Tag Archive for economics

Khamis Participates in Informality, Development Conference

Melanie Khamis

Melanie Khamis

Melanie Khamis, assistant professor of economics, assistant professor of Latin American studies, attended the Informality and Development Conference in Honor of Elinor Ostrom held at Indiana University on Oct. 22-23.

Khamis, co-authored two papers presented at the conference including “Migration and the Informal Sector,” and “Risk Attitudes, Informal Employment and Wages: Evidence from a Transition Country.”

The conference was organized by faculty from Cornell University and Indiana University. It centered around the study of informality, the part of an economy that is neither taxed not monitored by any form of government—a subject area where Professor Ostrom, the first and only woman to have won the Nobel Prize in Economics in 2009, has had a major influence. The goal of the conference was to honor the memory and the legacy of Ostrom by exploring informality from both economic and interdisciplinary perspectives.

Kuenzel Investigates Whether the Diversity of Countries’ Export Portfolios Affects Economic Growth

David Kuenzel

David Kuenzel

David Kuenzel, assistant professor of economics, is the co-author of a new paper published in the Canadian Journal of Economics titled “The Elusive Effects of Trade on Growth: Export Diversity and Economic Take-off.

In the paper, Kuenzel and his co-author, Theo Eicher from the University of Washington, investigate whether the diversity of countries’ export portfolios affects their economic growth performance.

In the paper, Kuenzel and Eicher propose a structured approach to trade and growth determinants based on recent advances in international trade. The results show that export diversity serves as a crucial growth determinant for low-income countries, and the effect weakens with a country’s level of development.


Experts to Discuss the Historic Decision on Net Neutrality

“Right Now! The Historic Decision on Net Neutrality, and What it Means for the Future” will be held from 7 p.m. to 9 p.m. Oct. 12 in the Hansel Lecture Hall (Room 001 Public Affairs Center).

Panelists include Jessica Rosenworcel ’93, FCC Commissioner; Brad Burnham ‘77, managing partner at Union Square Ventures; and Christiaan Hogendorn, associate professor of economics.

Norm Danner, associate professor of computer science, will moderate the event.

Bonin, Louie ’15 Co-Author Paper in Journal of Comparative Economics

John Bonin, the Chester D. Hubbard Professor of Economics and Social Science, and his former student Dana Louie ’15, are authors of a new paper published in Journal of Comparative Economics titled, “Did foreign banks stay committed to emerging Europe during recent financial crises?”

In the paper, Bonin and Louie investigate the behavior of foreign banks with respect to real loan growth during times of financial crisis for a set of countries where foreign banks dominate the banking sectors. The paper focuses on eight countries that are the most developed in emerging Europe and the behavior of two types of banks: The Big 6 European multinational banks (MNBs) and all other-foreign controlled banks. The results show that bank lending was impacted adversely during recent financial crises, but the two types of banks behaved differently. The Big 6 banks’ lending behavior was similar to domestic banks supporting the notion that these countries are treated as a “second home market” by these European MNBs. However, the other foreign banks in the region were involved in fueling the credit boom, but then decreased their lending aggressively during the crisis periods. The results suggest that both innovations matter for studying bank behavior during crisis periods in the region and, by extension, to other small countries in which banking sectors are dominated by foreign financial institutions having different business models.

“I am particularly proud of this collaborative publication because it does not stem from a student’s honors thesis, but rather from work that began with the Quantitative Analysis Center summer program and that Dana and I continued throughout her senior year in addition to her regular coursework,” Bonin said.

The paper is available online and will appear in a forthcoming hardcopy issue of the journal.

Hornstein, Hounsell ’11 Co-Author Paper in Journal of Economics and Business

Abigail Hornstein

Abigail Hornstein

Associate Professor of Economics Abigail Hornstein and James Hounsell ’11 are the authors of a new paper published in The Journal of Economics and Business titled “Managerial investment in mutual funds: Determinants and performance implications.”

In the paper, Hornstein and Hounsell examine what determines managerial investments in mutual funds, and the impacts of these investments on fund performance. By using panel data they show that investment levels fluctuate within funds over time, contrary to the common assumption that cross-sectional data are representative. Managerial investments reflect personal portfolio considerations while also signaling incentive alignment with investors. The impact of managerial investment on performance varies by whether the fund is solo- or team-managed. Fund performance is higher for solo-managed funds and lower for team-managed funds when managers invest more. These results are consistent with the higher visibility of solo managers, and less extreme investment returns of team-managed funds. The results suggest investors may not benefit from all managerial signals of incentive alignment as managerial investments also reflect personal portfolio considerations.

Read the full paper here.

Yohe Speaks at the ‘Rap Guide to Climate Chaos’

Gary Yohe answered audience questions about climate change during the off-Broadway production, "Rap Guide to Climate Change" on May 29.

Gary Yohe answered audience questions about climate change during the off-Broadway production, “Rap Guide to Climate Change” on May 29.

Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, made his off-Broadway debut in the TED-talk segment of “Rap Guide to Climate Change,” written and performed by Baba Brinkman and directed by Darren Lee Cole, at the SoHo Playhouse in New York City on May 29. In this one-man show, running from February through July, Brinkman breaks down the politics, economics, and science of global warming, following its surprising twists from the carbon cycle to the global energy economy.

Yohe was invited to be the climate expert for the TED-talk segment in the middle of the show. He spent 25 minutes on stage with Brinkman taking questions from the audience, which provided material for the closing raps.

Boulware Presents Research at Symposium of the Society of Nonlinear Dynamics and Econometrics

Assistant Professor of Economics Karl Boulware recently presented research at the 24th Symposium of the Society of Nonlinear Dynamics and Econometrics, held March 10-11 at the University of Alabama.

Boulware presented a paper titled, “Monetary Policy Surprises and the Shadow Bank Lending Channel: Evidence from the Fed Funds Futures Market” during a session on Monetary and Government Policy. The project is a refinement of research started by Kota Uno ’16 during a QAC Summer Apprenticeship with Boulware.

8 Faculty Awarded Tenure

In its recent meeting, the Board of Trustees conferred tenure on eight faculty members, effective July 1, 2015. They are: Associate Professor of Sociology Robyn Autry, Associate Professor of Government Sonali Chakravarti, Associate Professor of Molecular Biology and Biochemistry Amy MacQueen, Associate Professor of Music Paula Matthusen, Associate Professor of Molecular Biology and Biochemistry Rich Olson, Associate Professor of Mathematics Christopher Rasmussen, Associate Professor of Economics Damien Sheehan-Connor, and Associate Professor of Classics Eirene Visvardi.

Brief descriptions of their research and teaching appear below:

Associate Professor Autry is a cultural sociologist with broad interests in collective identity, memory, and visual culture. Her research on the ways in which the past is constructed and represented at museums has been published in several journals. Autry’s book, Desegregating the Past: The Public Life of Memory in South Africa and the United States, analyzes clashes around the development of history museums in both countries as a window into the desire for particular personal and collective orientations toward the past (Columbia University Press, forthcoming). She teaches courses on comparative race and ethnicity, the future, and memory and violence.

Forbes Taps Sivalingam ’10 as a “30 Under 30”

Ramanan Sivalingam ’10, vice president at Deutsche Bank, is on Forbes' “30 under 30” list in finance.

Ramanan Sivalingam ’10, vice president at Deutsche Bank, is on Forbes’ “30 under 30” list in finance.

Ramanan Sivalingam ’10, vice president at Deutsche Bank, was named to Forbes magazine’s “30 under 30” list in finance—a young professional who is “influencing money flows in the global economy.” An economics and East Asian studies double major at Wesleyan, he continued his high school exploration of the Chinese language, as well as his burgeoning interest in the stock market, which soon became a passion. He began trading stocks independently and also took a leadership role in Wesleyan’s undergraduate investment group with Mike Levin ’09, who now works for the top-ranked auto research team at Deutsche Bank.

After graduation, Sivalingam accepted a position as a research analyst at Deutsche Bank. He was named as a rising star on Institutional Investors research rankings. Now in the sales group, the former Wesleyan lacrosse captain is, in his free time, producing an upcoming sports documentary about a former NCAA basketball star and NBA hopeful whose whose aspirations to play pro ball were compromised, after tearing his knee ligament in the final four. Additionally, Sivalingam sends a shoutout to his team: “Go Wesleyan lacrosse!”

Allbritton Center to Host Series of Panels on the Refugee Crisis



The Allbritton Center for the Study of Public Life will host a series of three panels in February and March on the refugee crisis. All events will take place in PAC 001.

The first panel, The Development of the Crisis and the Response in Europe, will be held at 7 p.m. Feb. 3. Moderated by Professor of Economics Richard Grossman, the panel is comprised of Bruce Masters, the John E. Andrus Professor of History; Robert Ford, former U.S. ambassador to Syria; and Marcie Patton, professor of politics at Fairfield University.

The second panel, The Refugee Experience, will be held at 7 p.m. Feb. 17. Moderated by Victoria Smolkin-Rothrock, assistant professor of history, assistant professor of Russian, Eastern European and Eurasian Studies, it will feature discussion between Steve Poellot, legal director at the International Refugee Assistance Project (IRAP); Mohammed Kadalah, of the University of Connecticut Department of Literature, Cultures and Languages, who was recently granted asylum after fleeing Syria in 2011; and Baselieus Zeno, a PhD candidate in political science at the University of Massachusetts–Amherst and a Syrian refugee.

The final panel, The U.S. Response, Locally and Nationally, will be held at 7:30 p.m. March 31. Moderated by Assistant Professor of Government Ioana Emy Matesan, the panel will include Christina Pope of Welcoming America; Chris George, director of Integrated Refugee and Immigrant Services; and Jen Smyers, director of policy and advocacy at Church World Service. It will also feature a video message from U.S. Senator Chris Murphy of Connecticut.

For more information, contact Rob Rosenthal, director of the Allbritton Center, at rrosenthal@wesleyan.edu.

Grossman, Imai Study Effects of Prominent Directors on 19th Century British Banks

Richard Grossman, professor of economics, and Masami Imai, professor and chair of economics, professor of East Asian studies, are the authors of an article published January 2016 in Explorations in Economic History. 

The article is titled “Taking the lord’s name in vain: The impact of connected directors on 19th century British banks.” Grossman and Imai considered the appointment of prominent, well-connected individuals (former members of Parliament and lords) to the boards of directors of banks in pre-World War I Britain, and investigated whether their presence enhanced equity value for bank shareholders. Surprisingly, they found that these individuals actually had negative effects on bank equity returns.

The article is available online to read for free until February 2016.

Gary Yohe Discusses Impact of Climate Change on Economy

Gary-YoheGary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, appeared on the RT show “Boom Bust” to discuss the impact of climate change on business and the economy. (Yohe’s interview begins at 3:45). He was asked what sectors of the economy are being affected the most by the forces of climate change.

“Agriculture comes to mind. It’s not just hurricanes and extreme precipitation events—although that seems to be happening along the East Coast. Any [real estate or] infrastructure that’s located near the coast line or near a river, for that matter, is in increasing vulnerability. But it’s more than that. It’s […] agriculture, suffering huge losses from drought. Farmers and cattle ranchers in Texas trying to figure out what to do with cows during their drought… People in California who are trying to figure out where the water is going to come from for very water-intensive crops that have sustained that part of the economy for a very, very long period of time. Industries typically have located, historically at least, along waterways and near coastlines because it makes transportation easier and it’s easier to get their products out, but those companies are realizing that over the short term, they have to protect their plants and their businesses. Over the long term, they have to move away from the water. That will be costly, but given enough time, it won’t be as costly as you might think.”

Yohe was also asked which areas of the U.S. are most susceptible to the effects of climate change.

“The whole Southeast coast. Go along the Gulf of Mexico down to Houston, Tx. Those places are increasingly vulnerable. For sure, Florida: it’s very low lying and it’s right in the way of many hurricanes and many very severe storms.” But even in places like Boston, Yohe said, sea level rise has meant that storm surges in two- or three-year storms look more like those once seen in 25-year storms.