NEWSLETTER Wellesley College Department of Economics June 2016 Dear Alumnae, Graduating Seniors, Former an “employee” in the “gig” economy, and Faculty, and Friends of Economics at examined how public policy also needs to Wellesley: evolve to keep pace with these changes. We are wrapping up another excellent We were also delighted to host the academic year in the Wellesley Economics Calderwood lecture in the Spring, made Department. It was a year marked by strong possible by a generous gift from Stanford enrollments in a rigorous and diverse set of Calderwood. This year’s lecture was entitled Economics classes, interesting research by “Intellectual Property Rights and both faculty and students, and a fantastic Innovation,” and was given by Professor line-up of speakers giving well-attended Heidi Williams (MIT). The talk was drawn public lectures. from her work on how rules around intellectual property (drug patents, for This year was the 23rd Annual Goldman example) may affect the quality of Lecture, supported by a generous gift from innovations in medical care; her work has Marshall Goldman and family. Before I important implications for cancer research, describe that lecture, I want to point out that among other topics. Professor Williams is a last year’s Goldman Lecture was given by 2015 MacArthur “genius” grant recipient, Professor Angus Deaton (Princeton and she also has the very good sense to be University), who, just about a year after his married to Professor Dan Fetter in talk at Wellesley, was awarded the 2015 Wellesley’s Economics Department. (I Nobel Prize in Economics1. (I’m trying to think we should feel free to add this start the rumor that there is a causal link.) information to further the rumor that speaking at Wellesley is causally related to This year’s Goldman lecture was given by winning really important prizes, even Professor Alan Krueger (Princeton though, technically, the prize came before University), who, in addition to his the lecture in this case). influential body of research, has held important policy positions including Chair Our students’ accomplishments are too of the President’s Council of Economic numerous to mention, but I will highlight a Advisors (2011-2013), and Assistant few in the area of academic Economics. Ten Secretary for Economic Policy and Chief students wrote honors theses in Economics Economist of the U.S. Department of the this year. Two of these, Hannah Ruebeck Treasury (2009-2010). Professor Krueger’s and Amy Wickett, won Schiff fellowships -- talk was “Work in the Sharing Economy;” competitive fellowships across the College - he focused on the evolving notion of who is - to support their research. Amy and Hannah are going to work as full-time 1 Technically, the “Sveriges Riksbank Prize research assistants for economists at in Economic Sciences in Memory of Alfred Princeton and Harvard, respectively. Our Nobel.” students continue to do well in the increasingly competitive world of Economic Journalism course. Joe Joyce has Economics PhD programs; Sharon Shiao been named the M. Margaret Ball Chair in (W’16), YeJi Kee (W’13) and Sookyo Jeong International Relations. He is stepping down (W ’14) will all be starting the program at from leading the Albright Institute, having Stanford. Helen Willis (W’14) will be created a program that will leave a lasting starting the PhD program at Berkeley. Emily legacy at Wellesley. Ann Velenchik and Sue Cuddy (W’12) is in the PhD program at Skeath have a soon-to-be released Princeton and is the recipient of a 2016 intermediate micro textbook. Ann is National Science Foundation graduate balancing this work with being Dean of fellowship. I am also delighted to note that Academic Affairs. Akila Weerapana is Former Economics Majors (FEMs) continue heading the PLTC and has injected some to come out the other end of PhD programs much-needed, and highly-valued, rigorous to do interesting things. Small liberal arts data analysis into College-wide discussions colleges are benefiting from our alumnae: of the shadow grading policy, potential Tammy McGavock (W’08) is finishing her changes to the schedule and the like. Phil PhD at Cornell and will begin a tenure-track Levine continues to help make Wellesley a position at Grinnell in the Fall. Emily leader in national discussions of college Conover (W’98) received tenure at affordability with his My inTuition program. Hamilton College. Research universities Casey Rothschild heads the Social Science (especially in Texas!) are getting a share Summer Research Program for the College too: Elaine Liu (W’03) is an associate and the Department’s new Case Summer professor at the University of Houston, Elira Fellows program – both programs aim to Kuka (W’09) is an assistant professor at involve students in faculty research during SMU, Nitya Nayar (W’07) will be starting a the summer months. Dan Sichel, after years faculty position at UT-Austin. The “new of experience at the Federal Reserve, has economy” is also getting some of our FEMs quickly become a go-to faculty member for with Mahnaz Islam (W’07) and Iuliana College leadership on finance and budget Pascu (W’07) joining Amazon and Twitter, issues. Courtney Coile is the director of the respectively, after finishing their PhDs at Knapp Social Science Center, providing Harvard and MIT, respectively. And really, I leadership for social science initiatives on could go on! Perhaps I will: Olga Shurchkov campus, and Patrick McEwan is the new (W’01) received tenure at Wellesley director of the Latin American Studies College! program. And, of course, our faculty members continue to maintain a rich and There is news on the faculty front as well. diverse research program. I will highlight a We are saying good-bye this year to Brett few of the new projects and those recently Danaher, who will be joining the faculty at making their way through the publication Chapman University, and Eunice Han who process: Baafra Abeberese presented will be joining the faculty at the University exciting work-in-progress in the Department of Utah. I thank them both for their work “brown bag” series, “Formal Sector here at Wellesley and wish them well in Incentives and the Formalization of Firms.” their new positions! Faculty at Wellesley Dan Fetter has a fascinating new paper: continue to balance teaching, research, and “Government Old-Age Support and Labor service in ways that make me very proud to Supply: Evidence from the Old Age be their colleague. Please see the individual Assistance Program.” Eric Hilt has a paper faculty entries for more details, but I will (Lily Zhou (W’11) is one of the co-authors) highlight a few accomplishments here. forthcoming in the Journal of Political David Lindauer has spearheaded curricular Economy: “Economic Effects of Runs on innovation with the Calderwood Seminars in Early ‘Shadow Banks’: Trust Companies Public Writing, a suite of courses across and the Impact of the Panic of 1907.” Robin departments that is modeled after his McKnight has a paper forthcoming in the American Economic Journal: Economic P.S. Late breaking news! At commencement Policy, “Controlling Health Care Costs this year, Casey Rothschild was announced Through Limited Network Insurance Plans: as one of this year’s Pinanski Teaching Prize Evidence from Massachusetts State winners. Congrats, Casey! Employees.” Pinar Keskin and Kartini Shastry wrote a paper with Helen Willis **************** (W’14) entitled “Water Quality Awareness and Breastfeeding: Evidence of Health The joint Williams/Amherst/Wesleyan/ Behavior Change in Bangladesh” that was Wellesley College cocktail reception at accepted at the Review of Economics and the American Economics Association Statistics. Seth Neumuller published “Inter- meetings in San Francisco, January 3-5, industry Wage Differentials Revisited: 2016 was well attended, bringing together Wage Volatility and the Option Value of alumnae, former faculty, and current faculty. Mobility” in the Journal of Monetary Next year’s meetings will be held in Economics. And our newest tenure-track in Chicago on January 6-8, 2016. Please faculty member, Kyung Park, has had his follow this link to learn paper the “Impact of Judicial Elections on more about the annual meeting: the Sentencing of Black Crime” accepted by https://www.aeaweb.org/conference/ the Journal of Human Resources, while also *************** launching several exciting new projects with Suzanne K. Barth (W’16), NaYoung Rim This year, the Economics Department’s (W’05), and Kristin F. Butcher (W’86). I Annual Senior Dinner was held on forecast a strong future for Wellesley Thursday, April 28, 2016 in the Alumnae Economics! Hall ballroom with 74 of our 96 majors in attendance. Award winners for 2016 were Finally, Pat Sjostedt – our incomparably announced at the dinner. competent lead administrative assistant in Economics – is retiring at the end of June. Pat has been with the College for over 25 **************** years and has served it with intelligence, humor, and patience (lots!). We will miss 2016 Economics Department her a great deal. The Department will Award Winners continue to be in good hands with Sheila Datz, our other excellent administrative The Wall Street Journal Award: assistant. Taylor Cranor, Hannah Ruebeck, Amy Wickett I hope we see many of you at reunion – our reception will be from 3:30-4:30 on The Peggy Howard Fellowship: Saturday, June 4th in the Pendleton East Tejaswi Velayudhan ‘10 knuckle on the 2nd floor. It is my 30th reunion, so I will be there wearing two hats The Natalie Bolton Faculty Prize in (but both will be purple). Best wishes to all Economics (Best 200-level Paper): for a relaxing and enjoyable summer. Qi (Helen) Jin ’17 and Vickey Ngo ‘17 The Natalie Bolton Faculty Prize in Econometrics: Sincerely, Clio Flikkema ’17, Leigh Hunt ’17 and Kristin F.