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department of economics

Economics Impact Factors

Oxford University Press lists Professor Michael Grubb's paper, "Consumer Inattention and Bill-Shock Regulation," as one of five "highly cited articles" in the prestigious Review of Economic Studies.

The Fed's Pessimism About Productivity Growth May Prove Self-fulfilling

The Economist referenced Professor Susanto Basu's "seminal" 2006 paper published in the American Economic Review "Are Technology Improvements Contractionary?," in their piece on the Fed's pessimism about American productivity.

The Average Mid-Forties Male College Graduate Earns 55% More Than His Female Counterparts

The wage gap between college-educated men and women starts small, but it snowballs significantly over time, economists Erling Barth, Claudia Goldin, Sari Pekkala Kerr, and Claudia Olivetti write in an article in the Harvard Business Review. New York Times, Wall Street Journal

Commencement 2017

 

The Economics Department was well represented at BC's 141st Commencement held on Monday, May 22 with 10 Ph.D., 16 M.A., and 312 B.A. degrees awarded to our economics graduate and undergraduate students.

Our congratulations and best wishes to them and all the Class of 2017!

 

ACA Breastfeeding Provision's Effect

The 2010 Affordable Care Act may have helped more women in the U.S. breastfeed as a result of its coverage of breast pumps, suggests a new study led by BC School of Social Work Assistant Professor Summer Hawkins, conducted with BC colleagues Alice Noble of BC Law School and Professor of Economics and Social Work Christopher Baum. The study, published in the American Journal of Public Health, is featured by Reuters.

Thesis Student Award Winners

At commencement, the Economics Department awarded prizes to three outstanding economics undergraduates.  The Bourneuf Award for the top economics major went to Christopher Dalla Riva.  Giffuni Prizes for outstanding thesis work in economics were awarded to James LeDoux and Carolyn Ruh.

Congratulations to all the award recipients!

Fed Officials Test New Argument for Tightening: Protect the Poor

Economics Professor Peter Ireland is quoted in Bloomberg about the Fed's monetary policy plans and protecting the poor. 

NBER Faculty Research Fellow

Assistant Professor Anant Nyshadham has been appointed to the National Bureau of Economic Research (NBER) as a Faculty Research Fellow of their Development Economics Program. The NBER is the nation's leading nonprofit economic research organization, and a Faculty Research Fellow is a junior member of the research groups. NBER researchers are regarded as the leading scholars in their field.  Congratulations to Anant!

Consequences of Family Policies

More than parental leave or flexible schedules, government spending on early childhood care and education had the single biggest effect on boosting women's employment and on decreasing gender pay gap, according to a study comparing various policies in 22 industrialized countries. The report, co-authored by Professor of Economics Claudia Olivetti, recently was highlighted by the New York Times.

Donald and Helene White Prize Announced

Sylvia Hristakeva (Ph.D'16) received the Donald and Helene White Prize for the Outstanding Dissertation in the Social Sciences for her dissertation "Essays in Applied Industrial Organization."

Sylvia is currently an Assistant Professor of Marketing at the Anderson School of Management, UCLA.

Donald J. White Teaching Fellow Awards Announced

Zafer Kanik (right) is this year's recipient of the Donald J. White Teaching Fellow Award and John Lindner (left) is this year's recipient of the Donald J. White Teaching Assistant Award.

Zafer's award is based on the course in Market Design that he taught each semester last year. He put a prodigious amount of effort into developing an interesting and challenging course, one that his students loved. John's award reflects unwavering excellence as a teaching assistant for the Principles lectures over a three-year period. He makes every effort to find and develop materials to enliven and enrich his discussion sections and to work with students who are having difficulty with the course.

Do Trade Deficits Hurt the Economy?

Associate Professor of Economics Robert Murphy weighed in on President Trump's tweet on trade deficits and the economy on Marketplace Radio.

2017-18 Dissertation Fellowships Awarded

The prestigious semester Dissertation Fellowships sponsored by the Graduate School of the Morrissey College of Arts and Sciences have been awarded to Dominique Brabant and Pierre De Leo. 

In addition Gian Caspari, Michael Connolly, Bogdan Genchev, Marco Ghiani, and Tina Letsou have been awarded Departmental dissertation fellowships for this summer.

 

Boston College Economics PhD Program Climbs to 25th Place in the U.S. News and World Report Ranking of Top Graduate Programs in Economics

According to the recently released U.S. News ranking of US Ph.D. programs in economics, the BC economics program is ranked 25th overall, with an improvement of seven positions relative to the last ranking. The U.S. News ranking is a reputational ranking based on a survey of academics at peer institutions. It is therefore sticky and tends to lag actual improvements, which are captured more quickly by rankings based on more objective criteria.  For instance, according to the February 2017 IDEAS ranking of economics departments based on faculty publications, the BC economics department is ranked 18th in the US and 26th worldwide. The two rankings appear to be converging, as they both reflect the increasing excellence of the BC economics program's faculty and students.

For the 2017 US News ranking see:

https://www.usnews.com/best-graduate-schools/top-humanities-schools/economics-rankings

For the latest IDEAS ranking see:

https://ideas.repec.org/top/top.usecondept.html

https://ideas.repec.org/top/top.econdept.html

Reshaping the Federal Reserve

The resignation of one of the top officials at the Federal Reserve will have a "profound" impact in reshaping the board, said Professor Peter Ireland in the Boston Herald.

Could the Way Unemployment is Reported Change?

While the president may not trust the Bureau of Labor Statistics unemployment numbers, Economics Professor Bob Murphy says that the BLS is a world-class independent statistical agency that is inherently nonpartisan, and that mistrust of the BLS is "not justified."

Trump Team Disputes Unemployment Rate

Economists are concerned about the Trump administration's skepticism of the national unemployment rate. In CNN Money, Professor Bob Murphy said that the process and statistical analysis that go into producing the unemployment rate are "rock solid."

Economics Department Highlights 2016

Three new faculty joined the department, the economics major continued it's record growth, and a professor's retirement after over a half-century of teaching were some of the department highlights in 2016.  Read more about these and other faculty, alumni, graduate and undergraduate achievements in the 39th Boston College Economics Department Newsletter.

 

Retirement and "Unretirement"

Research by Professor of Economics Joseph Quinn--conducted with alumni Kevin Cahill and Michael Giandrea, who received their master's and doctoral degrees in economics from BC--has shown that a majority of older Americans earn an income during "retirement" years. Their findings are highlighted in an article on phased retirement (also known as "unretirement") and other improvements made to Norway's retirement system.

What Comes After Obamacare?

Can the GOP improve on the Affordable Care Act? Associate Professor of the Practice of Economics Sam Richardson weighs in on NECN "The Take."

Year End Growth in Jobs and Wages

Professor Robert Murphy told CNNMoney that the economy "continued to move forward" in 2016 as employment and wages rose.

The Real Deal on Automaker Financing

In Car and Driver, Associate Professor of Economics Robert Murphy explains automaker financing deals and the timing of when to buy.

Trends in Holiday Shopping

Professor of the Practice Economics Can Erbil assesses this holiday shopping season, which officially kicked off on Black Friday, and discusses the impact of online retailers, in an interview with WGBH "Morning Edition."

Congratulations to Oriana Bandiera (2000 BC Ph. D.) for her Election to Fellow of the Econometric Society

From Hideo Konishi, Chair: I am writing to you to report great news.  One of our former graduate students was elected Fellow of Econometric Society recently. Her name is Oriana Bandiera (PhD in Economics '00). Oriana is a full Professor at London School of Economics, and the Director of STICERD at LSE. LSE is one of the world top five schools, and STICERD is a top institution for research in development, growth, and income inequality among others. Being elected Fellow of Econometric Society is one of the most prestigious honors in Economics. Oriana was also elected Fellow of British Academy of Sciences last year, too.

Oriana has been conducting important research in the fields of development economics, labor economics, and contract theory. Her publications include the following ones in top economics journals: “Social Networks and the Adoption of New Technology in Northern Mozambique,” “Intentions to Participate in Adolescent Training Programs: Evidence from Uganda,” and most recently, “Labor Markets and Poverty in Village Economies.”

Oriana came to give an HED (Human and Economic Development) lecture, "Social Incentives in Organization," just this October, and we enjoyed her lecture and a reception afterwards as many of you must remember.

Many congratulations to Oriana!

Sign stating Trump
The Economic Consequences of Mr. Trump

Boston College, November 17, 2016, a panel discussion with George Alogoskoufis (Tufts and Athens University), James Anderson (BC), Robert Murphy (BC), introduced and moderated by Fabio Schiantarelli (BC)

Jobs Report Shows Solid Gains

Economists dismissed Donald Trump's attempt to discredit the Bureau of Labor Statistics report showing solid job gains in October. Robert Murphy, a professor at Boston College and former economist on the White House's Council of Economic Advisers, told CNN that the BLS "has high integrity."

Latest GDP Report is Good News for Clinton Campaign

The U.S. economy grew at its fastest pace in two years in the third quarter. The GDP report was seen as bolstering Democratic presidential nominee Hillary Clinton, whose campaign has "tied itself closely to the Obama administration's record on the economy," according to Economics Professor Robert Murphy in Reuters.

Women, Divorce and Retirement

The later a woman divorces, the more likely she is to be working full time late in life, according to a study co-authored by Professor of Economics Claudia Olivetti. 

Labor and Inflation Complicate Fed’s Plans to Raise Rates

The New York Times quoted Economics Professor Peter Ireland on the Fed's timing and conditions for raising interest rates.

Timing of Fed Rate Increase

Professor Bob Murphy weighs in on the timing of the Fed's next move on Marketplace Radio.

The Economic Landscape

Murray and Monti Professor of Economics Peter Ireland talks about the Chicago school of economics, Federal Reserve policy targets, and other topics in a Macro Musings podcast.

Yellen Makes the Case for Rate Hike

Federal Reserve Chair Janet Yellen believes the case for a rate hike this year has strengthend.  Economics Professor Bob Murphy suggests that the presidential election may factor into the timing of an announcement as the Fed may hold off "to see how things play out.”

 

EpiPen Price Arguments Fall Short

Associate Professor of the Practice Sam Richardson tells NBC News that blaming the escalating price for EpiPens on the Affordable Care Act may be "a stretch."

Just Enough or All: Selling a Firm

Professor Mehmet Ekmekci's paper Just Enough or All: Selling a Firm, coauthored with Nenad Kos and Rakesh Vohra is published in the American Economic Journal: Microeconomics

This paper examines the problem of selling a firm to a single buyer and​ provides an explanation based on asymmetric information to why we sometimes observe cash sales, sometimes equity and sometimes a mixture of equity and cash when selling corporate control.

 

Verizon Buy Could be a Good Deal for Yahoo Shareholders

Murray and Monti Professor of Economics Peter Ireland comments on what Verizon's $4.83 billion deal for Yahoo could mean for both companies and for shareholders.

Gender Gaps in Developed Economies

Economics professor and NBER research associate Claudia Olivetti summarizes her findings on the causes, characteristics, and consequences of gender differences in pay and employment levels in the U.S. and other OECD economies.

How the 'Brexit' Vote Could Impact Americans

Associate Professor of Economics Robert Murphy discussed the impact on the U.S. of Britain's vote to exit the European Union. 

The Federal Reserve resembles a defective car--Here's how to fix it

Economics Professor Robert Murphy claims the potential benefits of a rate cut would be smaller than the communication issues the move would cause.

Weak Employment Report Dims Prospect of Rate Hike

Economics Professor Peter Ireland is quoted in Reuters saying that the Fed may have "second thoughts" about raising interest rates after employment report reveals weak job growth in May. 

Harold Petersen Reflects on 56 Years of Teaching

Retiring Professor Harold Petersen looks back on his distinguished career at Boston College and examines his role in enriching the economics department and the lives of the countless students he taught. 

A Little Understanding Motivates Copyright Abusers To Pay Up

A working paper on copyright enforcement co-written by Associate Professor of Economics Julie Holland Mortimer, a research associate with the National Bureau of Economic Research, is highlighted by Forbes.

Automobile Sales and Financing Trends

If you aren’t carefully monitoring the trends in car sales, you might price yourself out of a good deal — or buy at the wrong time.  Prof. Bob Murphy weighs in on WalletHub.com with advice about buying a car.

 

Everything You Need to Know About Bankruptcy

Assistant professor of economics Jaromir Nosal co-authored a study for the Federal Reserve Bank of New York highlighting the effects of bankruptcy.

Congratulations to the Award Winners of the Economics Department!

Lifeng Chen will receive the Bourneuf Award, for the top economics major. Jeffrey Klofas and Maria Boria will each receive the Giffuni Award for their outstanding thesis work in economics. Congratulations to these students and all 2016 Boston College graduates.

Boston College Commencement--1986

This photo was taken 30 years ago. From L-R, Chris Maxwell, Bob Murphy, Harold Petersen, Frank McLaughlin, and Joe Quinn.

Graduate School Dissertation Fellowships

The prestigious semester Dissertation Fellowships sponsored by the Graduate School of the Morrissey College of Arts and Sciences have been awarded to Igor Karagodsky and Penglong Zhang.

In addition, Ana Lariau Bolentini, Ethan Struby, and Solvejg Wewel have been awarded Fellowships for the summer of 2016.

 

 

 

 

 

 

Graduate Students Awarded the Donald J. White Teaching Excellence Award

The Economics Department is pleased to announce that Lauren Hoehn Velasco received the Donald J. White Teaching Fellow Award and Pierre De Leo the Donald J. White Teaching Assistant Award. The award, named after the former dean of the Graduate School of the Morrissey College of Arts & Sciences, was established to recognize graduate teaching fellows and teaching assistants who distinguished themselves in classroom instruction.

Economists Dispute Trump's Recession Claim

Economists dispute Donald Trump's assertion that the U.S. is heading towards a "massive recession."  Boston College economics professor Robert Murphy calls Trump’s comments "completely unfounded."

Fed Chair Caution Warranted

Measures of money growth, which reflect more accurately the stance of Federal Reserve policy than do other variables, have been trending downwards since 2013--warning that further interest rate increases could be excessive, writes Murray and Monti Professor of Economics Peter Ireland, co-author of a post for Economics 21.

Companies Rate Their Customers

The “customer is always right” era may be coming to an end as more companies start rating their customers and clients. Associate professor of economics, Can Erbil, sees this new dynamic as “empowering for both sides, and definitely a part of our new digitalized reality."

U.S. Workers and Retirement

The transition from employment to retirement is no longer a one-time event, but rather a process. In this Associated Press piece, Professor of Economics Joseph Quinn examines the factors involved in seniors choosing to pursue "bridge jobs" after leaving full-time employment. 

What's New in the Economics Department

Chair Hideo Konishi highlights the accomplishments of the Economics Department while Dean Gregory Kalscheur, S.J., shares his vision for the Morrissey College of Arts and Sciences.

Anatoly Arlashin awarded Fellowship

Ph.D. candidate Anatoly Arlashin, has been awarded the Dean of the Summer Session Fellowship conferred by the Woods College of Advancing Studies. 

Contracts and Consumer Overconfidence

Overconfidence can lead people to misforecast their future use of a product, as well as overestimate their abilities to navigate contract terms. But policy may help to protect consumers from their own poor choices, writes Associate Professor of Economics Michael D. Grubb for the London School of Economics Business Review.

Article Published in Econometrica Examines the Effect of Ownership Structure on Takeovers

Associate Professor Mehmet Ekmekci's recently published article "Information in Tender Offers With a Large Shareholder" explores the effects of the interplay between the presence of a minority large shareholder and dispersed private information held by the shareholders in takeover contests where the raider is exposed to free-riding.

 

Boston College Economics Department Year in Review

After facing several years of unprecedented demand for the undergraduate major and minor, the economics department was allowed to hire seven new faculty for the 2015–2016 academic year to strengthen its offerings.  Learn more about them and the achievements of our exceptional faculty and students in the 38th Boston College Economics Department Newsletter.

Fed President's Move from Academia to Government Drove a Shift in Economic Perspective

Murray and Monti Professor Peter Ireland was quoted in the Wall Street Journal regarding Narayana Kocherlakota's shift in policy views during his tenure as president of the Federal Reserve Bank of Minneapolis.

 

 

Current and Future Consumer Confidence

The current national comfort level with the economy could fuel a banner holiday spending period--but it may yet prove to be shaky in the new year, as consumers look out on an uncertain geopolitical situation. Associate Professor of Economics Robert Murphy was interviewed on the subject by the Boston Herald.

Fed Increases Interest Rate

BC Murray and Monti Professor and Shadow Open Market committee member Peter Ireland told the Boston Herald that the first interest rate increase in seven years indicates "that the U.S. economy is returning to normal.”

Financial Predictions for 2016

Associate Professor of Economics Robert Murphy was featured in WalletHub's financial predictions for 2016. 

Will Nation's Top Health Insurer Kill Obamacare?

Professor Sam Richardson comments regarding Obamacare and the potential changes ahead.

Workers Shoulder Bigger Portion of Health Care Costs, Study Finds

Boston College professor Sam Richardson weighs in on the slower increase in health care costs.

Jeb Bush outlines his plan for repealing Obamacare

Boston College health care economist Sam Richardson comments on Jeb Bush's proposal for repealing Obamacare. 

Boston College Economics Professor Cited by Nobel Committee

Arthur Lewbel, the inaugural holder of the Barbara A. and Patrick E. Roche chair in economics at Boston College, had three of his papers cited by the Nobel committee in explaining the influence and importance of this year's recipient of the Nobel Prize in Economics. One of Lewbel's cited publications is a survey article, while the other two are extensions of Angus Deaton's prize winning work.

What Europe Can Learn From Turkey's Treatment of Syrian Refugees

Professor of economics Mathis Wagner's article on the lessons learned from Turkey's handling of the Syrian refugee crisis is featured in The Huffington Post's "What’s Working Honor Roll" series.

Milder Winter and Lower Energy Prices Forecasted

The Northeast, the region most reliant on home heating oil, will get a huge windfall this winter because of the big decline in oil prices as well as expected warmer weather. Professor Bob Murphy explains how this combination could affect consumer spending.

Long Road Still Ahead for Pacific Trade Pact

International trade expert and BC professor Jim Anderson told the Boston Herald that there are ways to ameliorate the potential "inequality consequences" of the Trans-Pacific Partnership (TPP).

The Fed Predicts Inflation Will Gradually Rise in the Next 2-3 Years

CNBC quotes Boston College economics professor Bob Murphy in their analysis of the Fed's bullish inflation expectations and the effect on interest rates.

2015 Most and Least Recession Recovered Cities

Prof. Can Erbil was featured in WalletHub’s recent article about 2015’s most & least recession-recovered cities.

Why Should the Fed Raise Rates While Inflation Is Below Two Percent?

In the 9/14/2015 issue of e21, the economics portal of the Manhattan Institute for Policy Research, Murray and Monti Professor of Economics Peter Ireland makes the case for raising interest rates now.

Confusion and Contradiction at the Fed

In this article, Boston College economics professor Peter Ireland writes about the Fed's often confusing and contradictory statements.

Study Finds Pay Disparity Greater for Women in Management Occupations

Boston College economics professor Claudia Olivetti talks to the Huffington Post about her research study examining gender-based pay disparity between women in professional positions and those in working-class jobs.

Ph.D. Math Camp

First-year Economics Ph.D. students are in their second week of math camp. The incoming class of doctoral candidates comprises 18 students from 8 different countries.

How Will Increased Competition Impact Plainridge Park Casino?

Boston College gaming expert Prof. Richard McGowan tells the Boston Herald that the Plainridge Park Casino in Plainville, MA will need to "build up some kind of loyalty" to retain customers after the states other casinos open.

Here’s What’s Driving the Decline in US Stocks

As stock prices continued to decline sharply, economics professor Bob Murphy weighed in on the market pullback for ABC News.

Greece Bailout Deal: What it Means for the Country

"There are now some real glimmers of hope," Boston College economics professor Peter Ireland told ABC News in regard to the 85 billion euro bailout deal.  Professor Bob Murphy weighed in on how the Greek prime minister will need to argue the case for the deal to his party in Parliament and to the Greek people.

5 Things to Know About Greece's Latest Proposals

Among the proposals submitted, Greece would "implement in full the 2010 pension reform law" when austerity measures were put in place during their last bailout in 2010. Economics Professor Bob Murphy explains the major points of the proposal.

Fantasy Sports Fans

The market for fantasy sports "keeps on going up and up and up" says BC's Fr. Richard McGowan.

Implications of China's Stock Market Losses on US Economy

U.S. stocks fell yesterday as Chinese equities plummeted, raising fears about the implications for the global economy. Boston College economics professor Peter Ireland commented on the impact of events in China and Greece on the U.S. economy.

BC Prof Says Greece Austerity Rejection Is A Victory For Democracy In The EU

As Greece and its creditors struggled to find a way forward following rejection on Sunday by Greek citizens of the latest austerity plan, economics professor Bob Murphy was interviewed by WGBH Radio’s Morning Edition about the rapidly evolving situation.  

Taking a chance on gaming

Father Richard McGowan explains that in the Catholic church, gambling is not a sin, but he explains the pitfalls that need to be considered as Massachusetts opens its first casino.

'No' vote could decimate Greek banks

Scott Fulford, assistant professor of economics and international studies, comments on the economic crisis in Greece.

Thesis Student Award Winners

This year, the Economics Department Honors Program had 20 students complete senior theses, the most in recent memory. At graduation, Sean Dvorak received the Bourneuf Award for top economics major, and Collin Anderson and Lea Oriol each received the Giffuni Prize for outstanding thesis work in economics.

Pressure Mounts on Greece

As Sunday's vote on the bailout package for Greece neared, economics professor Bob Murphy commented on the deepening political and economic crisis in Europe for CBS MarketWatch.

Freelance workers changing scope of economy

Boston College Professor Can Erbil remarks about the changing economy resulting from the growing freelance workers.

Fiscal Crisis in Greece

As the banking crisis in Greece worsened, Murray and Monti Professor of Economics Peter Ireland commented earlier this week on the impact of the situation on world markets and the U.S. economy.

Too data dependent?

There are genuine risks to policies that place too much emphasis on every piece of incoming data, risks that Federal Reserve policymakers should recognize, according to Murray and Monti Professor of Economics Peter Ireland.  

2015 Job Placements: Continuing with our past successes

Boston College has continued with its success in placing Ph.D. students in excellent academic institutions, central banks, and other government departments, international organizations, research organizations, and the private sector.

Stephen Dubner event

Stephen Dubner, co-author of The New York Times best-seller, Freakonomics, speaks at BC.

Economics Again Tops the List of Most Popular Majors

According to the Office of Student Services, this past fall 1,086 undergraduates were enrolled as economics majors (the figure represents students in the College of Arts and Sciences and the Carroll School of Management), marking its third consecutive year at the top. The number – the largest ever for a major in University history – is more than double that of the 2004-05 academic year (539), when economics was the seventh-most enrolled major.

Ekmekci, Song join the BC economics faculty

The department filled two positions during the spring hiring season, both of which increase our strength in important fields. 

Twelve Ph.D.'s awarded in University commencement

The 138th commencement exercises of Boston College were held on 19 May 2014. Twelve economics students received the Ph.D. since the last commencement.

BC PhD alums score hat trick

The October, 2014 issue of one the profession's most prestigious journals, American Economic Journal: Macroeconomics, contains three articles highlighting the work of alumnae/i of the department's Ph.D. program. 

Bill Neenan, SJ
Professor Bill Neenan, SJ, 1929-2014

We sadly note the passing of our esteemed colleague Rev. William B. Neenan, SJ, on 25 June at the age of 85. Bill Neenan was a Professor of Economics and the inaugural holder of the first endowed chair at Boston College, the Gasson Professorship, in 1979.