Announcements

Professor Miceli Publishes The Paradox of Punishment

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Book Cover: The Paradox of Punishment Reflections on the Economics of Criminal JusticeProfessor Thomas Miceli has published The Paradox of Punishment: Reflections on the Economics of Criminal Justice.

From the publisher:

This book explores the insights that can be gained by looking at the criminal justice system from an economic point of view. It provides an economic analysis of the institutional structure and function of the criminal justice system, how its policies are formulated, and how they affect behavior.

Yet it goes beyond an examination of specific policies to address the broad question of how law influences behavior. For example, it examines how concepts such as the possibility of redemption affect the decisions of repeat offenders, and whether individual responsibility is (or should be) a pre-requisite for punishment. Finally, the book argues that, in addition to the threat of criminal sanctions, law inculcates principles of acceptable behavior among citizens by asserting that certain acts are “against the law.” This “expressive function” of law can influence behavior to the extent that at least some people in society are receptive to such a message. For these people, the moral content of law has more than mere symbolic value, and consequently, it can expand the scope of traditional law enforcement while lowering its cost.

Another goal of the book is therefore to use economic theory to assess this dualistic function of law by specifically recognizing how its policies can both internalize an ethic of obedience to the law among some people irrespective of its consequences, while simultaneously threatening to punish those who only respond to external incentives.

https://www.palgrave.com/us/book/9783030316945#aboutBook

 

UConn-Stamford Team Participates in College Fed Challenge 2019

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This year, the UConn-Stamford team participated again in the College Fed Challenge competition of the second district of the Federal Reserve System. Thirty teams competed on October 23 at the Federal Reserve Bank of New York. This program is designed to bring real-world economics into the classroom. Teams play the role of monetary policymakers by analyzing economic conditions and recommending a course for monetary policy.

The UConn–Stamford team this year consisted of the following eight students.

Ignacio Gonzalez is a junior pursuing his Economics degree at UCONN-Stamford. This is his second year on the College Fed Challenge team. Through the program he has enhanced his understanding of economic indicators and how they interconnect in signaling the current state of the economy. This past summer he interned for the Treasury department at DZ Bank AG. He was able to use the experience gained in the Fed Challenge program as a base for assets and liabilities management as well as for bond pricing.

Viviana Castillo is currently a senior majoring in Economics. In addition to her studies, she works for People’s United Bank as a relationship administrator in their Commercial Real Estate department. Through her job, she has gained knowledge in the real estate lending market in the U.S. and how rates are affected by the current economic conditions. As part of the Women In Leadership program through her job she has been matched with a mentor who is the Chief Risk Officer of the company. With him, she has been able to gain knowledge of the different risk components of the bank. All of this being done while analyzing the risk appetite of the company regarding the current economic conditions and predictions for the future. After graduation, she is hoping to further her career by getting a master’s degree in the risk management field, preferably with a concentration in enterprise risk.

Alexander Giannico is a senior majoring in Economics. He is participating in the 2019 FED Challenge team in order to improve his understanding of macroeconomics, specifically labor economics and unemployment. He is helping run the Chess Club on campus as well as participating in the Debate Club.

George Angel Gonzalez is a senior majoring in Economics. As he will be graduating in the Spring of 2020, he is currently applying to graduate schools to further his education in Economics/Finance. He joined the team last spring after hearing a couple of his classmates discussing the competition in class; and, since, it has been one of the most academically enriching experiences of his undergraduate career. The Fed challenge has brought the lessons learned in class into the real-world application, as well as enhanced the understanding of the innerworkings of the American economy. Comprehending how the Federal Reserve operates and its hand in the economy are lessons that he will take beyond his undergraduate education- whether it be to graduate school or the work force.

Isaiah Montanez is a senior Economics student with a minor in Business Management. He is currently working as a business analyst for a small consulting firm. He chose economics because of the effect that the 2008 recession had on his family’s business. He wanted to better understand how the economy affects people. Now, he assists small businesses on recognizing economic trends to make good decisions and capitalize on them. The Fed Challenge has been the backbone of his studies allowing him to see real world applicability of his degree and has led him into the position he is in today.

You Kim is a junior majoring in Financial Management with a minor Economics. He is currently interning as a business development analyst at RIS Media, a real estate publishing company. Prior to this he interned at IBM as a financial analyst. He is passionate about learning and understanding what is going on with the world and the economy. This competition has taught him a tremendous amount about how to analyze different indicators to measure the overall health of the economy.

At UConn Stamford, students can participate in this program as early as their freshman year. The main criterion is one’s interest in economics, passion for research, and willingness to work in a team. This year, we had two first-year students supporting the team through research, collaboration, and constructive criticism.

Sisi Huang is a first-year student. She is studying within the School of Business and is currently a Digital Marketing and Analytics major and is an active member of the BCLC. Other clubs she is participating in are the Marketing Club and Huskies for Charity. Sisi enjoys the arts as well as sciences other than business. She participated in the FED Challenge team as a researcher this year with hopes to join the presenters’ ranks next year.

Francesca Merentie is another first-year student studying within the School of Business, majoring in Digital Marketing & Analytics. She shadowed the UConn–Stamford FED Challenge team and aided them in their research and presentation preparation. She plans on fully joining the team and compete in the Fall 2020 competition. She plans on using her degree in Digital Marketing & Analytics in being either a market research analyst, a marketing manager, or public relations specialist.

The whole team worked very hard preparing for the competition and developed and defended unconventional approaches to monetary policy implementation. The main learning outcome for students is the development of economic analysis, critical thinking and debate, and oral presentation skills. All of these are highly transferable to their future careers and academic endeavors.

This year, we did not advance to the semi-final round. However, the overall experience of visiting the New York Fed, listening to the presentation of John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, and competing with 30 teams was an amazing experience for students. Good job, UConn–Stamford Team!

Membes of the 2019 NY Fed Challenge Team

Photo: from left to right: Isaiah Montanez, Viviana Castillo, Dr. Smirnova, Angel Gonzalez, Ignacio Gonzalez, Alexander Giannico, and You Kim.

Stamford “Money and Banking” Class Visits the Gold Vault

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On Thursday, October 3, 2019, a group of students from Dr. Smirnova’s “Money and Banking” class at Stamford visited the Federal Reserve Bank of New York. The program included a visit to the Money Museum as well as to the Gold Vault.

In the Museum, students learned about the history of New York Fed, and saw old-time photographs and film footage of how the Fed looked and operated during the first half of the 20th century. The exhibit also includes the original trading board, the money cart that is used to transport currency, and the scale that is used to weigh the gold bars.

The highlight of the trip was the visit to the Gold Vault. Students learned that New York Fed holds many tons of gold bricks belonging to foreign countries. The vault is located on the bedrock of Manhattan, several hundred feet below subway level. The size of the vault is half of the American football field, and it goes on forever if you are standing at the entrance. We were able to see one compartment’s gold very close and almost touch it. The gold bricks are different shapes (trapezoid and rectangle) depending on where the brick was cast.

There was an opportunity to ask questions and discover more nuances about the Fed, about monetary policy implementation, and about the gold. Overall, a lot of learning and discovery occurred during the trip. We thank the Department of Economics for sponsoring it! The picture shows the group in front of the Federal Reserve Bank of New York. Taking pictures inside is prohibited, so we could not take a picture with the gold! 😊

Professors Harmon, Smirnova, and PhD Candidate Conant participate at Conference on Teaching and Research in Economic Education

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Professors Harmon, Smirnova, and PhD Candidate Conant participated in the Ninth Annual AEA Conference on Teaching and Research in Economic Education (CTREE), in St. Louis, Missouri, May 2019.

Professors Oskar Harmon and Natalia Smirnova organized and moderated the panel “The College Fed Challenge: Discussion of Participating in an Existing Competition or Organizing a Competition in your Federal Reserve District”. The panelists were the faculty organizers of the regional Fed Challenge competitions in 4 of the 5 Fed Districts that sponsor a Fed Challenge competition, and the organizer of the finals round at the Fed Board of Governors in Washington DC. The discussion focused on two themes. One was a comparison of the similarities and differences in the structure of the competitions across regions and the effect on team outcomes in the national finals. Second was strategies to the geographic challenges and the difficulties facing the non-eastern states 8 reserve districts, only one of which competes (Chicago) relative to the 4 east coast districts, all of which compete.

Paul Conant and Oskar Harmon presented their paper “Teaching of Sports Economics by Reacting to the Past”. They presented a real-world scenario (RWS) assignment that is an adaptation of the “reacting to the past” teaching style. In this style students learn by taking on roles, informed by articles from the period of the event. They participate in a competitive game using the communication skills of speaking and writing, and analytical skills of critical thinking and problem solving. The specific RWS discussed in this paper will consist of students answering the historical event question: Should college athletes be allowed to unionize? The Case of Northwestern 2014. Students are assigned roles which can force them to combat their preconceived notion about the issue and help students consider different perspectives on the issue. We hope to merge the sociopolitical world with neoclassical economic learning in order to help students understand the nuance of pertinent world issues.

Natalia Smirnova also assumed an active role at the conference. She was a discussant of two papers. One paper presented the use of Excel for teaching students a Health Economics addiction model; and the second paper analyzed the reasons for female students’ attrition from the first Economics course they took and not becoming Economics majors at UC Berkley. Both papers were well received and generated debates among sessions’ participants.

Professor Smirnova extended her stay in St. Louis to explore Team-Based Learning (TBL) techniques. The TBL workshop was sponsored by the NSF Improving Undergraduate STEM Education (IUSE) initiative. Professor Smirnova is encouraged to bring new techniques into her classroom.

Professor Prakash a Fellow at Harvard Kennedy School

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Professor Nishith Prakash has received an appointment as a fellow with the Women and Public Policy Program (WAPPP) at Harvard Kennedy School.

About WAPPP

The Women and Public Policy Program of Harvard Kennedy School closes gender gaps in economic opportunity, political participation, health and education by creating knowledge, training leaders, and informing public policy and organizational practices.

Our research provides evidence-based insights on the role of gender in shaping economic, political, and social opportunities available to individuals. We identify successful interventions and measure their impact on women, men, and society, then share recommendations on what policies, organizational practices, and leadership techniques help close involuntary gaps.

We train today’s leaders and prepare future leaders to create a more gender equal world, while providing women with skills and tools to successfully navigate existing systems. We draw on Harvard University’s unparalleled faculty expertise and its global reach to impact the thinking of those who make decisions across sectors.

No other organization in the world builds on behavioral insights to create evidence-based organizational designs that can promote women’s empowerment, overcome gender bias, and provide equal opportunities for women and men, like the Women and Public Policy Program at Harvard Kennedy School. And no other entity provides assistance to organizations with the goal of consulting, learning and teaching at the same time, benefiting from the talent pool of Harvard faculty, students and fellows.

https://wappp.hks.harvard.edu/about-wappp

 

Economics Faculty Baggio, Lanza, and Zhao Receive Promotions

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Congratulations to Economics faculty members Michele Baggio and Kai (Jackie) Zhao, who have received promotion to tenured Associate Professor, and to Steven Lanza, promoted to Associate Professor in Residence!

The UConn Board of Trustees approved the promotions, effective August 23rd, at the Board meeting on Wednesday, April 24th.

Professor Kao Publishes High Dimensional Econometrics and Identification

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High Dimensional Econometrics and Identification, by Professor Chihwa Kao and co-author Long Liu, will be coming out in May.

From the Publisher:

In many applications of econometrics and economics, a large proportion of the questions of interest are identification. An economist may be interested in uncovering the true signal when the data could be very noisy, such as time-series spurious regression and weak instruments problems, to name a few. In this book, High Dimensional Econometrics and Identification, we illustrate the true signal and, hence, identification can be recovered even with noisy data in high-dimensional data, e.g., large panels. High-dimensional data in econometrics is the rule rather than the exception. One of the tools to analyze large, high-dimensional data is the panel data model.

High Dimensional Econometrics and Identification grew out of research work on the identification and high-dimensional econometrics that we have collaborated on over the years, and it aims to provide an up-to-date presentation of the issues of identification and high-dimensional econometrics, as well as insights into the use of these results in empirical studies. This book is designed for high-level graduate courses in econometrics and statistics, as well as used as a reference for researchers.

Contents:

  • Preface
  • Panel Data Model with Stationary and Nonstationary Regressors and Error Terms
  • Panel Time Trend Model with Stationary and Nonstationary Error Terms
  • Estimation of Change Points in Stationary and Nonstationary Regressors and Error Term
  • Weak Instruments in Panel Data Models
  • Incidental Parameters Problem in Panel Data Models
  • Bibliography
  • Index

Readership: Graduate and researchers in the field of econometrics and economics. 

https://www.worldscientific.com/worldscibooks/10.1142/11273

High Dimensional Econometrics at the NE Statistics Symposium (NESS)

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The Department of Economics will be sponsoring a session at the 33rd New England Statistics Symposium (NESS) on May 15–17, 2019.

High Dimensional Econometrics

The technological innovations in information processing and the increased storage capability have made possible to collect very large data sets in various fields of economics and finance.

This session puts together 3 papers that present state-of-the-art techniques to deal with high dimensional issues in econometrics.

List of invited speakers:

(1) Fa Wang, Cass Business School, Fa.Wang@city.ac.uk, “Maximum Likelihood Estimation and Inference for High Dimensional Nonlinear Factor Models with Application to Factor-augmented Regressions”

(2) Yuan Liao, Rutgers Economics, yuan.liao@rutgers.edu, “Inference for Heterogeneous Effects Using Low Rank Estimation”

(3) Min Seong Kim, UConn Economics, min_seong.kim@uconn.edu, “Policy Analysis Using Panel and Multilevel Models with Group Interactive Fixed Effects”

Discussant: Jungbin Hwang, UConn Economics, jungbin.hwang@uconn.edu

Session Chair: Chihwa Kao, UConn Economics, chih-hwa.kao@uconn.edu

Information about the conference may be found online at https://symposium.nestat.org/

PhD Students to Present at New York Camp Econometrics XIV

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Three of our PhD students, Zhonghui Zhang,  Huarui Jing, and Rui Sun, will be presenting their research at the New York Camp Econometrics XIV poster session in April:

“Mahalanobis Metric Based Clustering for Fixed Effects Model,” Chihwa Kao (University of Connecticut), Min-Seong Kim (University of Connecticut), and Zhonghui Zhang (University of Connecticut).

 “The Robustness Study of Sieve Estimation on Asset Pricing Model,” Huarui Jing (University of Connecticut).

 “Bias-Corrected Estimators in the Dynamic Panel Data Model,” Chihwa Kao (University of Connecticut), Long Liu (University of Texas- San Antonio) and Rui Sun (University of Connecticut).

For more information about the conference, see: New York Camp Econometrics XIV