THE MINORITY REPORT The annual news of the AEA’s Committee on the Status of Minority Groups in the Economics Profession, the National Economic Association, and the American Society of Hispanic Economists Issue 6, Winter 2014 Recent Trends in Wealth of Minority Groups in the United States: Evidence from the Survey of Consumer Finances By Jeffrey Thompson, Board of Governors of the Federal Reserve System, and Gustavo Suarez, Board of Governors of the Federal Reserve System1 Income is the most frequently used measure for Federal Reserve System every third year starting in 1989, provides valuable information to understand recent trends achieving economic equality. Income is commonly used toevaluating calculate household poverty indicators, well-being is andthe foundationprogress toward of United States.2 The SCF is unique because it offers detailed most household consumption, and is the primary basis informationin the evolution on of household finances and wealth in the household assets and debts and representingfor eligibility resourcesfor social programs. that can be However, used, for wealth example, is to also because it is startalso an a business, important provide measure income of household during retirement, well-being, or representative of serve as a bequest for offspring, all of which are highly Thehouseholds SCF provides with measurerelated with of the opportunities economic progress for economic made advancement.by minority reliablehigh net information worth. Researchers are increasingly looking at wealth as a both on attributes that are broadly distributed in the groups (Pew, 2011; Shapiro, Meschede, and Osoro, 2013; are concentrated in a relatively small segment of the and Masterson, Zacharias, and Wolff, 2009). population (such as homeownership) and on3 those that survey conducted by the Board of Governors of the The Survey of Consumer Finances (SCF), a household population (such as closely held businesses). Continued on page 6 CONTENTS Recent Trends in Wealth of PROFILES IN ECONOMICS Economic Jobs Beyond Minority Groups in the U.S. ....1 Margaret Simms: Blazing an Academia ..............................17 Exceptional Career .................10 About this Newsletter..............2 APPAM Conference................19 William Spriggs: No Economy without Equality ....................12 Announcements ....................20 CSMGEP Pipeline Programs .....3 Cecilia Conrad: Economics as a Selected Conference Dr. Andrew F. Brimmer ...........4 Keystone ...............................14 Sessions ................................22 American Society of Hispanic Economists American The Minority AS Society of AlliedASHE, Socialestablished Science in Association.2002, is one Advancing Minority Representation in Economics Hispanic Itof isthe a professionalaffiliated members association of the of HE Economists R eport Hispaniceconomists Americans who are inconcerned the economics profession at a time with the under-representation of when Hispanics represent 16 percent of the U.S. population. The Minority Report, 1. Promoting the vitality of Hispanics in the economics a joint publication of the American Economic Its primary goals include: Welcome to the latest issue of 2. Promoting rigorous research on economic and policy issuesprofession affecting through U.S. education,Hispanic communities service, and andexcellence; that Association’s Committee on the Status of Minority Groups in the Economics Profession (CSMGEP), Reportthe 3. Engaging more Hispanic Americans to effectively American Society of Hispanic Economists (ASHE), and participatenation as a whole;in the economics and profession. the National Economic Association (NEA). This www.asheweb.net increaseshowcases the the representation people, programs, and presence research, of and minorities other [email protected] inactivities the economics of the three profession. groups, which work together to ASHE Officers - 2013 AEA`s Committee on the Status of Minority David J. Molina Catalina Amuedo-Dorantes Groups in the Economics Profession State University (President), University of North Texas Marie T. Mora (President-elect) San Diego American (Past President), University of Texas-Pan representationCSMGEP was established of minorities by thein the American economics Economic profession, Sue K. Stockly Association (AEA) over 40 years ago to increase the primarily by broadening opportunities for (Treasurer), Eastern New Mexico University the training of underrepresented minorities. National Economic Association It has been operating under its current name The NEA was founded in comprisedsince 1974, of when economists it became from a full, all areasfree- of the Economists to promote standing AEA Committee. CSMGEP, which is the1969 professional as the Caucus lives of of Black theprofession, AEA , makes also worksan annual to ensure report that to the issues AEA related on the toactivities the profession. Through its representation of minorities are considered in the work of journal,minorities The within Review the of Black Political Economy, and its annual the economics profession, and engages in other efforts to meeting/sessions, the organization produces and distributes promoteof the Committee the advancement as well as of on minorities the status in of the minorities economics in profession. to native and immigrant African Americans, Latinos, and otherknowledge people of of economic color. issues that are of exceptional interest www.aeaweb.org/committees/CSMGEP [email protected] www.neaecon.org CSMGEP Members - 2013 NEA Officers - 2013 Cecilia Rouse Warren Whatley Gary Hoover Trevon Logan (President), (Immediate University Past of Michigan President Gustavo Suarez, (CoChair), Federal ReservePrinceton Board University Jessica Gordon Nembhard (CoChair), University of Alabama (President-Elect), The Ohio State University Lisa Saunders ), , University of Illinois Romie Tribble, Jr. Donald Fullerton John Jay College, City University of New York , University, University of ofMassachusetts, California, Berkeley Amherst Hazel Robinson Rucker Johnson (Secretary), Spelman College Fernando Lozano, Pomona College (Treasurer), Howard University Francisca Antman, University of Colorado at Boulder The Minority Report Newsletter Trevon Logan Dawn’s Desktop Marie T. Mora Senior Co-Editors: Cecilia Rouse and Gary Hoover , The Ohio State University Questions about The Minority Report may be addressed to Design/Editing: , University of Texas-Pan American Cecilia Rouse, [email protected] 2 The Minority Report CSMGEP Pipeline Programs CSMGEP currently sponsors training and mentorship programs for students at different stages of their education as well as “newly minted” PhDs. The Summer Training Program AEA Economics Mentoring Program Summer Economics Fellows Program Sponsored by the American Association established the AEA Economic Association and the SummerIn 1974, theTraining American Program Economic to ProgramIn the mid-1990s, for students CSMGEP accepted National Science Foundation, prepare talented undergraduates orcreated enrolled an Economics in a Ph.D. program Mentoring for doctoral programs in in economics. Since then the Program is designed to increase economics and related disciplines, program has expanded to include the participationSummer Economics and advancement Fellows by offering a unique opportunity for students to gain technical skills in economics and conduct new doctorates as well. In many spendof women a summer and underrepresented in residence at a independent research. The throughcases, students the critical are matchedjunctures with of sponsoringminorities in research economics. institution, Fellows Program provides courses in theira mentor graduate who seesprogram the student (including such as a Federal Reserve Bank economic theory, mathematics, and or other public agency. Summer seminars intended to acquaint the transition from course work available to senior graduate econometrics as well as research mentorsto research) also or provide the early advice stages about of studentseconomics and fellowships junior faculty. are concepts and issues. This Program thetheir job post-graduate market, and opencareer. their The Applications are due by February students with key economic 15. For more information, go regardless of race, ethnicity, or securing a job in the economics to is open to all qualified students, networks to assist the students in goal is to help students successfully http://www.aeaweb.org/ andgender. permanent The Minority residents, Fellowships completeprofession their when Ph.D. possible. programs The and committees/CSMGEP/pipeline/ are open to qualified U.S. citizens secure academic and professional summerfellows/ are members of historically jobs in the economics discipline. disadvantagedwith preference racial for those or ethnic who minority groups and advance Program also hosts an annual the diversity of the Economics The Economics Mentoring profession. Application and participants and their mentors are nomination information for this Pipeline Conference to which all program can be found at held each year at the site of the healthpolicy.unm.edu/events/ AEAinvited. Summer The conference, Training Program, which is aeasummer12, or throughhttp:// email facilitates contacts among minority at [email protected]. For more students in different schools and at information, please contact the different stages in the pipeline. For Program Director, Gabriel Sanchez more information about joining at [email protected]. and supporting the AEA Economics [email protected]