AEA Papers and Proceedings 2019, 109: 595–602 https://doi.org/10.1257/pandp.109.595

Minutes of the Meeting of the Executive Committee Chicago, IL April 20, 2018

The first meeting of the 2018 Executive the Clark Medal were solicited from econom- Committee was called to order at 10:00 am ics department heads of major research uni- on April 20, 2018 in the International Room versities. The Honors and Awards Committee of the Hyatt Regency O’Hare Hotel, Chicago, Sobel Chair , Acemoglu, Chetty, Eberly, Pakes, IL. Members present were: Susan Athey, Ben Emmanuel( [ Saez,] and Stokey also examined lists Bernanke, , John Campbell of eligible scholars to ensure) that no viable can- by phone , , by didate was overlooked. After an extensive discus- (phone , Pinelopi) Goldberg, Hilary Hoynes,( sion of the importance and likely lasting effects Adriana) Lleras-Muney, Enrico Moretti by of the research contributions of candidates, the phone , Alvin Roth, Peter Rousseau, Matthew( Honors and Awards Committee and Executive Shapiro,) Robert Shiller, and Betsey Stevenson. Committee, acting together as an Electoral Nancy Stokey participated in part of the meet- College, VOTED to award the 2018 John Bates ing and Joel Sobel Chair , , Clark Medal to . , Janice Eberly,( )and Ariel Pakes par- ticipated by phone as members of the Honors Report of the Nominating Committee and Awards Committee. Chair Thaler .—Thaler, who chaired the Committee participated in part of the meeting and( Alan) (consisting) also of Katherine Abraham, Krueger and participated by phone Bertrand,( Rachel Kranton, Krueger, Milgrom, as members of the Nominating Committee. Thomas Philippon, and Valerie Ramey , Chair participated by reported nominations for the indicated offices) phone on behalf of (the Ad) Hoc Committee in 2019: Vice-President—Maureen Cropper, on Professional Climate in . Phani Lawrence Katz, Preston McAfee, and David Wunnava participated in part of the meet- Romer; Executive Committee—Martha Bailey, ing and Dan Hamermesh Chair and Rachel Susanto Basu, Raymond Fisman, and Roland Friedberg participated by phone( as) members of Fryer. The Nominating Committee and the the Ad Hoc Committee on Economists’ Career Executive Committee, acting together as an Concerns. Lars Vilhuber participated in part of Electoral College, then VOTED to nominate the meeting as the AEA Data Editor. Director as President-Elect, and VOTED of Finance and Administration Barbara Fiser to recognize Henry Aaron, Francine Blau, Joel and Convention Manager Gwyn Loftis also Mokyr, and Richard Posner as Distinguished attended. Fellows of the Association. Blanchard thanked past President Al Roth for his service, and presented Roth with a certifi- Report of the Treasurer Rousseau .— cate as Distinguished Fellow of the Association. Rousseau reported that the audited( financial) He welcomed the newly elected members of statements for 2017 show an operating deficit the 2018 Executive Committee: Ben Bernanke, of $1.3 million for 2017, more than the deficit President-Elect; Susan Athey and Pinelopi of $503 thousand for 2016 and in contrast to Goldberg, Vice-Presidents; and Adriana Lleras- an operating surplus of $281 thousand in 2015. Muney and Betsey Stevenson. The minutes of Including investment income and losses, there the January 4, 2018 meeting of the Executive was an overall surplus of $5.33 million in 2017. Committee were then approved. He presented a revised budget for 2018 based on information received between November Report of the Committee on Honors and Awards 2017 and April 2018, predicting an operating Sobel .—Sobel explained that ­nominations for loss of $2.36 million; a deficit of $2.39 million ( ) 595 596 AEA PAPERS AND PROCEEDINGS MAY 2019 had been predicted in January. It was VOTED to Chair presented a set of editorial appointments approve the budget as revised. that( the) Advisory Committee had approved for The combined 2017 operating deficit and action by the Executive Committee. Acting on portfolio gains increased the January 1, 2018 ’s recommendation, it was VOTED ratio of accumulated net unrestricted assets to to appoint Martha Bailey, Gordon Dahl, Ellen 2018 expected expenditures to 3.2, up from 3.1 McGrattan, Amanda Pallais, Vasiliki Skreta, for 2017. The Association’s target ratio is 1.5 Aleh Tsyvinsky, and Pierre Yared to initial to 2.5, established by the Executive Committee three-year terms on the Board of Editors of the in 2009. The Association’s net unrestricted AER ending in April 2021, and to re-appoint assets on December 31, 2017 were $41.4 mil- Steve Callandar, Arvind Krishnamurthy, and lion. Total assets on December 31, 2017 were Fabrizio Perri to third and final three-year terms $45.1 million, of which $42.4 million consisted on the Board of Editors ending in March 2021. of cash and financial investments, $2.4 million Acting on Alexandre Mas’ recommendation, it were accounts receivable, and $0.3 million were was VOTED to appoint Seema Jayachandran to prepaid expenses, furniture, and equipment. an initial three-year term as Coeditor of AEJ: Liabilities were $3.6 million, of which $1.9 mil- Applied Economics and to appoint Damon lion consisted of pre-paid membership dues and Clark and Jonah Rockoff to initial three-year subscriptions, $1.1 million was deferred annual terms on the Board of Editors ending in April meeting revenue and $0.6 million was accounts 2021. Acting on Shapiro’s recommendation, payable. The Association also held $0.2 million it was VOTED to re-appoint John Friedman to of temporarily restricted assets. a second three-year term as Coeditor of AEJ: Rousseau presented a financial outlook for Economic Policy starting in June 2018 and the years 2018 through 2022 that projected an ending in May 2021, to re-appoint Kate Ho to annual operating deficit of $3.4 million by 2022 a second three-year term as Coeditor starting under current revenue and expenditure patterns, in July 2018 and ending in June 2021, and to although projected annual net losses were $1.55 appoint Lise Versterlund to an initial three-year million under an assumed 5 percent return on term on the Board of Editors starting in January portfolio holdings. He reported that the Budget 2019 and ending in December 2021. Acting and Finance Committee was considering several on Johannes Hörner’s recommendation, it was measures for raising revenues, including increases VOTED to appoint Alessandro Bonatti to an ini- in institutional subscription rates and modest tial three-year term on the Board of Editors of increases in member dues, journal submission AEJ: ending in April 2021. fees, and registration fees for the annual meeting. After some discussion, the Executive Committee AEJ Best Paper Prizes for 2018 Rousseau .— concurred with raising member dues by $2 start- On behalf of the respective editorial( boards,) ing in 2019, and encouraged the Budget and Rousseau announced the winners of the seventh Finance Committee to implement other measures annual AEJ best paper prizes: Conrad Miller for to raise revenues when the analysis was complete. “ The Persistent Effect of Temporary Affirmative Action” AEJ: Applied Economics, July 2017 , Report of the Audit Committee Campbell .— Hoynes, (Doug Miller, and David Simon for) The Audit Committee Campbell( Chair) , “Income, the Earned Income Tax Credit, Nicholas Bloom, and Stevenson( met with[ the] and Infant Health” AEJ: Economic Policy, Association’s auditors, Cherry )Bekaert LLP, February 2015 , Rachel( Ngai and Barbara by teleconference on March 19, 2018. The Petrongolo for )“Gender Gaps and the Rise of Committee concluded there were no material the Service Economy” AEJ: Macroeconomics, difficulties with the Association’s accounting October 2017 , and Alessandro( Lizzeri and procedures or financial controls. The auditors Leeat Yariv for) “Collective Self Control” AEJ: reported a clean audit to the Committee. Acting Microeconomics, August 2017 . ( on the recommendation of the Committee, it was ) VOTED to accept the audit for 2017. AEA Statement on the Principles of Economic Measurement Rousseau .—On behalf of the Report of the Advisory Committee on Committee on( Economic) Statistics and the Editorial Appointments Hoynes .—Hoynes Committee on Government Relations, Rousseau ( ) VOL. 109 MINUTES OF THE MEETING OF THE EXECUTIVE COMMITTEE 597 presented a revised statement on “Principles Benjamin Edelman, and Matthew Shapiro was of Economic Measurement” that incorporated formed in October 2017 to advise the Executive) comments provided on an earlier draft at the Committee on whether the AEA should adopt a January meeting of the Executive Committee. code of professional conduct for its members. He explained that the statement would be The Ad Hoc Committee presented materials to directed at influential Executive Branch and the Executive Committee on January 4, 2018, Congressional staff who might not have a pro- and after some discussion, developed an interim fessional understanding of federal economic report and draft Code on January 6, which were statistics, and requested endorsement of the then circulated to the AEA membership on statement by the AEA. After some discussion January 16 with an invitation to submit com- it was VOTED to endorse the statement, which ments by March 15. Campbell reported that the included three concrete examples of the impor- Committee had made several revisions to the tance and challenges of economic measurement. Code in response to thoughtful and constructive comments submitted by the membership, and Report on 2019 Annual Meeting requested that the Executive Committee consider Bernanke .—Bernanke announced that the voting to adopt the Code as revised. He stressed 19-member( ) program committee, including 11 that many AEA members supported the decision women, had received 412 complete session of the Ad Hoc Committee to write a relatively submissions and 1,342 individual paper sub- brief code stating broad principles rather than missions for the 2019 annual meeting. He noted detailed legislation intended to cover the full that David Autor would deliver the Ely Lecture, range of ethical issues that economists may face. Susan Athey would be the AEA AFA lun- He also noted that member comments reflected a cheon speaker, and Daniel Kahneman,/ Nicholas strong desire to see that the AEA ensure that the Barberis, and Stefano DellaVigna would be fea- Code brings about genuine improvements and tured speakers at the Nobel luncheon in honor an expectation that the recommendations made of Richard Thaler. Bernanke thanked the staff in the interim report would receive appropriate at the Association’s Nashville headquarters for action. After some discussion, it was VOTED their support. to adopt the revised AEA Code of Professional Conduct, which states that Report of the LGBTQ Working Group Rousseau .—Rousseau reported on behalf of The American Economic Association holds the( working) group, and called attention to the that principles of professional conduct should group’s recent and well-received newsletter. He guide economists in academia, government, noted that the group had held a working lunch nonprofit organizations, and the private sector. with approximately 60 persons attending, a The AEA’s founding purpose of “the encour- “pink paper” session for research on topics agement of economic research” requires intel- related to LGBTQ topics, and an off-site cock- lectual and professional integrity. Integrity demands honesty, care, and transparency in tail gathering at the 2018 AEA meetings. The conducting and presenting research; disinter- working group will continue these activities in ested assessment of ideas; acknowledgment of 2019, but would like to move the cocktail gather- limits of expertise; and disclosure of real and ing to the headquarters hotel. It was agreed that perceived conflicts of interest. the Association should facilitate this move. The The AEA encourages the “perfect freedom working group also expressed interest in setting of economic discussion.” This goal requires an up a mentoring program for LGBT economists environment where all can freely participate that might involve 5–10 early career economists and where each idea is considered on its own and 2–4 mentors, and the Executive Committee merits. Economists have a professional obliga- encouraged the group to develop a proposal for tion to conduct civil and respectful discourse in all forums, including those that allow confiden- such a program. tial or anonymous participation. The AEA seeks to create a professional envi- Report of the Ad Hoc Committee to Consider ronment with equal opportunity and fair treat- a Code of Professional Conduct Campbell .— ment for all economists, regardless of age, sex, Campbell noted that the Ad Hoc( Committee) gender identity and expression, race, ethnicity,­ consisting also of Bertrand, Pascaline Dupas, national origin, religion, sexual orientation, ( 598 AEA PAPERS AND PROCEEDINGS MAY 2019

disability, health condition, marital status, about whether users could participate with anon- parental status, genetic information, politi- ymous handles, and Rousseau confirmed that the cal affiliation, professional status, or personal development team was working on this. There connections. were also concerns about how the forum could Economists have both an individual respon- generate enough activity to succeed, perhaps sibility for their own conduct, and a collective through seeding of discussions started by prom- responsibility to promote professional con- duct. These responsibilities include developing inent economists. It was agreed that Rousseau institutional arrangements and a professional would inform the Executive Committee when environment that promote free expression the forum was ready to launch and provide links concerning economics. These responsibili- so that members and their colleagues or gradu- ties also include supporting participation and ate students could begin discussions before the advancement in the economics profession by site goes live. individuals from all backgrounds, including particularly those that have been historically Report of the Ad Hoc Committee on underrepresented. the Professional Climate in Economics The AEA strives to promote these principles Bertrand .—Bertrand reported that the Ad through its activities. Hoc( Committee) consisting also of Amanda Bayer, David Deming,( and Shelly Lundberg Campbell reported that the Committee does not was formed in January 2018 and charged with) wish to revise any of the recommendations made implementing the various proposals made by in its interim report, and recommends that the the Ad Hoc Committee to Consider a Code of AEA seriously consider them. He noted that the Professional Conduct in its January 4, 2018 Association had already appointed two new ad interim report, with a particular focus on the hoc committees, one to consider professional issues faced by women and members from climate, and the other to consider the career underrepresented minorities, and to consider concerns of economists, and that the Executive additional ideas to improve the professional Committee had also decided to create a new climate for these groups. Bertrand reviewed the website with information about the job market. Committee’s recommendations: 1 that the AEA He emphasized that the Ad Hoc Committee sup- conduct a professional climate survey) to assess ports these efforts, and recommended that the the status quo in the profession, and repeat this Association create at least one standing com- survey at regular intervals to monitor changes mittee to address issues related to professional over time; 2 that the AEA makes a reporting conduct and to advance the AEA’s efforts to platform, such) as Callisto, available to its mem- improve the profession, and that this committee bers that allows victims of sexual harassment to should periodically assess whether the Code of file a time-stamped report that can be linked to Professional Conduct is serving its purpose or a directory to identify the offender; 3 that the needs to be revised. AEA develop and disseminate best practices) for reducing bias in economists’ professional con- Update on Job Market Information Website duct including incentives, nudges, requirements, and Online Discussion Forum Rousseau .— or procedures to ensure take-up across individ- Rousseau reported that development( of a mes) - uals, departments, and organizations throughout sage board for reliable job market information the profession; 4 that the AEA establish a new was underway, and that the Association would Standing Committee) on Equity, Diversity, and seek the participation of economics departments Professional Conduct to implement and over- and their administrators in posting job infor- see the initiatives recommended in this report, mation along with updates at various milestone which should include representatives from dates such as when interviews are scheduled, the Committee on the Status of Women in the invitations for campus visits issued, lists of cam- Economics Profession, the Committee on the pus invitees, and when offers are extended and Status of Minority Groups in the Economics accepted. He also discussed plans for launching Profession, the Working Group for LGBTQ an online discussion forum for authenticated Economists, the Committee on Economic members and non-members to discuss topics Education, and the Executive Committee; 5 that of interest to economists. There was discussion the AEA further investigates the feasibility,­ ) VOL. 109 MINUTES OF THE MEETING OF THE EXECUTIVE COMMITTEE 599 design and expected effectiveness of creating a Report of the Ad Hoc Committee on Certified formal complaint process for issues concerning Random Ordering Ray .—Ray reported that discrimination, with sanctions imposed by the the Ad Hoc Committee( ) consisting also of AEA for violators; and 6 that the AEA further Goldberg, Matthew Shapiro,( and Yariv was investigates the possibility) of creating an ombud- formed in January 2018 and charged with )devel- sperson position for issues related to discrim- oping a proposal for implementing an option for ination and harassment. Following discussion the random-ordering of author names in articles of the recommended initiatives, it was VOTED published in the Association’s journals. The to establish a Standing Committee on Equity, proposal includes that: 1 every journal of the Diversity, and Professional Conduct to imple- American Economic Association) will permit ment and oversee administration of a climate the publication of papers with a random order- survey and to consider further how the other Ad ing of coauthors, and that a dedicated symbol, Hoc Committee’s recommendations could be to be used between author names, will appear implemented. This would include, in particular, in the title, the running head, all tables of con- discussions with the appropriate vendors about tents, and the suggested bibliographic citation; how a reporting platform could be made avail- 2 each journal webpage will carry a statement able to members, and efforts to gain a firm under- that) the symbol indicates that the names appear standing of risks related to various forms that a in uniform random order; 3 no journal will formal complaint process could take. need to monitor or otherwise) “guarantee” the randomization, though it can carry out the ran- Report of the Ad Hoc Committee on domization if the authors so wish; 4 whether Economists’ Career Concerns Hamermesh .— authors choose to randomize or not is, )of course, Hamermesh reported that the Ad( Hoc Committee) left entirely to them; 5 the journal style sheet consisting also of Friedberg, Donna Ginther, will specify rules about) how the symbol will be and( Wunnava was formed in January 2018 and used; and 6 that the AEA commits to revisit charged with )designing a survey to elicit infor- and re-examine) the question of random order if mation about: 1 members’ demographics and there is sizable take-up of the new convention academic pedigrees;) 2 their career trajectories, in the next few years. The final point is meant including positions held,) publications, salaries to address any possible externality or potential received, and professional income obtained out- for manipulation that the process may generate. side the main job; 3 the extent to which their A discussion followed in which some members institutions provide support) for their research; expressed concerns about how and when in a 4 their attitudes toward the profession; 5 their project’s life the randomization would occur, political) behavior and use of social media;) the transition costs that might be imposed on and 6 suggestions about what the Association authors not conforming to random ordering, and could )do to make the profession more open. the possibility of manipulation by authors, while Hamermesh noted that information on educa- others expanded upon the merits of random tional background, as well as past and current ordering. It was decided to defer a vote on the positions held, would be supplied by choosing proposal until a revised version could address a group from a list of institutions, and that any these questions. requested monetary information, such as sala- ries and other professional earnings, would also Report of the Data Editor Vilhuber .— be supplied by choosing among wide-bracketed Vilhuber reported that the goal of the( Data Editor) amounts. He stressed that the committee would is to improve transparency for data and code provide a detailed design, including items for for all articles submitted to the AEA journals the pull-down menus, but that the Association in regards to accessibility and reproducibility, would need to take financial and administra- and recommended that as part of the initiative tive responsibility for implementing the survey. the AEA would be separating information about After reviewing a draft version, the Executive data “metadata” from the actual data and code, Committee expressed appreciation for the setting( minimum) standards for metadata, and Ad Hoc Committee’s efforts and asked that it reaching a norm where data and code are pres- ­consider several modifications before­submitting ent in a trusted, reliable, non-AEA repository at a finalized member survey for approval by email. the time of submission. Under this arrangement, 600 AEA PAPERS AND PROCEEDINGS MAY 2019 authors would share information about location record of 13,465 in 2017. The 2016 meeting in and access, but would not need to transfer the San Francisco drew 13,335 registrants, and the actual data and code. Vilhuber noted that imple- previous Philadelphia meeting in 2014 drew mentation would require strong support in the 12,218. Fifty-eight other societies met with the form of tools and guidance for researchers and Association in 2018, 526 scholarly sessions prospective authors, both directly and through were organized, and 240 “events” lunches, outreach efforts in the profession. In pursuit of receptions, committee meetings, breakfasts,( these ends, Vilhuber reported on plans to cir- workshops, etc. were scheduled. culate among editors a proposed new data and The Association’s) tenth Continuing Education code availability policy by June 2018, to pilot Program was held immediately after the 2018 active pre-publication code verification with annual meetings. The goal is to help mid-ca- 2–3 journals and or selected coeditors starting reer economists maintain their research skills. It August 2018, and/ to develop standards, tools, is aimed at faculty teaching at liberal arts col- and guidance to support the new policy in the leges and regional state universities who earned Fall of 2018. The new data and code availabil- PhDs 15 or more years ago, but there has been ity policy would then be announced in January increasing participation in recent years of newer 2019 and become effective for new submissions faculty at these institutions and of government in March 2019. Migration of historical “data economists. Each of the three simultaneous pro- supplements” into a trusted repository would grams included 12 hours of lectures by a team of begin at that time, although a decision about two economists. Topics for 2018 were “DSGE the relevant data archive had not yet been made. Models and the Role of Finance” Lawrence There was discussion about several aspects of Christiano and Thomas Philippon , (“Machine the report, including when the appropriate time Learning and ” Susan) Athey and would be in the publication process for the jour- , and “Matching( Market Design” nals to require data and code and whether there Atila Abdulkadiroglu,) Nikhil Agarwal, and would be licensing concerns to be addressed Parag( Pathak . There were 267 participants in for these materials. The Executive Committee total, up from) 251 in 2017 and 177 in 2016. The encouraged Vilhuber to continue with designing lectures were recorded and are publicly avail- and implementing policies to improve access to able on the AEA website. data for research appearing in the AEA journals. Following the vote at the January 2017 meet- ing of the Executive Committee to separate the Report of the Secretary Rousseau .— AER: P&P from the AER and change its name Rousseau reviewed the schedule( for sites )and to AEA Papers and Proceedings, a new jacket dates of future meetings: Atlanta, January 4–6, has been approved and the journal will be dis- 2019 Friday, Saturday, and Sunday ; San tributed next month in lieu of the May issue of Diego,( January 3–5, 2020 Friday, Saturday,) and the AER. The new P&P will continue the vol- Sunday ; Chicago, January( 3–5, 2021 Sunday, ume sequence, given its long tradition, but not to Monday,) and Tuesday ; , January( 7–9, include an issue number. The April AER will then 2022 Friday, Saturday,) and Sunday ; New be labeled as issue 4-5 to avoid the bibliographic, Orleans,( January 6–8, 2023 Friday, Saturday,) library, and vendor confusion that would result and Sunday ; San Antonio, January( 5–7, 2024 from omitting an issue number and having later Friday, Saturday,) Sunday ; San Francisco, monthly issues out of sequence with the months January( 3–5, 2025 Friday,) Saturday, and of the year. The new P&P journal will have its Sunday ; and Philadelphia,( January 3–5, 2026 own ISSN and be listed as a separate journal on Saturday,) Sunday, and Monday . He noted all of the AEA’s host platforms, and treated as a that( negotiations with Washington,) DC, autho- separate entity going forward in terms of Web of rized at the previous meeting of the Executive Science and other impact trackers. Committee, were proceeding as planned for Rousseau reported that the development team the 2027 annual meeting, and that most of the has designed systems for an online job wiki and meeting could be contained in the downtown discussion board as proposed at the January EC area. meeting, and is preparing to have these systems The 2018 meeting in Philadelphia drew ready for use at the start of the 2018–2019 job 13,457 registrants, about the same as Chicago’s market cycle. It is also working with researchers­ VOL. 109 MINUTES OF THE MEETING OF THE EXECUTIVE COMMITTEE 601 to provide data on the job market signaling sys- Academy of Management Perspective, and tem to track its possible effects on the career Economic Journal. Lawrence Blume disclosed a progress of young economists. He noted that the potential conflict of interest as an associate edi- web editorial team has also focused on ramp- tor of Science Advances. John Y. Campbell iden- ing up the social media program on Twitter and tified a potential conflict of interest as Advisory Facebook, outreach to journalists to build rela- Editor positions with the Journal of Financial tionships, development of a subscription model Economics, Journal of Financial Econometrics, in the form of a “Research Highlights” Digest, and Journal of Money, Credit, and Banking. and the creation of a teaching tool for educators. David Donaldson identified a potential conflict Rousseau also noted that there has been steady of interest as a member of the editorial boards of growth in audience and engagement for the the Quarterly Journal of Economics and Journal AEA’s web products and initiatives. of International Economics. Steven Durlauf identified a potential conflict of interest via a Survey of JOE Network Users and Planned book contract with Oxford University Press, System Enhancements Rousseau .—Rousseau and a contract as general editor for an Oxford summarized responses to( a survey) conducted in University Press book series. Simon Gilchrist early 2018 among users of the JOE Network. He reported a potential conflict of interest regard- remarked that the system continued to perform ing a contract to write a paper for the annual well in its fourth year, with most employers, conference of the Chilean Central Bank and as ­letter-writers, and candidates finding the system an adviser to the International Monetary Fund. easy to use, but that many institutions continue Penny Goldberg identified a potential conflict of to require their economics departments to use interest as a member of the Executive Committee university-wide systems to process reference of the . Adriana Lleras- letters while others continue to receive them by Muney identified as potential conflicts of inter- email or regular mail. est her appointments to the board of editors of Demography, as associate editor of the Journal Conflict of Interest Policy.—The Association’s of Health Economics, as a member of the board Conflict of Interest Policy requires that the of editors of Economic Policy, and the Social Minutes of the Executive Committee record the Sciences and Population Studies Section of the names of persons who have an actual or poten- National Institutes of Health. Alex Mas identi- tial financial or positional conflict of interest, fied a potential conflict of interest as a program the nature of the interest, action taken to decide director of the National Bureau of Economic whether a conflict exists, and the final deci- Research. identified a poten- sion as to whether there is an actual conflict of tial conflict of interest as a member of CBO’s interest. The Association’s Budget and Finance Panel of Economic Advisers, the BLS Technical Committee reviews potential conflicts of interest Advisory Committee, and as a senior scholar to determine whether an actual conflict exists. at the Chazen Institute at Columbia University. In 2017 Ben Bernanke disclosed a poten- Ben Olken identified a potential conflict of inter- tial conflict of interest as an outside adviser to est as a Director of J-PAL, which has contracts PIMCO. Nicholas Bloom identified a poten- with the American Economic Association, as tial conflict of interest as a consultant to the a Board member of BREAD, and as Associate Toulouse Network of Information Technology, Editor of the Review of Economics and Statistics Atlanta’s Federal Reserve Bank, the Inter- and the Journal of Development Economics. American Development Bank, the Asian Giorgio Primiceri disclosed a potential conflict Development Bank, the World Bank, the of interest as a consultant to the Federal Reserve International Monetary Fund, the European Bank of Chicago and the European Central Central Bank, the Kauffman Foundation, and Bank. Al Roth identified a potential conflict of Claremont College, and as an employee of interest via membership on the Council of the Lexbridge Associates. He also disclosed a Econometric Society. Peter Rousseau reported a potential conflict of interest with the National potential conflict as a member of the editorial Bureau of Economic Research as a program boards of Explorations in Economic History, the co-director, and via editorial positions with the Journal of Productivity Analysis, and as Chair Quarterly Journal of Economics, , of the AEA Budget and Finance Committee. 602 AEA PAPERS AND PROCEEDINGS MAY 2019

Matthew Shapiro reported a potential conflict Terry Calvani reported a potential conflict of interest as Chair of the Federal Economic of interest via the possibility that his law firm Statistics Advisory Committee, as a member might provide paid services representing the of the Academic Advisory Panel of the Federal AEA under certain circumstances. Gwyn Loftis Reserve Bank of Chicago, and as a participant and Barbara Fiser reported a potential conflict in a research project with the Vanguard Group, in terms of children working temporarily for the Inc. Robert Shiller reported a potential conflict Allied Social Science Associations at the annual of interest involving a consulting arrangement ASSA convention. with Barclays Bank PLC, as a member of the After reviewing the potential conflicts and Competitive Markets Advisory Council of CME mechanisms to avoid actual conflicts e.g., Group, via a contract with the New York Times Rousseau does not participate in Budget( and for newspaper columns, and through Standard Finance Committee decisions on economists’ and Poor’s publication of the Case-Shiller raises , the Budget and Finance Committee con- Index. Betsey Stevenson reported a poten- cluded) that there were no actual conflicts. tial conflict of interest as a Research Advisory There being no further business, it was Board Member for the Committee on Economic VOTED to adjourn at 4:38 pm. Development, and as a member of the editorial board of the International Journal of Happiness Respectfully submitted, and Development. Peter L. Rousseau, Secretary