Melanie Khamis, assistant professor of economics and assistant professor of Latin American studies, has co-authored a new paper published in the December 2017 issue of Labour Economics. The paper, titled “Women make houses, women make homes,” examines the effects of historical labor market institutions and policies on women’s labor market outcomes.
To conduct the research, Khamis and her colleagues studied the “rubble women” of post–World War II Germany, who were subject to a 1946 Allied Control Council command that required women between the ages of 15 and 50 to register with a labor office and to participate in postwar cleanup and reconstruction.
The study showed that this mandatory employment had persistent longstanding adverse effects on German women’s overall participation in the labor market. Possible reasons for this include physical and mental exhaustion associated with the demanding manual labor involved in removing war debris; an increase in postwar marriage and fertility rates; and a reversion to traditional gender roles as men returned from war.
The findings highlight how important it is for countries—especially those recovering from conflict—to develop labor market institutions and policies that support women’s participation in the workforce. In addition, the paper concludes, “Our results also provide suggestive evidence that work-contingent income support programs may have limited positive effects on female future labor market outcomes and welfare dependency unless such policies are further backed up by the provision of quality child care and labor market institutions at large.”
Gary Yohe spoke about climate change at the Glastonbury Riverfront Community Center on Nov. 15.
On Nov. 15, Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, delivered a talk on climate change at the Glastonbury (Conn.) Riverfront Community Center. It was sponsored by the Land Heritage Coalition of Glastonbury, Inc.— a non-profit corporation whose mission is to support farming, open space preservation, and water and wetlands protection—as its annual educational initiative.
“As part of our mission, we feel it important to help folks in Connecticut understand the issue of climate change, what the local impacts are, and what we can do in this state,” explained David Ahlgren, LHC co-president. “There’s a lot of hype, spin, misunderstanding, and politics around this very important issue. We’re planning a series of events on this topic, and are starting off with Dr. Yohe, who is eminently equipped to help us understand the science and sift out the spin.”
In the talk, which was free and open to the public, Yohe brought his expertise to address climate change from a scientific perspective, and took questions from the audience.
Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, writes in The Conversation about the recently published Climate Science Special Report. While he, like many others, had feared that the Trump White House would reject the report, instead, he writes, “last week’s release was like trick-or-treating on Halloween and coming to a house with a bowl of candy at the door but no one home.”
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Joyce Jacobsen, third from left, with other economists at the Center for American Progress event. (Photo courtesy of the Center for American Progress)
Provost and Vice President for Academic Affairs Joyce Jacobsen spoke at an event on Sept. 29 at the Center for American Progress in Washington, D.C. The event was on the topic, The Economics of Misogyny. Jacobsen spoke on the topic of feminist economics in conversation with Judith Warner, senior fellow at the Center for American Progress. A video recording of the event can be seen here.
Jacobsen also is the Andrews Professor of Economics.
Associate Professor of Economics Abigail Hornstein’s article, “Words vs. actions: International variation in the propensity to fulfill investment pledges in China,” was published in the journal China Economic Review in July 2017.
Hornstein studied whether companies from certain countries were more likely than others to fulfill investment pledges. On average, she found that firms fulfilled about 59 percent of their pledges within two years. This number was lower for firms in countries with greater uncertainty avoidance, power distance, and egalitarianism; and higher for those in countries that are more traditional. She also found that popular attitudes toward China did not affect the likelihood of fulfilling investment pledges.
In the near future, the Trump Administration must decide whether to approve or reject a new scientific report on climate change. Writing in The Conversation, Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, asserts, “If the Trump administration chooses to reject the pending national Climate Science Special Report, it would be more damaging than pulling the United States out of the Paris Climate Agreement. Full stop.”
Yohe backs up this bold claim by explaining why this report is so important and describing a crucial difference between the report and the Paris Climate Agreement. Namely, “the Paris accord focuses on reducing emissions, while the Climate Science Special Report is designed to help the U.S. better adapt to the effects of climate change even as it underscores the importance of cutting emissions.”
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Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, writes in HuffPost that the Trump Administration must acknowledge and factor in the effects of climate change when it tackles American infrastructure.
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Ben Oppenheim ’02, a senior fellow at the Center on International Cooperation, as well as a consulting scientist with the start-up Metabiota, writes about the importance of international collective action for pandemic preparedness.
Ben Oppenheim ’02, a consulting scientist with Metabiota, a start-up focusing on epidemiological modeling and epidemic risk preparedness, was recently invited to participate in a workshop at the National Academy of Medicine. As a result, Oppenheim and his colleagues wrote an article published in Lancet Global Health titled “Financing of International Collective Action for Epidemic and Pandemic Preparedness,” based on these meetings. Also writing for the Brookings Institution, Oppenheim further explored the challenges of responding to global outbreaks, offering a four-point plan to protect the global poor during pandemics, with co-author Gavin Yamey.
“Post-Ebola and Zika, there’s been increasing worry—and debate—about how to prepare for epidemics and pandemics that threaten global health,” notes Oppenheim, who is also a senior fellow and visiting scholar at New York University’s Center on International Cooperation. “Cracking the problem means thinking through the ways that policy, economics, health, and other factors all intertwine. In the workshop, we were thinking about how to build incentives to improve disease surveillance and outbreak detection, as well as how to improve the legal and economic architecture to speed up the development of vaccines and therapeutics. All of this demands attention to everything from epidemiology, to financing, and to politics.”
Oppenheim also discussed the economic impacts of pandemics,
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Professor of Economics Richard Grossman was asked by Wales Online about his expectations for the economic impact of Brexit over the next few years. He said:
“Leaving the European Union will be a drag on the British economy in the medium term. Even before Brexit takes effect, however, the economy will be hurt by two factors: expectations and uncertainty.
“The expectation that the UK will no longer have free access to the European market may lead exporters to reorient production toward domestic consumption or export to non-EU regions well before Brexit comes into force. UK-based financial firms may shift operations to EU locations in anticipation of Brexit, rather than waiting until it is a fait accompli.
“And firms that rely on high-skilled labour may relocate to other countries if they expect the reduction in immigration that is expected to accompany Brexit to reduce the pool of talented workers in the UK.
“In addition to its anticipated effects, the economy will suffer from the uncertainty surrounding Brexit. There really is no precedent for a country to leave the EU, so no one really knows how the negotiations will turn out.
“And markets hate uncertainty. The worse the perceived effect of Brexit, the worse a drubbing the pound will take.
“A steady decline might support exports to some extent, but will lead to inflation at home as imported goods become more expensive. What is more likely than a steady decline is a more volatile pound, which will help no one.”
On June 23, Professor of Economics Richard Grossman presented a paper at an economic history symposium jointly sponsored by the Bank of England and the the Centre for Economic Policy Research. Titled, “Beresford’s Revenge: British equity holdings in Latin America, 1869-1929,” the paper looks at stock market returns of Latin American firms traded on the London Stock Exchange.
The program for the conference can be seen here.
Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, rebuts an op-ed on Fox News in which U.S. Senator Rand Paul argues for the United States to withdraw from the Paris Climate Agreement. Writing on the site Climate Feedback, Yohe explains that Paul’s opinion relies on the flawed claim that the agreement would do little to slow climate change and would cost American jobs.
Yohe breaks down Paul’s assertions regarding anticipated global warming—both with and without the agreement—as well as the Senator’s predictions that the agreement would cost the country 6.5 million in lost jobs and $3 trillion in lost GDP. Yohe contends that Paul relies only on analysis by economists who will produce numbers that support his view. Instead, Yohe points to the recent experience in both the U.S. as a whole and in California, which has a cap and trade program. Both have seen carbon emissions fall dramatically while unemployment has fallen and GDP growth has increased. “These simple economic observations contradict the Senator’s claims,” he writes.
Yohe goes on to explain why energy transformation on the scale envisioned by those who support the Paris Accord is economically feasible, and writes that renewable energy will be the growth sector of the first half of the century. For the U.S. to withdraw from the climate agreement “would reduce investment incentives in the United States. Leaving the Accord would thereby limit employment growth opportunities. It is here that the future employment of those displaced by the contraction of, for example, the coal industry, would otherwise be found.”
A team of Wesleyan students took second place with a 24.28 percent return in the 2017 Adirondack Cup, a stock picking contest for college students interested in the investment field. This is the sixth year that Wesleyan has fielded a team, and represented the best performance to date. The contest offers a unique setting for students to test their investment research skills using businesses not widely covered by analysts and the news media.
Over 160 students from 22 colleges and universities participated in the contest this year, which focuses exclusively on “small cap” public companies, the expertise of the contest’s sponsor, Adirondack Research & Management, Inc. This firm is an advisor to The Adirondack Small Cap Fund (ADKSX), an SEC registered no-loan mutual fund established in 2005. A team from Union College took first place. See the final results here.
Wesleyan’s team members included Eddie McCann ’19, Nikolas Ortega ’19, Daniil Plokhikh ’19, Attul Jakkampudi ’20, Sonja English ’20, Mitchell Motlagh ’20, Sahil Shah ’19, Kofi Ofori-Darko ’20, Dan Tran ’20, Allesandro Lorenzoni ’20 and Daniel Lombardo ’19.
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