Faculty

Public Economics Students Propose Policy Solutions for Connecticut Waste Management Problem

Posted on November 22, 2024 by McConnel, Mark

During the Fall 2024, the students in the ECON 3431- “Public Economics” course at the Stamford campus worked with the industry professional to research, analyze, and propose policy solutions to the imminent State of Connecticut problem of Solid Waste Management.

The applied nature of the course allowed students to experience every aspect of public policy development from problem identification, ideation, research of the literature, data gathering, analysis, and policy recommendation formulation.

In addition to Professor Smirnova, who is the instructor of this course, the students worked under the mentorship of Mr. Brian Bartram (CLAS’ 94), who has been the manager of the Salisbury/Sharon (CT) Transfer Station in Connecticut since 2007. At that time Salisbury & Sharon were seeking design ideas to be used in the construction of a new transfer station. Since then, Brian has been active in the Northeast Resource Recovery Association, CT Department of Energy & Environmental Protection’s Solid Waste Advisory Committee, and CT Product Stewardship Council. In 2012 he was appointed by Gov. Malloy to be a member of the Modernizing Recycling Working Group. Brian completed the UConn Master Composter Program in 2015.

Students were assigned to groups to imitate the economic think-tank work environment. Each group selected their topic through the process of ideation based on Brian’s presentation about the acute waste management problem in Connecticut. The following research questions were formulated and answered during the semester:

Cost Benefit Analysis of Installing a Methane Capture System at the Manchester, Connecticut Landfill.
Government Policies Promoting Recycling and Landfill Use Reduction.
Where Did Your Old TV Go?
What is the Most Cost-Effective Waste Conversion Technology for Connecticut Municipalities?
How does Connecticut Dispose of Waste Tires?

At the completion of the course, student teams presented their findings to the class with Mr. Bartram visiting the class virtually, asking questions, and commenting on issues. Brian reflected that he “really enjoyed how different student teams were looking at the issue from different angles. Solid waste is a national, regional, state, and local issue. All different views and situations need to be considered and assessed.”

Through this exercise, students learned to collaborate with and present and defend their findings to the industry expert. Collaborative experiences such as this, between UConn students and the State of Connecticut professionals, are invaluable in preparing our students for careers in industries and the public sector. By integrating the workplace analytical approaches into the curriculum of applied courses, we are teaching students career competencies that are demanded of them upon graduation.

Fall 2024 GA Training Workshop: Faculty Insights

Posted on October 23, 2024 by McConnel, Mark

Last Thursday, October 17, 2024, the Department of Economics held its regular semester GA Training Workshop, aimed at preparing new Graduate Assistants for their teaching responsibilities. Three faculty members—Professors Talia Bar, Professor Kai Zhao, and Professor Tianxu Chen—shared valuable advice drawn from their teaching experience.

Professor Bar emphasized the importance of adapting to students’ varying levels of mathematical proficiency, using active learning strategies to keep students engaged, and proactively addressing potential classroom challenges.

Professor Zhao reflected on his early teaching experiences, offering advice on understanding student backgrounds, using relatable examples, and ensuring clear communication to avoid confusion.

Professor Chen concluded the session by focusing on classroom management, encouraging a positive learning environment, and balancing teaching duties with academic responsibilities. Her practical tips provided GAs with useful strategies for success.

This workshop remains a cornerstone of the department’s efforts to support GAs, offering them essential tools and insights to excel in both teaching and their academic progress each semester.

UConn Storrs Fed Challenge Team Advances to National Finals

Posted on October 21, 2024 by McConnel, Mark

Congratulations to the UConn Storrs Fed Challenge team!

Over the past few days, the undergraduate students on the Fed Challenge team competed in the Boston Federal Reserve (Boston Regional) Fed Challenge competition, and they excelled – first advancing to the Boston Regional Finals, and then advancing to the National Finals.

As a result, in November the team members will be presenting their economic forecasts and monetary policy recommendations to the Federal Reserve in Washington, DC. This is an exceptional achievement.

A brief recap of the Boston event… On Friday, October 18th, the team competed with 23 other universities and colleges in the New England Boston Federal Reserve district. For the first round, the 24 teams (universities and colleges) were divided into six groups of four, with the winner of each group moving on to the Boston Regional Finals.

The UConn team won in its group, and earned its spot in the Regional Finals, joining the other five other Regional Finalists (Yale, Harvard, Wellesley, Babson and Dartmouth) to compete in a final round on Sunday. The final round would decide which three of the six Regional Finalists would move on to the National Finals.

UConn competed against the schools in the Regional Finals, presenting analyses of current macroeconomic conditions and monetary policy recommendations and fielding questions from Boston Federal Reserve economists. The UConn team was outstanding, and by the end of the day had made it to the National Finals along with two other teams.

The three New England Universities to move on are Yale, Harvard and UConn.

Congratulations to our student team members for all of their hard work and accomplishments!

The students are:

Viren Chainani (presenter)
Spencer Thompson (presenter)
Claire Dobbins (presenter)
Rai Kumar (presenter)
Katrina Melnik (presenter)
Nameeda Elmi
William Infante
Lilla Korniss
Evelyn Zhou
John Mclean

The faculty advisors are Derek Johnson and Owen Svalestad.

Professor Kathleen Segerson Published in Science

Posted on October 15, 2024 by McConnel, Mark

Professor Segerson, a Board of Trustees Distinguished Professor of Economics at the University of Connecticut, has made significant contributions to the field of environmental economics. Her research focuses on the incentive effects of environmental policy instruments, particularly on legal rules and principles applied to environmental problems.

Dr. Segerson recently served as the lead author in an article published in the journal Science, where she and her colleagues highlight the hidden costs of green subsidies. They warn that while these subsidies can promote sustainability, they may also lead to increased consumption and market distortions. The authors advocate for clear end dates and cautious application to avoid long-term reliance and negative spillover effects.

As described in UConn Today:

Green Subsidies May Have Hidden Costs, Experts Warn

Some subsidies that appear to encourage sustainability are not so simple

Government subsidies for business practices and processes should be approached with caution, even when they seem to be environmentally friendly, writes a group of scientists and economists in this week’s Policy Forum in the journal Science.

They argue that subsidies can alter market pressures, leading to unintended consequences that not only perpetuate harmful subsidies over time but also diminish the overall effectiveness of those intended to promote environmental sustainability.

Therefore, when they must be used, subsidies should have clear end-dates, advise the authors.

“We’ve got this odd juxtaposition of trying to get rid subsidies in some sectors, and then ramping up subsidies in others,” says lead author Kathleen Segerson, Board of Trustees Distinguished Professor of Economics at the University of Connecticut. “The question that interested me was: is this a good thing or a bad thing?”

The full article is online at

https://today.uconn.edu/2024/10/green-subsidies-may-have-hidden-costs-experts-warn/

Professor Langlois Delivers the Eli Heckscher Lecture in Stockholm

Posted on October 4, 2024 by McConnel, Mark

Professor Langlois delivered the Eli Heckscher Memorial Lecture at the Stockholm School of Economics on September 26, 2024, talking on the theme of the American corporation in the twentieth century.

The Heckscher lecture has been given annually since 2003 by a list of distinguished economists, including two Nobel Laureates. It is named in honor of Eli Heckscher (1879-1952), known to most economists for the Heckscher-Ohlin theorem in international trade, who was the founder of economic history in Sweden.

UConn Stamford and the Economics Department Senior Citizen Tutoring

Posted on October 3, 2024 by McConnel, Mark

David Ennis, a senior citizen from Stamford, CT, began his journey at UConn Stamford as an audit student in Women and Minorities in the Labor Market, taught by Professor Ritter in Fall 2023. In the Spring of 2024, he continued his studies with Economic Behavior and Health Policy and Development Economics, also under Professor Ritter. These intermediate-level courses combine economic theory with empirical analysis to address key policy-relevant topics.

Professor Ritter welcomed David’s active participation in class, providing him with feedback by grading his assignmnts and exams, even though he was not enrolled for credit. She also integrated him into group work and extended an invitation for him to give a guest lecture in one of her classes.

“David was an excellent student—very active in class and always eager to help his peers. His extensive experience as a long-time consultant in the healthcare sector, along with his general expertise in the labor market, brought a unique and valuable perspective to the classroom. His contributions ranged from insights into general workplace culture to specific topics related to the U.S. healthcare sector. After reading an interesting article he wrote on the Cost and Market Power in the US Healthcare System, which fit perfectly with the focus of my health class, I invited him to give a guest lecture on the subject,” commented Professor Ritter.

“I have to admit, I was also very proud of my younger students for how seamlessly they integrated David into the class and their working groups. They were respectful and welcoming, which reflects the fact that our students are accustomed to being part of a diverse community. At UConn, we actively promote an inclusive environment,” added Professor Ritter.

But David’s involvement with UConn did not stop there. He is now tutoring students for Professor Ritter’s course Women and Minorities in the Labor Market and for students in introductory Economics courses.

“This is a triple-win situation! Students benefit from David’s help, who has already taken the course, was a top student and has a lot of patience. David benefits from continuous interaction with young people, an academic environment, and keeps learning and challenging his knowledge about topics that are interesting to him. And I benefit from having an extra hand to help students that are struggling with the course.” commented Professor Ritter.

“I have really enjoyed learning new things and working with these younger students to improve their understanding of economic concepts. I am grateful to UConn Stamford for affording me this opportunity”, commented David.

None of this would have been possible, however, without the rapid response, flexible approach, and willingness of the Stamford Campus Dean’s Office to integrate the University with the local community.

“We had to find a way to make this happen. David has now joined the Tutoring Center at our campus and students are already reaching out. He’s able to offer his expertise both from his student perspective but also having had a successful career himself.” commented Dr. Laura Tropp, Director of Academic Affairs.

This semester, David is also auditing Public Economics with Professor Smirnova, and his future plans include tutoring Professor Ritter’s course Economic Behavior and Health Policy in the Spring semester and continuing tutoring for introductory Economics courses.

The University of Connecticut offers senior citizens who do not seek degree credit the opportunity to audit undergraduate courses. This opportunity is available to any resident of Connecticut who is 62 or older. Moreover, David’s successful integration as a tutor underscores UConn Stamford’s commitment to enhancing its community outreach. David, Professor Ritter, and the Dean’s Office hope this experience will inspire other professors and senior citizens to explore similar collaborations.

Karen Lau ’25 Featured on UConn Today

Posted on September 18, 2024 by McConnel, Mark

As part of her University Scholar project, Karen Lau ’25, who is triple majoring in economics, history, and Asian American studies (individualized), spent the summer going through archives at NYU’s Tamiment Library and interviewing women involved in the 1982 International Ladies’ Garment Workers’ Union (ILGWU) strike in Manhattan. For the economics part of her project, with the guidance of Professor Delia Furtado, she will use Current Population Survey (CPS) data and state-of-the-art empirical techniques to estimate the causal impacts of the strike on labor market outcomes of New York City garment workers.

When asked if she had advice for other economics majors considering applying for the University Scholar program, she responded,

“While applying for University Scholar, I had no experience with STATA or any knowledge of which data sources to use, but I had ideas, and I knew which faculty members whose research I found interesting that I could ask for support. Meet with faculty members in different departments to share your ideas. Their feedback and experience will help you distill your ideas, which may be too broad or too ambitious, into a specific, understudied topic to which your research could contribute original findings. Professor Furtado motivated me to take Econometrics II, learn unfamiliar techniques, and develop a mixed-methods approach, allowing my data analysis and regressions to corroborate my qualitative research. Don’t be intimidated by the “Q” in Econometrics I and II! Learning to use STATA can be challenging at first, but taking these courses will help you develop quantitative skills that can serve you beyond college and help you contribute to the literature on a topic you are passionate about. In Econometrics II, I learned about difference-in-differences regression, a method I am using to analyze how a labor shock impacted workers’ wages. The more comfortable I felt using STATA, the more confident I felt carrying out a thesis project with techniques drawn from economics. The University Scholar program is looking for interdisciplinary-minded students who are not necessarily the most experienced researchers, but who are most willing to challenge themselves to build new skills and bring multiple fields into conversation.”

Professor Langlois wins the Alice Hanson Jones Prize

Posted on September 16, 2024 by McConnel, Mark

Professor Richard Langlois has won the Alice Hanson Jones Prize for his recent book The Corporation and the Twentieth Century: the History of American Business Enterprise (Princeton University Press, 2023).

The prize, announced on September 7 at the 2024 meeting of the Economic History Association, the professional society of economic historians, is awarded every other year for an outstanding book on North American economic history.

The Corporation and the Twentieth Century was also a finalist for the George R. Terry Book Award of the Academy of Management.

Professor Naknoi and Birendra Budha Present in Frankfurt

Posted on September 3, 2024 by McConnel, Mark

Birendra Budha (2021 PhD) and Kanda Naknoi presented their study at the Central Bank Research Association Meeting in Frankfurt Germany on August 30, 2024.

Their study empirically examines the international transmission of US monetary policy uncertainty to asset prices using high-frequency identification based on daily data of 43 countries. An increase in US monetary policy uncertainty raises sovereign yields and depreciates exchange rates in advanced and emerging market economies. A higher level of uncertainty weakens the global transmission of US monetary policy to asset prices.

Professor Sung Hoon Choi to be published in Econometric Theory

Posted on August 21, 2024 by McConnel, Mark

Professor Sung Hoon Choi’s recent article titled “Large Global Volatility Matrix Analysis Based on Observation Structural Information” has been accepted for publication in Econometric Theory, one of the leading scholarly journals in theoretical econometrics.

Abstract

In this paper, we develop a novel large volatility matrix estimation procedure for analyzing global financial markets. Practitioners often use lower-frequency data, such as weekly or monthly returns, to address the issue of different trading hours in the international financial market. However, this approach can lead to inefficiency due to information loss. To mitigate this problem, our proposed method, called Structured Principal Orthogonal complEment Thresholding (Structured-POET), incorporates observation structural information for both global and national factor models. We establish the asymptotic properties of the Structured-POET estimator, and also demonstrate the drawbacks of conventional covariance matrix estimation procedures when using lower-frequency data. Finally, we apply the Structured-POET estimator to an out-of-sample portfolio allocation study using international stock market data.