Professor Langlois wins the Alice Hanson Jones Prize

The Corporation and the Twentieth Century book coverProfessor 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

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

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.

Recent PhD Graduates Publish on Wealth Inequality

Profile picture of Umesh Ghimire
Umesh Ghimire
Profile picture of Aaron Cooke
Aaron Cooke

Recent UConn graduates Aaron Cooke (2018 PhD, U.S. Department of the Treasury) and Umesh Ghimire (2021 PhD, Commonwealth University of Pennsylvania) have had their paper accepted for publication in Macroeconomic Dynamics.

The paper examines the impact of life-cycle savings, intergenerational transfers, and fertility differences between the rich and the poor on the wealth distribution in the United States

Profile picture of Kai Zhao
Kai Zhao
Profile picture of Hyun Lee
Hyun Lee

This paper is a joint work with Dr. Hyun Lee (former UConn faculty) and Professor Kai Zhao. The key message of the paper is that the fertility differences between the rich and the poor significantly amplify the role of bequests in shaping the U.S. wealth inequality.

You can find the paper here

Spotlight on Alumni: Huskies in Sewanee

Professor Furdate with PhD alumni Huarui Jing and Tao Song.
Professor Furtado with UConn PhD alumni Huarui Jing and Tao Song at Sewanee

This past spring, Prof. Delia Furtado gave the Georgescu-Rogen Lecture at Sewanee: The University of the South while visiting with UConn PhDs, Huarui Jing and Tao Song.

Sewanee is among the nation’s top national liberal arts colleges and is consistently ranked as one of the top five in the South. While Professor Furtado enjoyed walking around the beautiful campus, often spotting students and faculty in their academic gowns, her favorite part of the trip was catching up with former UConn students.

Sewanee: The University of the SouthHuari’s research interests are in asset pricing, financial econometrics, macro finance, and machine learning.  At Sewanee, she teaches the courses, Investment Finance, Derivatives and Fixed Income Securities, Financial Modeling, and Financial Engineering.

Tao’s research interests are in labor and urban economics with a particular focus on immigration. He has taught Microeconomics, Macroeconomics, and Econometrics as well as the field courses Labor Economics, Urban Economics, and the Economics of Immigration. This month, he was awarded tenure and promoted to associate professor. Congratulations, Tao!

Interior of building at at Sewanee: The University of the SouthCurrent UConn PhD students, do reach out to Huari and Tao for advice on building a successful academic career at a liberal arts college.

Former UConn PhD students, we would love to know where you are and what you’re up to! Contact Lisa Bono at lisa.bono@uconn.edu.

PhD Students Present Research on Gender and Race at Workshop

Two graduate students in the UConn Department of Economics presented their research at the New England Experimentalist Workshop last week.

PhD Student Ana Karaban presents her researchAnastassiya Karaban presented her paper, “The role of gender comparisons in determining reference wage and labor supply.” She finds that when people make different wages, we choose to compare our wage to others of the same gender. Women work harder when making more than other women (but not when making more than other men). Men work less hard if they are making less than another man (but not if they are making less than a woman).

PhD Student Victor Volkman presents his researchVictor Volkman presented his paper, “Race and experimental design: How respondents may read context into a neutrally framed scenario.” Traditionally, economics experiments have participants engage in “context free” simulated economic transactions. Victor examines whether such absence of context can affect individuals differently based on their racial backgrounds. He finds evidence that different racial groups interpret context-free scenarios differently, and thus their actions are not directly comparable.

The presentations offered the students both broader exposure for their research and a chance to receive valuable feedback from researchers at other universities.

UConn Hosts Experimental Economics Workshop

On July 1 and 2, the Department of Economics hosted the annual New England Experimentalist Workshop.

The Workshop brought together experimental and behavioral economists from twelve universities to present research on topics as diverse as gender pay disparities, self-censorship of political views in the classroom, and effective environmental policy.

The two-day workshop was organized by faculty members Remy Levin and Mike Shor and graduate student Anastassiya Karaban.

Professor Tianxu Chen: Faculty Fellow at the Center for Career Development

The University of Connecticut’s Center for Career Development is excited to announce that Professor Tianxu Chen from the Department of Economics has been selected as a Faculty Fellow for Summer 2024. This prestigious fellowship highlights Professor Chen’s commitment to enhancing students’ career readiness and bridging the gap between academic theory and practical application.

As part of this fellowship, Professor Chen will collaborate with career development experts to integrate career competencies into the curriculum of her labor economics course. The goal is to ensure that students not only grasp economic theories but also understand their relevance in today’s labor market. By incorporating real-world applications and insights from industry professionals, Professor Chen aims to equip students with the skills necessary for success in their future careers.

Career Competency Innovation Award goes to Professor Smirnova

Jim Lowe, Associate Vice Provost and Executive Director of Career Center, presents the Award to Professor Smirnova
Jim Lowe, Associate Vice Provost and Executive Director of Career Center, presented the Award.

UConn Center for Career Development hosted the 2024 Career Everywhere Recognition & Celebration Event on May 1, 2024. The event was filled with enthusiasm and camaraderie, fostering meaningful connections among Career Champions in attendance. There are nearly 1,000 dedicated UConn Career Champions (faculty, staff, and employers) who tirelessly support our students in their journey toward post-graduation success.

The nominations for several awards given by the Career Center were solicited from students, faculty, and staff. Professor Smirnova received the inaugural Career Competency Innovation Award.

Nancy Bilmes, Director of the Career Center, described Professor Smirnova’s innovations as aligning course syllabi with NACE career competencies, integrating career readiness modules across their courses on HuskyCT, designing assignments focused on career competencies, presenting at national and regional conferences, and conducting impactful research on the impact of career-focused assignments on students’ knowledge acquisition within their chosen fields. Natalia’s approach to embedding career development into her teaching not only equips students with essential skills but also demonstrates a commitment to fostering holistic growth and success beyond the classroom.

Professor Smirnova’s work on students’ career competencies’ development is documented in her teaching portfolio.