the Fed has created the In a Bloomberg interview shortly after tossing and turning in the middle of presumption that any large financial the Fed bailed out Bear Stearns, she the night. It doesn’t matter, because ei- firm in trouble will be bailed out. That called it a “rogue operation.” With Ed ther way this conversation provides an presumption will be with us for many Nelson as co-author, she wrote a care- example of the impact she has had on years, long after the memory of the fi- fully documented rebuttal to a 2007 ar- my thinking. nancial crisis has dimmed.” End quote ticle in the New York Review of Books, in In my conversation, imagined or of my real or imagined conversation. which the author called Milton Fried- real, I argued with her that the U.S. Of course, she was right—very man “intellectually dishonest,” among economy was in fact doomed to finan- right. She not only understood the other things. That was over the line cial crisis in early 2006 when Ben Ber- facts of economic history but also why both of scholarly discourse and of pop- nanke took office. By that time, almost history developed the way it did. She ular discourse by a professional econo- all the rotten subprime paper had been understood that great leadership, or mist. She was at the top of her game created and much had been included in flawed leadership, made a difference. almost to the very end of her life. risky portfolios of undercapitalized fi- She also understood that it could take Anna, there is much work to be nancial firms. Thus, I argued to Anna, decades to undo an unwise policy de- done, and your example will guide if the Fed had allowed Bear Stearns to cision. And here we are. What the pub- younger scholars. We are living in an fail, the crisis would have become acute lic “knows,” what the market “knows,” era of slow growth, similar in some re- at that time instead of six months lat- and what Congress “knows,” is that let- spects to the 1930s. We miss your input er when Lehman failed. Her response, ting Lehman fail was a mistake. The to the debate as to what is going on. in the mildly disapproving but friendly now firmly embedded presumption in tone she always used with friends, was, government and market behavior—the

Memorial Remarks for Eloise Pasachoff Anna Jacobson Schwartz

Thanks to Jim and the other folks at mother of four children, grandmoth- words about three things I learned the National Bureau of Economic Re- er of seven; she knew five great-grand- from my grandmother, who influenced search (NBER) who made this ser- children during her lifetime, with four my life in many, many ways. vice happen. Thanks also for inviting more she never had the opportunity to The first thing I learned is this: someone from the family to speak, and meet; and as one of five siblings, she Notwithstanding the popular saying thanks to the rest of the family for giv- was an aunt, a great-aunt, and more to the contrary, it is possible to get to ing me this opportunity. to many, with lots of beloved relations your deathbed and wish you had spent I am one of Anna’s grandchildren, on my grandfather’s side as well. We more time at the office. Not because and I’m also a lawyer, so you perhaps each had our own relationship with you don’t wish you’d had more time won’t be surprised to hear that I’m be- her, and while I think everyone will rec- with your family, too; not because you ginning my remarks with a disclaimer: ognize my grandmother in what I say, don’t have a full and rich and interest- Although I am a member of the family, I’m also sure everyone would empha- ing personal life; but because what you I am speaking in my individual capac- size different things. So please take do all day long at work grips you with a ity as merely a member of the family, my remarks as my remarks, with the passion you want to pursue. There are rather than as an actual formal repre- knowledge that there are lots of pieces more problems to solve, more ques- sentative. I’m not going to even try to of my grandmother’s life and her role tions to answer, more cases to build, present some abstract unified fami- in the family beyond what I say today. more theories to debunk. Here was ly vision of Anna, because I couldn’t Okay, disclaimer done; now I can the most reliable conversation starter possibly capture everyone’s relation- move to the substance of what I want with my grandmother: “What are you ship with her. My grandmother was a to say. And what I want to say is a few continues on page 10 fall 2013 9 Pasachoff continued from page 9 working on?” And in her answer, she Now, I don’t mean to understate the Look at that joy on her face as she en- brooked no nonsense. She demanded difficulty of the logistics. None of this gages with her colleagues on monetary precision. She had definite opinions. was easy. But the key thing, as I take it policy. I’m happy to say that I have a She taught me the value and honor of from watching my grandmother, is not photo of my grandmother looking that having work that you approach with to let the difficulty of the logistics keep way at me when I was a baby sitting enthusiasm and delight, work that you you from doing what you want to do. on her lap, and I have a photo of my care about so deeply that you’ll never be The third thing I learned from my grandmother looking that way at my able to do as much as you’d like to, no grandmother is to take time to take son when he was a baby visiting her matter how long you work at it, or how pleasure in the pleasures of life. My in her apartment. I don’t have a pho- great your accomplishments are. grandmother spent several hours every to of her listening to the opera or eat- Here’s the second thing I learned weekend listening to the Met’s opera ing pineapple upside-down cake, but I from my grandmother: Figure out what broadcast. She loved a good Trollope like to think that if I did, she’d have this you want to do, and then get whatev- novel. She made sure she didn’t miss expression on her face, that this is her er help you need in order to do it. The a day of the New York Times or the Wall face of joy. hard thing about this lesson, I think, Street Journal. She relished her favorite And so what I take from that, from is the part where you figure out what foods. For a while, when I was living all of this, is a challenge to take joy in you want to do. The rest is just logis- tics. What did my grandmother want to do? She wanted to live alone and in her own apartment as she aged. So Peter Pomianowski, who had taken care of my grandfather in his last years, stayed on to help her; her children and other family members would keep her com- pany regularly; and my husband and I, who for years lived just a few blocks from her, would go over on weekends to assist with various medications or eye drops. What else did she want to do? My grandmother wanted to keep going to her favorite economics conferences even as her health was declining and her physical frailty was increasing. So she asked for help in traveling and mak- ing arrangements. Marinella Moscheni and others at the office would get her Photo Credit: Teresa Zabala/The New York Times/Redux tickets; the inimitable Peter would do her packing; a colleague might help her near her, we had dinner once a week, work, in life, in all the various pieces onto and off the plane. And in her last and it was wonderful to eat with some- that make up our human existence. trip to Cambridge, when I had moved one who took such enjoyment over a This is what I learned from my grand- there for work, I met her at her ho- meal. She loved trout; she loved stuffed mother, whom I greatly admired, and tel twice a day, so I could help her get cabbage; she loved pineapple upside- whom I miss very much. For me, for ready for the conference in the morn- down cake; she loved rice pudding. these reasons, her memory will always ing and then into bed at night. And I loved spending time with this be a blessing. As I was reflecting on this second amazing woman who had such a rich lesson in order to write out my remarks and full and ongoing life. for today, I realized that this lesson ex- Putting these three lessons togeth- tends even further back in my grand- er, I think I have a bigger lesson, and mother’s life, well before I was even it’s about what they call “work-life bal- born. What else did she want to do? ance.” Except when I think about my She wanted to work full time and raise grandmother’s example, I want to call four kids. So she got help with excellent it “work-life joy.” Take a look at the pic- childcare. ture on the program in front of you.

10 CSWEP News Anna Schwartz Memorial Christina D. Romer

You have heard memories of Anna an economist as Anna Schwartz. But, correlation between variables, such from people who knew her as a life- as a young woman, it gave me some- as money and output. But, they are long friend and a close co-author and thing to strive for. And it gave me hope poorly suited to identifying whether from her granddaughter. I knew her in that if I worked really, really hard, I movements in money cause output or a very different, and certainly less inti- might be treated with some of the ad- movements in output lead to endoge- mate, way. I mainly read her work and miration and professional respect that nous movements in the money supply. watched her at meetings. But her influ- Anna had earned. Milton Friedman and Anna ence on me was enormous. Another thing I learned from watch- Schwartz found a way around this When I came out of graduate school ing Anna was that it was okay for a problem. They showed that there is a in the mid-1980s, there weren’t many woman economist to be tough. Anna vast amount of information in the his- senior women economists—particular- did not suffer fools lightly. She never torical record about why the money ly not in macroeconomics. Indeed, at hesitated to tell you exactly what she supply moved. Through painstaking meetings I attended, there were often thought of your paper or argument. research into the records of Federal Re- only one or two other women. Fortu- And, quite frankly, she usually didn’t serve meetings and the diaries of Fed nately, one of them was Anna Schwartz. like it. I will confess to being on the re- officials, they were able to identify a I learned so much about doing re- ceiving end of her withering criticism handful of times when the money sup- search and navigating my way through more than once. But Anna was always ply moved for reasons having nothing the world of economics by watching professional. She took your work seri- to do with the behavior of output. On how she worked and how she interact- ously, and showed you the flaws in it. these occasions, money fell because the ed with other economists. Let me de- And perhaps most important, she was scribe just a little of what I took in. almost always right. So, we may not She wasn’t one of the best women Lessons on Being a Woman have looked forward to her tough com- economists. She was one of the ments, but we appreciated them, be- best economists—period. in Economics cause they helped us to do better work. Perhaps the most important thing I saw When Margaret Thatcher died a few was that gender didn’t seem to matter weeks ago, many newspaper stories Fed made a mistake, was dealing with when you were as good as Anna. She talked about her mixture of brains and another issue, or just fell asleep at the worked harder than anyone else; wrote toughness. I am sure I am not the only switch. That output fell after each of better books than anyone else; and person who thought of Anna when they these relatively exogenous drops in the made more perceptive comments than read those profiles of Thatcher. Anna money supply is some of the strongest anyone else. As a result, the men in the truly was the Iron Lady of Economics. evidence we have that money affects room had no choice but to respect her. Importantly, though I learned some- output. When Anna spoke, everyone lis- thing about being a woman in econom- I remember vividly one meeting tened. Even very late in life, when ics from watching Anna, I don’t think of our second-year monetary econom- poor hearing caused her to sometimes that her gender was a defining charac- ics graduate class at MIT. The profes- chime in out of turn or at an inoppor- teristic. I was incensed when a reporter sor, Stanley Fischer, started the class tune moment, she would pipe up with referred to her as one of the best wom- by asking, “How do we know money some brilliant insight. People in the en economists. She wasn’t one of the matters?” My classmates and I fum- room would just sort of look at one best women economists. She was one bled around for several minutes citing another in amazement and pray that of the best economists—period. this flawed empirical study and that. maybe, just maybe, they would still be Finally, Stan shut down the discus- as smart in their eighties and nineties Lessons on How to Do sion: “Because Friedman and Schwartz as Anna was. I didn’t have the heart to Economic Research showed us.” tell them that it was hopeless—because Let me say a little about what was so That insight has had a profound they didn’t start out as smart as she was good about her research, and how impact on David Romer’s and my re- to begin with. much we all learned from studying her search and on economics more gener- Now this lesson that gender didn’t work. The essential problem in most ally. We learned that blending narrative, seem to matter when you are brilliant empirical economics research is estab- historical evidence with statistical work was one that was pretty hard to follow. lishing causation. Our statistical tech- can often provide more information You can’t just will yourself to be as good niques are great at telling if there is a than statistical analysis alone. And we continues on page 12 fall 2013 11 A Lunch at the Quad Club

In the mid-1990s, David Galenson ran the economic history workshop at the University of Chicago and I was a frequent participant. I had suggested to David to in- vite Anna Schwartz to give a paper—given my interest in financial and banking history—and he was happy to do so. We met Anna at the Quad Club for lunch. When Anna said, “It is exactly as I had imagined it,” I asked her what she meant. And then she dropped the bomb. All of the work she and Milton Friedman had done for A Monetary History of the United States had been conducted by mail and phone—mostly by mail because long-dis- Talking shop over lunch at the quintessentially gothic Quadrangle Club is a long- tance calls were quite expensive in the 1950s. We were standing, even revered, tradition at the University of Chicago. astonished that Anna had never been to Chicago to work As told to Marjorie McElroy by Randall S. Kroszner, the Norman R. Bobins with Milton or to give a paper. We were absolutely de- Professor of Economics at the University of Chicago Booth School of Business lighted to have changed that.

Romer continued from page 11 learned that because Friedman and I like to think that all people live on teacher. And in universities around Schwartz showed us. through the memories of their family the country, there is a whole new gen- It was not just the nature of Anna’s and friends. But scholars live on in an- eration of students reading her work. I work that was impressive, but also the other way—through their students and have no doubt that she will be remem- quality. I once heard an economic the- the writings they leave behind. Anna bered in death with the same respect orist boast that when he proved some- touched many lives in the way that she and admiration she elicited in life. thing, it stayed proven. That was his way touched mine—as a role model and of saying that he did things so carefully the first time that no one ever found a flaw or overturned his results. Well, the From the Chair continued from page 2 same is true of Anna. When she discov- As usual, each day of the meetings 2014 event, expecting 16 senior men- ered something, it stayed discovered. CSWEP will continue its tradition of tors and 40 junior women participants. She got things right the first time, and sponsoring a Hospitality Suite from the Last January the Executive Commit- as a result, the findings have endured. conclusion of the Mentoring Breakfasts tee of the AEA lamented the limited ac- In my own research I have had until 5:30pm and 8:00am–1:00pm on cessibility of these workshops, citing many occasions to look at the same Sunday, January 5th. Stop by Marriott’s the typical applicant demand (100 ap- historical documents that Friedman Grand Ballroom Salon D to meet col- plications) for 40 slots. In response, and Schwartz did. I have never found leagues, do some work, or enjoy a mo- having pondered alternatives, a com- a misstep. Every footnote and citation ment of respite with your cup of java or mittee chaired by Terra recommended is perfect. The data collection is al- our glass of agua. doubling their frequency, from bienni- ways impeccable and first-rate. Perhaps The close of the AEA meetings will al to annual. Pending formal approval more surprising, I have found that I al- mark the beginning of the 10th bien- by the Executive Committee this Janu- most always agree with their interpreta- nial National Mentoring Workshop ary, look for a CeMENT 2015 call for ap- tion or analysis of a document or event. (CeMENT; formerly CCOFFE). This plications in July 2014. That experience has convinced me that three-day workshop is known world- Stay up to date on mentoring events narrative research can be just as scien- wide for providing young women econ- and all CSWEP activities by subscrib- tific and reproducible as straight statis- omists with know-how and networks to ing at cswep.org. Happy Thanksgiving tical studies—provided one approaches boost their careers. Under the direction and I hope to see you at many CSWEP it with the rigor, intelligence and high of Terra McKinnish, CeMENT 2012 Events in January. standards that Friedman and Schwartz was a huge success and for the past —Marjorie McElroy brought to their work. year Terra has been gearing up for the 12 CSWEP News Board Member Biography Cecilia Conrad

At age 13, I decided to become an econ- economics?” The postcard was an ad- Scripps College and at Pomona Col- omist. To be honest, my concept of vertisement for the Bell Laboratories lege, I retired from academia to become what being an economist meant was Summer Research Program, an affir- the head of the MacArthur Fellows Pro- pretty fuzzy because I didn’t know any mative action effort that followed the gram in January 2013. economists. My first plan was to be an 1973 AT&T v. U.S. Equal Opportuni- My career crises coincided with engineer, but a family friend, a petro- ty Employment Commission (EEOC) marriage and childbearing, but weren’t leum engineer (I grew up in Texas), dis- consent decree. The goal of the pro- motivated by those life changes. I had couraged it. He said that it was tough gram was to increase the pool of my son while still an assistant profes- enough being black, but that being fe- women and minorities with doctoral sor at Barnard and was the first benefi- male was an even a bigger obstacle. degrees who might become future em- ciary of a parental leave program that And, he pointed to the growing ranks ployees. It functioned on three levels provided a reduced teaching load and of laid-off engineers following cutbacks —active learning through the summer a stopped tenure clock. I also benefited in aerospace and defense. research experience, formal mentor- from a wonderful mother-in-law who Had it not been 1968, his advice ing, and the formation of a peer net- provided childcare, and from my early might not have dissuaded me from work of fellow students of color and recognition that babies don’t care what engineering, but it was 1968, the year women of all races pursuing degrees in you read to them as long as you make Martin Luther King, Jr. and Robert science and engineering at institutions it sound lively: “And then the demand Kennedy were assassinated, the year across the country. That peer network curve shifted out to the right. ‘Whee!’ CBS aired Hunger in America, and the provided critical emotional support said the equilibrium price!” year Julian Bond’s name was placed in throughout graduate school. I later re- I work hard, but I’ve also been lucky. nomination for vice president at the ceived a Bell Laboratories Graduate Re- I was born after the 1954 Brown v. Board Democratic National Convention. In- search Fellowship that funded my PhD of Education decision (but still attend- termingled with stories about politi- at Stanford and, as importantly, intro- ed segregated schools until my senior cal upheaval and the Vietnam War on duced me to Elizabeth Bailey, who ad- year). I applied to college just as the the evening news, which I watched ob- vised me, from afar, through the first most selective colleges became more sessively, was coverage of the interna- two years of gra-duate school and after aggressive in recruiting minority stu- tional monetary system and the end I dropped out. dents. My graduate fellowship came of the gold standard. That’s how I first Yes, after passing my comprehen- courtesy of the EEOC’s prosecution of learned that there was a field called sive examinations, I dropped out. I was AT&T (supported with work from econ- “economics.” My adolescent, not yet so focused on survival that I lost sight omists like Phyllis Wallace and others), fully formed, brain saw economics as a of why I wanted to be an economist. It and my parental leave was because of field for people who were good in math, wasn’t the first time that I would con- the advocacy of Sylvia Hewlett and oth- but who were also interested in politics sider dropping out. At various points er Barnard faculty. I am deeply indebted and in solving the world’s problems— in my career, I toyed with becoming to many and hence deeply committed a perfect match. Luckily, no one told an editor at an academic press, open- to expanding opportunities to others. me that black female economists were ing a Red Wing shoe franchise in lower This commitment led to my service as even rarer than black female engineers! Manhattan, getting a law degree, run- the director of American Economic As- It was also lucky that I went to ning for public office, and joining the sociation’s Committee on the Status Wellesley College, where women econ- policy team at a pharmaceutical com- of Minority Groups in the Economics omists were not rare. Even though I pany (I would be rich now if I had). Profession’s pipeline program (now got my lowest grades in economics After a year at the Federal Trade Com- known as the mentoring project) from courses, the subject continued to fas- mission, I did go back to finish the 1998–2005, on the National Science cinate me, the faculty encouraged me, PhD, and then I joined the faculties of Foundation’s Committee on Equal Op- and a routine habit of checking the ca- Duke (1981–1985), Hunter College of portunity in Science and Engineering reer office bulletin board paid off with City University of New York as a visitor (2010–2013), and to my second term on a summer research job and eventu- (1984–1985), Barnard College (1985– CSWEP’s board. ally a graduate fellowship. In the win- 1995), and finally Pomona College Cecilia Conrad is the Vice President, Fellows Program ter of 1974, a postcard appeared on the (1995–2013). In the Fall 2008 CSWEP of the MacArthur Foundation. The views expressed career service bulletin board that read, Newsletter, I described my move from herein are her own and do not necessarily reflect the “Are you a woman or minority stu- faculty to academic administration. Af- views of the Foundation. dent interested in math, statistics or ter stints as chief academic officer at fall 2013 13 Board Member Biography Kevin Lang

My path to economics was simultane- research assistant. I am reasonably and Quebec Ministry of Education. But ously accidental and natural. Following confident that my VMP exceeded my while at MIT, I lost my Québécois girl- family tradition, I was politically active. $1.70 hourly wage. friend and found an American one The small New York City high school As an avid fan of Asimov’s Founda- whom I later married. Shu and I have I attended did not appreciate public tion trilogy, I saw mathematical soci- been lucky to have jobs at the same in- comments like, “You send an interest- ology as the right path for an aspiring stitutions throughout our careers, first ing message when you punish people psychohistorian, but at Oxford sociolo- at Irvine and for the last 25 years at Bos- by making them spend more time in gy was part of politics. So I read Philos- ton University, with extended visits to school.” Or, “Obviously, I am in deten- ophy, Politics and Economics, a course such terrific places as the New Zealand tion as retribution for missing school to that has been accurately described as Institute for Economic Research, NBER, protest against the war. This is certainly “teaching you to write a good book re- MIT, Carlo Alberto, UNSW and UCL. not rehabilitating me or deterring me. port . . . on a book you haven’t read.” Some things haven’t changed all So, retribution is all that’s left.” So it in- Not reading the books saves a lot of that much. My book, Poverty and Dis- vited me to leave. time. I focused instead on college pol- crimination, won an award in sociolo- I ended up at a somewhat more tol- itics, where my frequent interactions gy, not economics. I spent 13 years as erant Quaker school in England (head- with Peter Mandelson, who went on to an elected school board member. And master’s parting comment: “Kevin found “New Labour” with Tony Blair I still tell administrators things they has learned to express himself. Let us and Gordon Brown, taught me to be don’t want to hear, although I have hope that he will now learn wisdom.”). more political and diplomatic. learned to say them more diplomati- To get my parents approval for a “gap I was also influenced by Anthony cally, even if, to paraphrase Erich Segal, year” after A-levels, I agreed to “sit” the Heath, my sociology tutor, who taught “Having tenure means never having to Oxford entrance exam, which necessi- me rational choice sociology, and Nick say you’re sorry.” tated the year off. Instead of preparing Stern, one of my economics tutors, for the exam, I spent the autumn work- who eventually convinced me that I ing (illegally) in the Reading Universi- could do better rational choice soci- ty psychology department. Therefore I ology as an economist. So when I re- CSWEP Annual was confident that applying to Oxford turned to CROP, now as PI and sole had been costless. Somehow, explain- native-English speaker, I also entered Business Meeting ing to the interview committee why I the master’s program in economics at Open to all economists. shouldn’t go to Oxford failed to have l’Université de Montréal, hoping to im- the desired effect, and to my dismay I prove my technical French but actually It is a time for us to recognize was offered an Exhibition (minor schol- learning a lot of economics. our award recipients, present arship). Despite genuine misgivings, I About six months after returning to the Annual Report on Wom- became an Exhibitioner (not an exhibi- CROP, I had a serious disagreement en in the Economics Profes- tionist, in case you were worried). with a superior over the content of a sion and to hear your input My family left Canada shortly after report we were writing. I assumed my my birth, but my parents’ two years days there were numbered. My sister, on CSWEP’s activities. there were a brilliant intergeneration- who lived in Boston, offered to check Join us on al investment. I spent the nine months whether Harvard would accept a late Friday, January 3, 2014 at between the exam and Oxford at CROP, application. They wouldn’t, but MIT, a Montreal survey research firm, where which her friend said was a pretty good 12:30pm in the Philadelphia I was one of two native English speak- department, would. When I saw the Marriott Grand Ballroom ers. Between working at CROP and faculty list accompanying my accep- Salon C. finding a girlfriend who spoke no Eng- tance, I realized the department was Boxed lunches will be provided. lish, I learned French pretty quickly. better than pretty good. CROP started asking me to do rush I delayed entry so I could apply for translations into English. With my usu- funding. My applications, in which I al flare for diplomacy, my translations wrote honestly of my plans to return came with critiques of the reports or to Canada and Quebec, were success- survey instruments. Before long the ful at both the Social Sciences and Hu- sole anglophone PI took me on as his manities Research Council of Canada 14 CSWEP News Mikusheva Interview continued from page 1 theory with a keen interest in develop- a perfect place to test myself in a new was fantastic luggage to carry to my ing tools that will be useful for tackling field. I went there for a master’s de- work in time series, as dependence is problems in applied econometric prac- gree and was instantly overwhelmed the central topic of this field. The tech- tice. Professor Mikusheva holds a PhD with excitement. This was, for me, a nique I used in my job market paper in Economics from Harvard University great learning environment: enthusias- was the technique that I first become and a PhD in Mathematics (Probability tic professors, amazing students with aware of and used in my probabili- Theory) from Moscow State University. first-rate educations in technical fields ty dissertation. So, I came to the field In addition to her research accomplish- and big hopes for Russia’s move to a initially for the comparative advantage ments, she is an outstanding educator market economy. I am very grateful to reasons, but I stayed there because I be- and has been recognized as the MIT the New Economic School for guiding came very interested in solving applied Economics Department Graduate me down a new career path. After this, problems. Teacher of the Year. going to Harvard for a PhD in Econom- Jim Stock has been a role model for ics was a very natural step. me due to his ability to be a technical- Anna, you came to economics after earn- Given my background, I felt that ly very sophisticated theoretical econo- ing a math/probability PhD in Moscow. I my comparative advantages were likely metrician while at the same time being imagine that move involved a lot of tran- to be in more technical fields. I dipped able to talk with applied researchers sitions—from mathematics to econom- my toes into game theory and mecha- and his habit of getting his research ics, from Russia to Cambridge, MA, from nism design, but in the end economet- questions from the current needs of ap- speaking Russian to conversing mainly in rics felt like the right place for me. It plied work and conducting many em- English. What inspired the change and gives me the right balance of rigor and pirical projects himself. I always have convinced you to make a fresh start in an applicability. What really amazed me at wished to follow his path in this sense. entirely new field? the end of all my studies is that I came He pushed me to regularly attend the As much as I remember myself, I to have an even bigger appreciation for NBER Summer Institutes as a student. was always in love with mathematics mathematics after my move to econom- There have been several very interesting for its exceptional beauty and rigor. I ics. On one side, many theorems hap- sessions on empirical macroeconomics liked problems that have a little twist, pen to be quite useful and much more and macroeconomic forecasting. Dur- which brings you to a short, clean and applied than I ever thought before. I re- ing these sessions I first realized that easy-to-see solution. Sometimes I think member my elation when I first applied there exists a huge gap between theo- it was a folly of youth in me, and I just some results and techniques from the retical econometric knowledge and the wanted to believe that everything in life sub-field I worked on in probability to needs of applied macroeconomists. has a simple and clean answer—you my econometric research. But what I’ve I was especially amazed by the huge just need to find the magic twist. But as found to be more wonderful—mathe- number of empirical papers estimating I got closer to finishing my dissertation matical clarity, conciseness and beauty sophisticated macro models like DSGE in probability, I experienced growing somehow seem to be good criteria for (dynamic stochastic general equilibri- dissatisfaction because of the obvious judging economic theories—most of um) models, and by the almost com- disparity between the black-and-white- the truly useful theories magically hap- plete absence of econometric research ness of mathematical problems and the pen to be the most beautiful ones. This on the topic. I strongly disagreed with grayness of everyday challenges. It felt observation repeatedly amazes me. how these models were estimated at (falsely, as I later discovered) that math- that time and knew I could find a better Let’s talk about your research. You work ematicians live in an “ivory tower” of way. My strong desire is to improve the on econometric theory, with a particular their own beautiful questions, answers current practices and techniques in ap- focus on inference in time series econo- to which are of no real interest to the plied macro. rest of the world. I wanted to address metrics. How did you get interested in more relevant questions, and that is that general area, and what drives your Your work speaks to challenges faced by why I decided to move to a more ap- research agenda toward the specific ques- applied researchers, and you develop the plied field. Economics seemed to be a tions you’ve addressed? econometric theory underpinning some natural choice, as it uses mathematical I was attracted to time series by my of the solutions. How do you think about language freely at the same time as it adviser, Jim Stock, and very quickly dis- bridging the gap between econometric the- addresses real-life issues. covered that I possess the right set of ory and its application? As luck would have it, there was a tools for the field. In my mathematics On one side, I agree that there is a relatively young and vibrant school in days my research was devoted to find- significant gap between methods dis- Moscow at the New Economic School ing new conditions on the dependence covered by theoretical econometri- that has had a very enthusiastic circle of random variables to establish lim- cians and current applied practices. of economists involved with it. It was it theorems in probability theory. This The big issue here is an absence of continues on page 18 fall 2013 15 CSWEP at the 2014 AEA/ASSA Meetings

Anais Perilleux, Université Catholique Economic Research; Namwook Kang, CSWEP Sponsored de Louvain, Belgium; Ariane Szafarz, Hoseo University, Asan, South Korea Paper Sessions Université Libre de Bruxelles, Belgium Gender Peer Effects: Evidence from the Career Implications of Having a Female- Transition from Single-Sex to Coeducational Gender Sessions Friendly Supervisor: Evidence from the High Schools NCAA Jungmin Lee and Hye Yeon Park, both Women and Development Steven Bednar, Elon University; Dora from Sogang University, Seoul, South January 3, 2014 Gicheva, University of North Carolina at Korea, 2:30–4:30pm Greensboro Discussants: Pennsylvania Convention Center Female Leaders and Foreign Aid: Do Laura Argys, University of Colorado- Room 105-B Preferences Influence the Level and Denver Chair: Alicia Adsera (Princeton Composition of Aid? Sarah Turner, University of Virginia University) Daniel L. Hicks, University of Oklahoma; Daniele Paserman, Boston University Joan Hamory Hicks, University Cher Li, Colorado State University JEL Classification: J16, O12, O15 of California at Berkeley; Beatriz How Do Intrahousehold Dynamics Change Maldonado, College of Charleston Econometrics Sessions When Assets Are Transferred to Women? Evidence from BRAC’s ‘Targeting the Ultra- A Labor Market Punishing to Mothers? Microeconometrics: Poor Program’ in Bangladesh Wayne Grove, Le Moyne College; Andrew Theory and Applications Agnes Quisumbing and Shalini Roy, Hussey, University of Memphis January 3, 2014 both from the International Food Policy Discussants: 8:00–10:00am Research Institute; Narayan Das, Jinnat Pascaline Dupas, Stanford University Philadelphia Marriott Ara and Rozina Haque, all from BRAC Justin Wolfers, University of Michigan Grand Ballroom, Salon B Fidan Kurtulus, University of What’s Yours is Mine and What’s Mine Massachusetts at Amherst Chair: Bidisha Mandal (Washington State is Mine: Experimental Study of Cultural University) Norms and Asymmetric Information be- Amalia Miller, University of Virginia JEL Classification: C2, DO tween Spouses Education, Human Capital and Carolina Castilla, Colgate University An Estimation of Education Production Gender Function under Random Assignment with Race and Marriage in the Labor Market: A Selection Discrimination Audit Study in a Developing January 5, 2014 Eleanor Choi, Hanyang University, Country 10:15am–12:15pm Seoul, South Korea; Roger Moon and Eva O. Arceo-Gomez, Centro de Philadelphia Marriott Geert Ridder, both from the University of Investigación y Docencia Económicas, Grand Ballroom, Salon A Southern California México; Raymindo M. Campos-Vazquez, Chair: Kevin Lang (Boston University) El Colegio de México, México Specification and Estimation of Treatment JEL Classification: J16, J24, I20 Models in the Presence of Sample Selection Discussants: Labour Market Decisions of Immigrant Angela Vossmeyer, University of Sheetal Sekhri, University of Virginia Households California at Irvine Manisha Shah, University of California at Alicia Adsera, Princeton University; Ana Los Angeles Gender Wage Gap in the U.S: An Ferrer, University of Waterloo, Ontario, Lori Beaman, Northwestern University Interactive Fixed Effects Approach Canada Anita Pena, Colorado State University Kusum Mundra, Rutgers University All for One? Family Size and Children’s Treatment Effect Analyses through Women and Leadership Educational Distribution Under Credit Orthogonality Conditions Implied by a January 5, 2014 Constraints Fuzzy Regression Discontinuity Design, with 8:00–10:00am Jeanne Lafortune, Instituto de Economía Two Empirical Studies Pennsylvania Convention Center Pontificia Universidad Catolica de Chile; Muzhe Yang, Lehigh University Soohyung Lee, University of Maryland at Room 103-A Child Care Choices, Cognitive Development College Park and Kindergarten Enrollment Chair: Susan Averett (Lafayette College) Do Single Sex Schools Make Girls More Bidisha Mandal, Washington State JEL Classification: J16 Competitive? University Female Managers in Hybrid Organizations: Soohyung Lee, University of Maryland at continues on page 17 Evidence from Financial Cooperatives in College Park; Muriel Niederle, Stanford Senegal University and National Bureau of

16 CSWEP News AEA/ASSA continued from page 16 Identification and Specification Structural Estimation CSWEP Sponsored Events Issues in Econometrics January 5, 2014 Friday, January 3rd 1:00–3:00PM January 4, 2014 8:00–10:00am 2:30–4:30pm Pennsylvania Convention Center Pennsylvania Convention Center Room 203A Mentoring Breakfast* Philadelphia Marriott, Grand Chair: Petra Todd (University of Room 105–B Ballroom, Salon D Chair: Serena Ng (Columbia University) Pennsylvania) Pennsylvania Convention Center JEL Classification: DO, IO 10:00am–5:30pm JEL Classification: C1, C2 Estimating the Value of Reducing Health Hospitality Suite Philadelphia Marriott, Grand Maximum Likelihood Inference in Weakly Insurance Reclassification Risk for the Ballroom, Salon D Identified DSGE Models Nonelderly Anna Mikusheva and Isaiah Andrews, Amanda Kowalski, Yale University 12:30–2:15pm both from Massachusetts Institute of Hospital Choices, Hospital Prices, and Business Meeting & Luncheon Technology Financial Incentives to Physicians Philadelphia Marriott, Grand Select the Valid and Relevant Moments: A Kate Ho, Columbia University; Ariel Ballroom, Salon C One Step Procedure for GMM with Many Pakes, Harvard University 6:00–7:30pm Moments All Units Rebates: Experimental Evidence CSWEP/CSMGEP/CeMENT Xu Cheng, University of Pennsylvania; from the Vending Industry Cocktail Reception Zhipeng Liao, University of California at Julie Mortimer, Boston College; Philadelphia Marriott, Grand Los Angeles Christopher Conlon, Columbia Model Selection for Conditional Moment University Ballroom, Salon D Inequality Models Retirement Plan Type and Employee Saturday, January 4th Xiaoxia Shi, University of Wisconsin Mobility: The Role of Selection and Incentive 8:00–10:00am at Madison; Yu-Chin Hsu, Institute of Effects Economics, Academia Sinica, Taiwan Colleen Manchester, University of Mentoring Breakfast* A Discontinuity Test for Identification in Minnesota; Gopi Shah Goda, Stanford Philadelphia Marriott, Grand Nonlinear Models with Endogeneity University and National Bureau of Ballroom, Salon D Carolina Caetano and Nesse Yildiz, Economic Research; Damon Jones, 10:00am–5:30pm both from the University of Rochester; University of Chicago and National Hospitality Suite Christoph Rothe, Columbia University Bureau of Economic Research Philadelphia Marriott Grand Ballroom Salon D CSWEP Mentoring Breakfasts Sunday, January 5th 8:00am–1:00pm Due to the overwhelming success of in the past 6 years or graduate students Hospitality Suite the inaugural Mentoring Breakfast last who are on the job market are partic- Philadelphia Marriott Grand ularly encouraged to attend. A light year, CSWEP is pleased this year to Ballroom Salon D host two mentoring/networking break- continental breakfast will be provided. fasts for junior economists at the AEA/ Space is limited and pre-registration is *Pre-registration required to ASSA Meetings from 8:00–10:00am required. Send an email with the subject [email protected] on Friday, January 3, 2014 and Saturday, heading “CSWEP Mentoring Breakfast” January 4, 2014 in the Philadelphia to [email protected], containing Marriott Grand Ballroom, Salon D. your name, current institution and po- At these informal meet and greet sition title, research field interests, and events, 20–30 senior economists will your PHD year and institution. be on hand to provide mentoring and networking opportunities. Junior econ- omists who have completed their PhD fall 2013 17 Mikusheva Interview continued from page 15 stable communication between fields. will turn out to be “too big.” But try to not fully discard it, but rather keep it Though frankly, I think it is not just be ambitious in a smart way, and re- in the back of my mind and revisit it a problem of econometrics—the vast member that difficulty and complexity from time to time in hopes of finding majority of fields in economics would are not always the same thing. We of- that magic twist one day. benefit enormously if there were more ten tend to concentrate on nuances and What part of your job excites you? cross-field collaboration and interest. small details or to be concerned about The main obstacle is that it is extremely specific formulations, and these nuanc- I really love teaching. Despite the difficult to keep track of advances and es usually make a simple problem look fact that it is very time-consuming and literature in fields that are not one’s very complex and unsolvable. For me physically exhausting and that it takes main focus. In an ideal world, the re- the opposite has always been a more you away from research, teaching is searchers in each field would regular- profitable strategy—to take a difficult extremely rewarding. Interaction with ly create comprehensive summaries problem and try to strip it down to the students tends to be very stimulating. or reviews of advances in their fields bones. Feel free to add simplifying as- They keep me in a constant mode of to educate their colleagues. From this sumptions: you will have multiple op- alertness. Sometimes students raise perspective, the NBER provides a great portunities to relax them after you solve questions you have never thought of, public service by offering mini-cours- the heart of the problem. Stripping out or they bring a new perspective to an es on “What’s new in econometrics” the problem is a very hard task because issue. Sometimes I get nice research for the last several years during their you are trying to keep the essence of questions from my discussions on Summer Institute meetings. These the difficulty but remove unnecessary the lectures. And, last but not least, mini-courses are very condensed, well- details. This reminds me of separating interacting with students keeps you thought-through summaries of current a signal from noise—as if the issue pro- youthful. advances in econometrics, delivered by duces the signal of a problem but it is Do you have any advice for young wom- great econometricians. I highly recom- masked by other stuff. The goal here is en researchers—also young researchers in mend them. to be able to formulate the problem in general—but particularly women? a few lines or with a small set of equa- One of the hardest parts in the transition tions, the shorter the better. Once you Junior researchers often underes- from student to researcher is finding a good can see and comprehend your problem timate the importance of presenting researchable question to start working on. in one clean piece in front of you, you their research widely and popularizing Any advice on that for new researchers have a much better chance of finding their research ideas and perspectives. just starting their career? What’s worked an answer to it. For shy people, and I count myself in for you? Be patient: I somehow believe that this group, it is torture to draw atten- It is hard for me to give advice to an often we do not give ourselves enough tion to yourself and speak up. But it is applied researcher, so I will talk from time to become successful in finding critically important not only for your ca- the perspective of a theoretical field. an answer; we concede too early. We all reer but also for your research to have The main advice is trivial: always work are working under pressure to produce an impact. You cannot count on people on something. If you have not found a quickly and to publish more; and it is to read your papers even if you publish big, exciting project to work on, work difficult to not move fast from one po- them in good journals; you have to get on something smaller—a big project tential project to the next in an attempt out there and talk about them. You can- will eventually come your way. If you to find something promising. One of not assume that a better method will don’t have even a small project, work the biggest challenges in a profession change the current practices by itself; out some missing details of a paper is to decide when is the right time to you have to tell researchers about it, you’ve recently read or seen present- abandon a project and move on. Despite you have to convince them of the ad- ed, and/or try to answer questions that my fair share of failed projects, I still do vantages of your method. It seems that have arisen during the last seminar not know when the right time to admit for women it is harder on average to you attended. Your big idea will come defeat is. But I know that in all my proj- speak up, especially in a room full of once you have realized enough small ects that were eventually successful I men. It is helpful for me to remember projects. never have found an answer on the first that I am promoting not myself but my There are two other things that I am try—there were several failed attempts ideas; this thought always gives me ad- constantly trying to remind myself: to and false perspectives. In fact, almost ditional courage. be ambitious and to be patient. all unsuccessful attempts provide you Be ambitious: most low-hanging with some new knowledge; you learn fruit has already been picked up, so to something new about the problem you get something delicious, you have to are facing. Even after stopping active- jump. Do not be afraid that questions ly working on some problem, I tend to

18 CSWEP News Calls & Announcements

Visit cswep.org for full details on each CSWEP Call for Papers @ Upcoming Regional Meetings of the below opportunities including 2014 AEA/ASSA Meetings, submission guidelines for paper and Boston, MA Southern Economics Association application calls as well as participant, http://www.southerneconomic.org January 3–5, 2015, Organizers: Kevin panelist and paper titles for currently 2013 Annual Conference, scheduled sessions. Lang, Boston College; Anne Winkler, November 23–25, 2013 University of Missouri—St. Louis; Ser- Tampa, FL: Tampa Marriott and CSWEP Call for Papers @ ena Ng, Columbia University; and Lin- Waterside Hotel and Marina Western Economic Association da Goldberg, Federal Reserve Eastern Economic Association Meeting, Denver, CO Submissions considered for three ses- http://www.ramapo.edu/eea/ June 27–July 1, 2014, Organizer: Bevin sions on gender-related topics and three conference/ Ashenmiller, Occidental College macroeconomics/international sessions. 2014 Annual Meeting, CSWEP’s primary intention in orga- March 14–16, 2014 Papers on gender, race/ethnicity, environ- nizing these sessions is to create an op- Boston, MA: Boston Park Plaza mental economics, or labor economics par- portunity for junior women to present at Midwest Economics Association ticularly solicited. Entire sessions or panel economics meetings and receive feedback http://web.grinnell.edu/mea submissions in any area of economics also from leading economists in their field. Co- 2014 Annual Meeting, welcome. authors may be of either sex and may be March 21–23, 2014 Deadline: January 14, 2014. junior or senior. Junior men may author Evanston, IL: Hilton Orrington papers in the gender-related sessions. Ac- Western Economics Association CSWEP/CSMGEP Call for cepted authors may also submit their pa- International per for publication consideration in the Applications @ 2014 Summer http://www.weainternational.org issue of the Economics Fellows Program Papers & Proceedings Amer- 89th Annual Conference, ican Economic Review. Fellowships, sponsored by the American June 27–July 1, 2014 Deadline: February 28, 2014. Denver, CO: Grand Hyatt Denver Economic Association and the National Science Foundation, are open to senior CSWEP Sessions @ 2013 graduate students at the dissertation stage, post-docs and junior faculty. All econo- Southern Economic Association mists are welcome to apply without regard Conference, Tampa, FL to gender or minority status, although the November 23–25, 2013, Organizer: C all for CSWEP intention of the program—advancing the Shelley White-Means, University of careers of women and underrepresented Tennessee HSC Contact Persons minorities—will drive the selection pro- Paper Sessions: “Maternal and Child cess. Fellows are selected by the program Dissemination of information—includ- with the agreement of the sponsoring in- Health” and “Quality of Life Issues for Adults and Children.” Panel: “Secur- ing notice of mentoring events, new stitution in line with the program’s in- editions of the CSWEP News and re- tention, the fit of the candidate with the ing External Funding for Your Research: Roles of Gender, Race, and Ethnicity” porting requests for our Annual Survey activities of the sponsoring institution’s and Questionnaire—is an important research group, and the value of the pro- CSWEP Sessions @ 2014 charge of CSWEP. For this impor- posed research to advancing the sponsor- tant task, we need your help. CSWEP ing institution’s own goals. Midwest Economics Association is seeking to identify individuals who Deadline: February 15, 2014. Meeting, Evanston, IL would be willing to regularly forward March 21, 2014, Chair: Anne E. Win- CSWEP information to colleagues and kler, University of Missouri-St. Louis other interested persons. If you would be willing to serve in this capacity, Panels: “Advice for Job Seekers” and “Dis- please send an e-mail with your contact cussion on Academic Careers.” information to [email protected]. Questions? Contact cswep@econ. duke.edu. fall 2013 19 Directory of CSWEP Brag Box Board Members “We need every day to herald some woman’s Marjorie McElroy, Kevin Lang, at-large 3718 Locust Walk, achievements . . . go ahead and boast!” Chair Professor of Economics McNeil 160 —Carolyn Shaw Bell Professor of Economics Boston University, Room Philadelphia, PA 19104 Duke University 302A (215) 898-4084 Durham, NC 27708-0097 Boston, MA 02215 Fax: (215) 573-2057 Martha J. Bailey, University of Michigan; Elizabeth U. (919) 660-1840 (617) 353-5694 [email protected] Cascio, Dartmouth College; and Suqin Ge, Virginia Fax: (919) 684-8974 Fax: (617) 353-4449 Tech, were awarded tenure and promoted to Associate [email protected] [email protected] Shelly White- Means, Southern Professor of Economics. Bevin Ashenmiller, Terra McKinnish, Representative Western CeMENT Organizer Marianne P. Bitler was promoted to Professor of Professor of Economics Representative Associate Professor of Economics at University of California-Irvine. University of Tennessee Associate Professor of Economics Suite 205N Johnson Francine D. Blau, Marianne A. Ferber Anne E. Economics University of Colorado and Building Occidental College Boulder, CO 80309 Winkler published the 7th edition of their textbook, The 847 Monroe Avenue 1600 Campus Road (303) 492-6770 Economics of Women, Men and Work, with Pearson in Memphis, TN 38163 Los Angeles, CA 90041 Fax: (303) 492-8960 (901) 448-7666 July. (323) 259-2905 terra.mckinnish@colo- Fax: (901) 448-1640 Fax: (323) 259-2704 rado.edu Amy Finkelstein, MIT; Rachel Kranton, Duke [email protected] [email protected] Amalia Miller, Eastern University; and Ellen R. McGrattan, Monetary Advisor, Cecilia Conrad, at- Representative Anne Winkler, Federal Reserve Bank of Minneapolis, were elected as large Associate Professor of Midwestern 2012 Fellows to the Econometric Society. Vice President, MacArthur Economics Representative Fellows Program P.O. Box 400182 Professor of Economics Michele Tertlit, University of Mannheim, was award- 140 S. Dearborn Street Charlottesville, VA 22904- University of Missouri– ed the Gossenpreis, an award for the best published Chicago, IL 60603-5285 4182 St. Louis economist under the age of 45 working in Germany, (312) 726-8000 (434) 924-6750 One University Boulevard Switzerland and Austria; and is now a Managing Editor Fax: (312) 920-6258 Fax: (434) 982-2904 St. Louis, MO 63121 at the Review of Economic Studies. [email protected] [email protected] (314) 516-5563 Linda Goldberg, Serena Ng, at-large Fax: (314) 516-5352 As always, we are interested in learning about you. Send at-large Professor of Economics [email protected] announcements of honors, awards, grants received, promo- Vice President of Columbia University tions, tenure decisions and new appointments to cswep@ Madeline Zavodny, International Research, 1012 International Affairs econ.duke.edu. It will be our pleasure to share your good International Research Building Newsletter Oversight Function 420 W. 118th Street Editor news with the CSWEP Community. Federal Reserve Bank of New York, NY 10027 Professor of Economics New York (212) 854-5488 Agnes Scott College 33 Liberty Street Fax: (212) 854-8059 141 E. College Avenue New York, NY 10045 [email protected] Decatur, GA 30030 newsletter Staff (212) 720-2836 (404) 471-6377 Petra Todd, at-large Fax: (404) 471-5478 Marjorie McElroy, Editor Jennifer Socey, Assistant Editor Fax: (212) 720-6831 Professor of Economics Madeline Zavodny, Oversight Editor Leda Black, Graphic Designer [email protected] mzavodny@agnesscott. University of Pennsylvania edu What is CSWEP? CSWEP (the Committee on the Status of Women in the Econom- • Conducts a survey and compiles a report on the gender com- ics Profession) is a standing committee of the American Eco- position of faculty and students in academic economics de- nomic Association charged with serving professional women partments in the United States; economists in academia, government agencies and elsewhere • Publishes three editions of the CSWEP News, containing a by promoting their careers and monitoring their progress. feature section written by senior economists that highlights CSWEP activities endeavor to raise the awareness among career advice or other topics of interest to the economics pro- men and women of the challenges that are unique to women’s fession; and careers and can be addressed with a wide variety of actions, • Awards the Carolyn Shaw Bell Award, given to a person for from inclusive searches to formal and informal mentoring ac- their outstanding work to promote the careers of women tivities. CSWEP freely disseminates information on how the economists as well as the Elaine Bennett Research Prize, giv- profession works as well as advice to junior economists. We in- en biennially to a young woman economist for fundamental tend this information to be of value to all economists, male or contributions to academic economics. female, minority or not. Our business meeting is held during the annual AEA Meet- Annually, CSWEP ings and is open to all economists. It is a time for us to rec- • Organizes mentoring workshops, paper presentations ses- ognize our award recipients, present the Annual Report on sions at the annual AEA Meetings, and professional devel- Women in the Economics Profession and to hear your input opment sessions at the annual meetings of the four regional on CSWEP’s activities. The CSWEP Board meets three times economics associations (the Eastern, Mid-Western, Southern yearly and we encourage you to attend our business meeting or and Western); contact a Board Member directly to convey your ideas for fur- thering CSWEP’s mission.

Visit cswep.org for more information.