Professor Langlois recently published an op-ed piece in the Globe and Mail of Canada, arguing that history helps us understand why today’s inflation is — and isn’t — like inflationary episodes of the past.
Faculty
Professional Writer Visits the Writing-Emphasis Economics Class
It is a rare occasion when a Writing-Intensive Economics class is visited by a professional writer. This is what the English classes usually can offer. It is even rarer when a professional writer is actually an Economics major.
Mrs. Anne McAuley Lopez, CLAS ’96, graduated from UConn-Stamford with an Economics degree and went on to a career in the banking and data-related fields, but her heart was in the research and writing aspect of the business. With one twist in her career, she decided to do what her heart desires – set up a writing consulting firm and help businesses to create content which is appealing to their clients. The mix of economics knowledge and the knack for presenting information in a concise and engaging way jolt her firm Agency Content Writer to success.
Now, Mrs. Lopez is giving back to UConn by participating in various career and alumni events. She is collaborating with Professor Smirnova on the writing-intensive course ECON 3431 W Public Economics. During the pandemic, Mrs. Lopez recorded several motivational videos that Dr. Smirnova embedded in the course on HuskyCT. This semester, though, Mrs. Lopez was able to come to ECON 3431W in person on April 13, 2023.
The students were able to ask questions about the place of writing skills in their future career. Mrs. Lopez explained that in any career path, communication competency (written and verbal communication skills) play a very important role. She also gave motivational advice to students regarding their current peer-review class assignment. She described the role of an editor and a publisher who use the same constructive criticism approach when evaluating papers, essays, and books for publication.
Students were excited for the opportunity to connect with the UConn-Stamford alumna who is generously giving her time and expertise to help them with their writing … and with their Economics career readiness.
We thank Mrs. Anne McAuley Lopez for her continuous interest in and the support of our students.
International PhD Students Start Careers in the US Financial Industry
We are delighted to share that three of our 5th-year PhD students focusing in econometrics, Xuejian Gong, Ruohan Huang, and Ziyun Wu, recently accepted (full-time) job offers in the US financial industry.
Xuejian has accepted a job offer as assistant vice president for wholesale credit risk management at Citi Institutional Clients Group. His dissertation (advised by Professor Duke Kao) is about applying distributionally robust optimization in economic and financial models. Ruohan has started her career at OneMain General Services Corporation as a senior analyst in credit, pricing, and analytics. The subject of her dissertation (advised by Professor Jungbin Hwang) is financial econometrics, focusing on empirical asset pricing models. Lastly, Ziyun has started work as a data scientist at Hartford Steam Boiler – Munich Re. Her dissertation (advised by Professor Duke Kao) studies the machine learning approach in asset pricing.
All three students commented that their programming language skills and understanding of various econometrics/statistical theories from their PhD training were key factors for their success in the job market. Also, they pointed out the importance of earlier preparations for the industry job market, as most companies for quantitative analyst positions have at least two rounds of interviews for coding and critical thinking.
We are again pleased to congratulate our PhD students’ achievements in their job markets and know that they will have great success in their careers in financial industries!
National Security Council Director Visits Public Economics Class in Stamford
Stamford students in ECON 3431W Public Economics class were treated for a special visit from the UConn alumna, Ms. Katherine Bradbury, who is Director for International Economics and Competitiveness program of the National Security Council at the White House.
As the curriculum of the Public Economics course, taught by Professor Smirnova, includes such topics as Fiscal Federalism, and State and Local Government Finance, a visit from the White House staff seems like an excellent fit. Working with the Center for Career Development in Stamford and UConn Alumni Office, we were able to secure Katherine Bradbury’s virtual visit to this class on April 6, 2023.
Our discussion went much deeper than the curriculum topics, however. Students shifted it into the realm of career readiness and skills that are essential for a public sector job.
Ms. Bradbury talked about the importance of being a competent person, no matter what major you are pursuing in college. She shared her strive to be a well-rounded professional, the foundation of which was set by the liberal arts education she has gotten at UConn. At the White House, she said, the main trait is the ability to maintain composure under stress and the ability to critically think about a situation at hand.
Students understood that internships and extra-curricular activities will help them show a unique set of skills and experiences that they can leverage at a job interview. They were fascinated with Katherine’s story about taking the photograph with Mr. Joe Biden and the high-level description of what she does at the White House.
Such visits by alumni are very important for students’ career and self-development as well as growth in professionalism. The interactions with alumni open their eyes on various career paths that could be pursued with their major.
We thank Ms. Katherine Bradbury for the time she carved out for us and for her inspirational conversation with students.
Professor Smirnova Recognized by the UConn Center for Career Development
Professor Natalia Smirnova’s presentation of Career Readiness at the AEA 2023 Conference has been recognized by the UConn Center for Career Development in their most recent newsletter:
The full article may be found online at:
Professor Agüero to be Published in AEA Papers and Proceedings
Professor Jorge Agüero’s article “(Incorrect) Perceived Returns and Strategic Behavior among Talented Low-Income College Graduates” has been accepted for publication in the AEA Papers and Proceedings.
The paper was presented as part of the “Field and Lab Experiments on Discrimination” session at the 2023 ASSA Annual Meeting.
Details of the paper are online at: https://www.aeaweb.org/articles?id=10.1257/pandp.20201046
(Incorrect) Perceived Returns and Strategic Behavior among Talented Low-Income College Graduates
Jorge M. Agüero, Francisco Galarza, and Gustavo Yamada
Abstract:
Job applicants use resumes to send signals to potential employers. Applicants are free to select the items that go in their resumes and are expected to include signals they perceive will help them achieve their goals and avoid those that they anticipate could hurt them. We show that 92% of beneficiaries of a highly selective scholarship for poor and talented students avoid listing this award when applying for jobs. This is consistent with beneficiaries perceiving a negative labor market return from sending that signal. A correspondence study shows instead that listing the scholarship increases call back rates by 20%.
The Economic Report of the President cites Professor Harmon’s Research
The latest annual edition of the “Economic Report of the President” (March 2023) cites the 2016 randomized control trial of online learning outcomes co-authored by Professors Oskar Harmon, Ken Couch, and William Alpert.
Their research is discussed in the context of the feasibility of scaling remote learning. In Chapter 5: Building Stronger Postsecondary Institutions (p179), the report notes:
“Online programs. Some have suggested expanding online options to reduce geographic barriers to access, but research findings suggest caution about this approach. In some settings, such as four-year colleges, there are examples of students doing equally well across both online and in-person formats (Figlio, Rush, and Yin 2013; Bowen et al. 2014), as well as in blended learning approaches combining online and in-person components (Bowen et al. 2014; Alpert, Couch, and Harmon 2016). Other research finds, however, that courses taught through online formats often lead to worse learning outcomes than their in-person counterparts (Joyce et al. 2015; Alpert, Couch, and Harmon 2016; Krieg and Henson 2016).”
The citation for the study is:
Alpert, W., K. Couch, and O. Harmon. 2016. “A Randomized Assessment of Online Learning.” American Economic Review 106: 378–82. https://doi.org/10.1257/ aer.p20161057.
Professor Ross’s Research Discussed in the New York Times
Ezra Klein’s New York Times podcast discussed Steve Ross’s research with Eric Brunner and Shaun Dougherty:
https://www.nytimes.com/2023/03/10/opinion/ezra-klein-podcast-richard-reeves.html
In their research, they show that attending one of Connecticut’s stand alone career and technical high schools increases the academic success and the later labor market earnings on young men who as a group come primarily from a disadvantaged background within the state.
Professor Sung Hoon Choi to be published in Journal of Econometrics
Professor Sung Hoon Choi’s recent article titled “Large volatility matrix analysis using global and national factor models” has been accepted for publication in the Journal of Econometrics, one of the leading scholarly journals in theoretical econometrics.
Abstract
Several large volatility matrix inference procedures have been developed, based on the latent factor model. They often assumed that there are a few of common factors, which can account for volatility dynamics. However, several studies have demonstrated the presence of local factors. In particular, when analyzing the global stock market, we often observe that nation-specific factors explain their own country’s volatility dynamics. To account for this, we propose the Double Principal Orthogonal complEment Thresholding (Double-POET) method, based on multi-level factor models, and also establish its asymptotic properties. Furthermore, we demonstrate the drawback of using the regular principal orthogonal component thresholding (POET) when the local factor structure exists. We also describe the blessing of dimensionality using Double-POET for local covariance matrix estimation. Finally, we investigate the performance of the Double-POET estimator in an out-of-sample portfolio allocation study using international stocks from 20 financial markets.
Professor Ross has New Working Paper featured by NBER
Professor Steve Ross’s recent working paper with Steve Billings and Andrew Bibler was featured today on the NBER website:
In this paper, they examine the effect of losing school mates or peers due to school choice. Specifically, in Charlotte-Mecklenburg county, they find that 5th grade students who have a 5th grade neighbor who applies for and wins a school choice lottery are substantially more likely to be arrested and incarcerated as a young adult. These increases in young adult arrests substantially outweigh the reduction in arrests that occur among the lottery winners, suggesting that school choice in this environment leads to an increase in crime.