Tag Archive for economics

Papers by Kuenzel, Vásquez Published in Economics Journals

David Kuenzel, associate professor of economics, is the co-author of a new paper published in the European Economic Review titled “Preferential Trade Agreements and MFN Tariffs: Global Evidence.” In the paper, Kuenzel and his co-author, Rishi Sharma from Colgate University, study theoretically and empirically the effects of countries’ import composition on multilateral liberalization using a global tariff database that covers the 2000–2011 period. Kuenzel and Sharma provide evidence that greater preferential trade agreement (PTA) import shares induce tariff cuts on non-member countries. The baseline estimates imply that a 10 percentage point increase in the share of imports from PTA partners lowers most-favored-nation (MFN) tariff rates by about 0.4 percentage points. This effect is driven by countries that negotiate deeper preferential trade deals as they are prone to lead to more inefficient trade diversion, which creates a stronger incentive to subsequently cut MFN tariffs.

Jorge Vásquez, assistant professor of economics, is the co-author of a new paper published in the November 2021 issue of the journal Games and Economic Behavior titled “Co-worker altruism and unemployment.” This theoretical paper, co-authored with Marek Weretka, demonstrates altruism among co-workers may generate downward wage rigidity that creates involuntary unemployment in economic downturns.

Faculty Appointed Endowed Professorships

monogramIn recognition of their career achievements, the following faculty members are being appointed to endowed professorships, effective July 1, 2021:

Erik Grimmer-Solem, professor of history, is receiving the Ezra and Cecile Zilkha Professorship in the College of Social Studies, established in 2008.

Abigail Hornstein, associate professor of economics, is receiving the Woodhouse/Sysco Professorship of Economics, established in 2002.

Edward Moran, professor of astronomy, is receiving the John Monroe Van Vleck Professorship of Astronomy, established in 1982.

Suzanne OConnell, professor of earth and environmental sciences, is receiving the Harold T. Stearns Professorship of Earth Sciences, established in 1984.

Francis Starr, professor of physics, is receiving the Foss Professorship of Physics, established in 1885.

Tracy Heather Strain, associate professor of film studies and co-director of the Wesleyan Documentary Project, is receiving the Corwin-Fuller Professorship of Film Studies, established in 1986.

Also, in recognition of his outstanding research and teaching, Ilesanmi Adeboye, associate professor of mathematics, has been awarded the inaugural Faculty Equity Fellowship for 2021-2022.

Brief biographies appear below:

Ilesanmi Adeboye received his Ph.D. from the University of Michigan, Ann Arbor, and MS from Howard University. He taught at the University of Southern California and the University of California, Santa Barbara, and was a Postdoctoral Fellow at the Mathematical Sciences Research Institute, before arriving at Wesleyan in 2011. Adeboye’s scholarship is at the intersection of geometry, topology, and analysis, with a focus on the study of volume in non-Euclidean geometries. He has published articles on hyperbolic geometry, complex hyperbolic geometry, and projective geometry. Ilesanmi received the 2010 Mochizuki Memorial Fund Award at UC Santa Barbara in recognition of outstanding achievement in mathematics instruction.

Erik Grimmer-Solem was a Harper Fellow at the University of Chicago before joining the history department in 2002. He received his D.Phil. from Oxford University, M.Phil. from Cambridge University, M.Sc. from the London School of Economics, and BA from Brigham Young University. Grimmer-Solem has published two books on the history of German social reform and imperialism, along with many articles and reviews in leading journals. He has received numerous awards, including the Binswanger Prize and a recent fellowship from the German Academic Exchange Service (DAAD). His scholarship on the Holocaust was covered widely in the German media and discussed by the Bundestag in 2014.

Abigail Hornstein joined the economics department after completing her Ph.D. and M.Phil. from Stern School of Business, New York University, and her AB from Bryn Mawr College. Her scholarship focuses on corporate finance, multinationals, business strategy and governance, and legal institutions, with particular expertise in the Chinese financial markets. Hornstein’s work has been published in many prestigious journals, including Journal of Empirical Finance, Journal of Comparative Economics, Journal of Economics & Management Strategy, Journal of Corporate Finance, and China Economic Review.

Edward Moran arrived at Wesleyan in 2002 after serving as a Chandra Fellow at University of California, Berkeley, and an IGPP Postdoctoral Fellow at Lawrence Livermore National Laboratory, and receiving his Ph.D. and MA from Columbia University. Moran studies black holes in the nuclei of dwarf galaxies to gain insights into galaxy evolution, and the history of black hole activity in the universe via investigations of the cosmic X-ray background radiation. He has received grants from the National Science Foundation, National Aeronautics and Space Administration, and Smithsonian Astrophysical Observatory.

Suzanne O’Connell arrived at Wesleyan in 1989 after receiving her Ph.D. from Columbia University, her M.Sc. from State University of New York at Albany, and her AB from Oberlin College. O’Connell studies marine sediment cores recovered through scientific ocean drilling (DSDP, ODP, IODP) to understand past climate change, which helps to understand and model future climate change. She is the 2001 recipient of the Association for Women Geoscientists Outstanding Educator Award and a Fellow of the Geological Society of America (GSA). Currently, OConnell serves on the United States Science Advisory Program committee for the International Ocean Discovery Program (IODP) and on the governing council for GSA.

Francis Starr joined the physics department in 2003 after serving as the deputy director of the Center for Theoretical and Computational Materials Science at the National Institute of Standards and Technology (NIST). His research focuses on the emergent complexity of soft matter physics and biophysics. Starr has authored or co-authored over 120 refereed publications and is a Fellow of the American Physical Society. He is the former director of the College of Integrative Sciences and currently directs the Integrated Design, Engineering, & Applied Science (IDEAS) program.

Tracy Heather Strain received her Ed.M. from Harvard University and her AB from Wellesley College, and is currently an MFA candidate at the Vermont College for the Arts. Strain is an award-winning documentary film director, producer, and writer whose work tells stories with a goal of advancing social justice, building community, and empowering the marginalized. Her films have received two Peabody Awards and have been supported by the National Endowment for the Humanities, National Endowment for the Arts, Corporation for Public Broadcasting, Ford Foundation, Independent Television Service, and LEF Foundation, among other funding organizations. Her most recent work is American Oz, which premiered April 19, 2021.

Raynor’s Study Suggests Wolves Help Decrease Vehicle Collisions with Deer

Raynor

Jennifer Raynor

Can wolves help prevent deer-vehicle collisions?

According to a new study by Assistant Professor of Economics Jennifer Raynor, areas with wolf populations are seeing a 24 percent decline of car vs. deer accidents due to the canines creating a “landscape of fear” in ways human deer hunters cannot.

Her study, titled “Wolves make roadways safer, generating large economic returns to predator conservation” was published by the Proceedings of the National Academy of Sciences (PNAS) on June 1. Raynor and her co-PIs investigated the potentially positive presence of wolves in relationship to roadways by examining 22 years of data from Wisconsin.

The researchers determined that for the average county, the wolves’ effect on deer collisions yielded an economic benefit that is 63 times greater than the costs of verified wolf predation on livestock.

Grossman Co-Authors Article on British Stock Market

Grossman

Richard Grossman

Richard Grossman, professor of economics, recently co-authored an article titled “Before the Cult of Equity: the British Stock Market, 1829-1929” in European Review of Economic History, published on March 24, 2021.

According to the paper’s abstract, the co-authors “analyze the development and performance of the British equity market during the era when it reigned supreme as the largest in the world. By using an extensive monthly dataset of thousands of companies, we identify the major peaks and troughs in the market and find a relationship with the timing of economic cycles. We also show that the equity risk premium was modest and, contrary to previous research, domestic and foreign stocks earned similar returns for much of the period. We also document the early dominance of the transport and finance sectors and the subsequent emergence of many new industries.”

5 Faculty Conferred Tenure, 4 Promoted

monogramWesleyan’s Board of Trustees recently announced the promotions of nine faculty members, effective July 1, 2020.

Five faculty were conferred tenure with promotion. They join six other faculty members who were awarded tenure earlier this spring.

  • Joslyn Barnhart Trager, associate professor of government
  • Anthony Keats, associate professor of economics
  • Andrew Quintman, associate professor of religion
  • Michael Slowik ’03, associate professor of film studies
  • Takeshi Watanabe, associate professor of East Asian studies

In addition, four faculty members are being promoted. They join one other faculty member who was promoted earlier this spring.

  • Erika Franklin Fowler, professor of government
  • Barbara Juhasz, professor of psychology
  • Hari Krishnan, professor of dance
  • Phillip Resor, professor of earth and environmental sciences

Brief descriptions of their areas of research and teaching appear below:

Joslyn Barnhart Trager is a political scientist whose research focuses on international security and the effects of psychology and biology on international conflict. Her work examines the ways collective emotions shape national identity, how gender and suffrage interact to affect war and peace, and how rhetorical justifications for territory relate to the use of force. In her recent book, The Consequences of Humiliation: Anger and Status in World Politics (Cornell University Press, 2020), she argues that when international events trigger a sense of humiliation among people who identify with a country, those people become more likely to behave aggressively to restore the country’s image. She offers courses on Psychology and International Relations, Introduction to International Politics, and The Nuclear Age in World Politics, and she received Wesleyan’s Carol Baker Memorial Prize for excellence in teaching and research in 2019.

Erika Franklin Fowler’s research focuses on American politics, with a specialty in political communication—examining the ways political information is disseminated and the effects of such dissemination on political attitudes, knowledge, and behavior. Her Wesleyan Media Project, which provides information on spending and the content of political advertising, has received over $2.7 million in external grant funding. She has co-authored a book, Political Advertising in the United States (Westview Press, 2016), along with numerous peer-reviewed articles and invited publications. She received the APSA Political Organization and Parties Section’s Jack Walker Award for the best article in 2017, and Wesleyan’s Binswanger Prize for Excellence in Teaching in 2019. She teaches courses on American Government and Politics, Media and Politics, and Empirical Methods.

Barbara Juhasz is a cognitive psychologist who studies reading and word recognition in adults. Through her Wesleyan Eye Movement and Reading Laboratory she investigates how words and their meanings are represented in memory and processed during reading as revealed by eye movements. Her work seeks to answer questions such as what variables can predict how, and how quickly, a word is processed. She has published extensively in many peer-reviewed journals, including Journal of Experimental Psychology: Learning, Memory and Cognition; Memory and Cognition; and Behavior Research Methods, and her publications have received over 3,000 citations to date. She offers courses on Sensation and Perception, Psychology of Reading, Experimental Investigations into Reading, and Statistics: An Activity-Based Approach.

Anthony Keats’s research in development economics uses a variety of approaches, including randomized control trials conducted in the field and quasi-experimental methods using household survey data, to answer causal questions related to education, early child health, financial access and savings, and occupational choices in developing countries. His highly-cited work has been published in the Journal of Development Economics and the Economic Journal. He has received over $3.3 million in grants from the Bill and Melinda Gates Foundation, the World Bank Strategic Impact Evaluation Fund, Omidyar Network, and other funding organizations. He teaches courses on Quantitative Methods in Economics, Econometrics, and Development Economics.

Hari Krishnan is a dance artist and scholar, specializing in bharatanatyam, queer/contemporary dance, and the interface between dance history and film studies. Bridging theory and practice, he interrogates the boundaries between modern and traditional dance forms, engaging critically with questions of gender, sexuality, and race. His choreographies have been featured at esteemed venues including Jacob’s Pillow, La MaMa’s, Asia Society, Canada Dance Festival, HarbourFront Centre (Canada), Maison des Cultures du Monde (France), The Other Festival, and the Music Academy Dance Festival (India). He is a Bessie award nominee in the Outstanding Performance category, and his recent monograph, Celluloid Classicism: Early Tamil Cinema and the Making of Modern Bharatanatyam, was published by Wesleyan University Press. His courses include Bharatanatyam; Contemporary Dance from Global Perspectives; Mobilizing Dance and Cinema; and Queering the Dancing Body.

Andrew Quintman is a scholar of premodern Buddhist traditions in Tibet and the Himalayas. He has special expertise in biographical and autobiographical literature, in particular the analysis of Buddhist hagiography and historiography, religious poetry, and representations of sainthood. His monograph, The Yogin and the Madman: Reading the Biographical Corpus of Tibet’s Great Saint Milarepa (Columbia University Press, 2014), presents a systematic analysis of the entire Himalayan literary tradition about Milarepa, including all 128 biographies written about the 11th-century Tibetan saint. His book received numerous awards, including the American Academy of Religion’s Award for Excellence in the Study of Religion and Yale University’s Samuel and Ronnie Heyman Prize for Outstanding Scholarship. He offers courses on Buddhist Traditions of Mind and Meditation, Tibetan Buddhism, and Who is the Dalai Lama?

Phillip Resor is a structural geologist who studies rock deformation with an emphasis on fault zones. His research, which combines field work and modeling, has important applications in planetary science, energy resources, and present-day hazard assessment related to earthquakes. He has received grants from the National Science Foundation Tectonics Program, NASA’s Planetary Geology and Geophysics Program, and the Southern California Earthquake Center. He has published widely, and in 2019 he received Top Author recognition from NAGT Teach the Earth. In 2016 he received the Joe Webb Peoples Award in recognition of his contributions to promoting the understanding of Connecticut geology. He offers courses on Dynamic Earth, Structural Geology, Field Geology, Modeling the Earth and Environment, and Geologic Field Mapping.

Michael Slowik’s research focuses on the history of film and film aesthetics, with a special emphasis on the uses and evolution of sound and music in cinema. His book, After the Silents: Hollywood Film Music in the Early Sound Era, 1926-1934 (Columbia University Press, 2014), which provides a detailed analysis of the evolution of film music from the start of synchronized sound through 1934, was a top 10 finalist for the 2015 Kraszna-Krausz Foundation Moving Image Book Award. His latest manuscript, Defining Cinema: The Films of Rouben Mamoulian, is under contract with Oxford University Press. He teaches courses on Film Genres: The Western; History of Film Sound; Sex and Violence: American Filmmaking Under Censorship; and Cinema Stylists: Sternberg, Ophuls, Sirk, Fellini. Slowick is a 2003 alumnus of Wesleyan.

Takeshi Watanabe is a scholar of premodern Japanese literature. In his recent book, Flowering Tales: Women Exorcising History in Heian Japan (Harvard Asia Center, 2020), he examines the historical tale A Tale of Flowering Fortunes (c. 1000), and demonstrates how the rise of writing in the vernacular allowed a new type of historical writing that captured court gossip and channeled its divisive energy into stories that brought healing. He has published broadly in both English and Japanese, and his scholarship covers art history, material culture, and the history of food. He teaches courses on Japanese literature and culture and East Asian culture, including From Tea to Connecticut Rolls: Japanese Culture through Food; Samurai: Imagining, Performing Japanese Identity; and In Search of a Good Life in Premodern Japan.

Kuenzel’s Paper on WTO Tariff Commitments Published in European Economic Review

David Kuenzel

David Kuenzel

David Kuenzel, assistant professor of economics, is the author of a paper titled “WTO Tariff Commitments and Temporary Protection: Complements or Substitutes?” The paper was published in the January issue of the European Economic Review.

In the paper, Kuenzel investigates the link between traditional tariff instruments and temporary protection measures (antidumping, safeguard, and countervailing duties). There is a long-held notion in the trade policy community that most-favored-nation (MFN) tariffs and temporary protection measures are substitutes. Despite this prediction, there is only mixed empirical evidence for a link between MFN tariff reductions and the usage pattern of antidumping, safeguard, and countervailing duties.

Raynor’s Study on Fishery Economics Published in the Journal of Great Lakes Research

Raynor

Jennifer Raynor

Jennifer Raynor, assistant professor of economics, is the co-author of a study titled “Can native species compete with valuable exotics? Valuing ecological changes in the Lake Michigan recreational fishery,” published in the Journal of Great Lakes Research, 2020.

The Chinook salmon population in Lake Michigan is declining precipitously due to ecological changes, and the impact on recreational fishing value is unknown. In this study, Raynor estimates a conditional model to characterize how Wisconsin resident anglers react to changes in species-specific availability and catch rates.

“Using these results, we calculate the non-market value of access to the fishery that reflects current, historical, and potential future fishing conditions. We then predict whether native lake trout and walleye, which are more resilient to the changing conditions in the lake, can maintain the fishery’s value if non-native Chinook salmon collapses,” Raynor explained.

Results show that while large losses would occur absent other improvements, a portion of the fishery’s value could be maintained if substitute species, particularly walleye, improved in quality and were readily accessible.

This spring, Raynor is teaching ECON 210: Climate Change Economics and Policy and ECON 310: Environmental and Resource Economics.

Wesleyan in the News

NewsWesleyan in the News

1. Washington Post: “Biden Makes End Run Around Trump as the President Dominates the National Stage”

Erika Franklin Fowler, associate professor of government and co-director of the Wesleyan Media Project, comments on Biden’s unusual strategy during an unprecedented time for the 2020 presidential campaign. “There is not a ready off-the-shelf playbook for how you campaign in this environment if you are a nonincumbent, so that’s part of what you’re seeing,” she said. “We’re all being thrown into this new environment, where campaigns are going to need to reinvent, to some extent, how they go about things, how they going to go about reaching citizens.” Fowler added, “I think we’re at a stage of this event where people are starting to feel coronavirus fatigue. So it seems like to me that the local television news strategy and reaching around is probably a good one at this point.”

Wesleyan Investment Group Takes 1st Place in Adirondack Cup

Adirondack Cup 2020

The Wesleyan Investment Group outperformed the Russel 2000 index with a portfolio return of 44% higher than their market benchmark. The team won The Adirondack Cup based on receiving the highest return on their initial investment.

The student-run Wesleyan Investment Group (WIG) is celebrating a first-place victory in a six-month-long collegiate investment contest that concluded April 9.

Despite the COVID-19 epidemic’s detrimental impact to the stock market, WIG managed to garner a 27.04% return in the 2019–20 Adirondack Cup, a stock-picking contest sponsored by the advisor to The Adirondack Small Cap Fund (ADKSX). Wesleyan competed against 22 other institutions in New England and New York.

Each student team managed a hypothetical $1 million portfolio consisting of five small cap equities. Team members studied the performance of more than 100 businesses and predicted which ones would perform the best between October 2019 and April 2020. To encourage a long-term focus, teams are only allowed to change their portfolio once during the competition.

Wesleyan in the News

NewsWesleyan in the News

1. CNN: “How Coronavirus Has Reshaped Democratic Plans for 2020”

This article on how Democrats are politicizing the government’s response to the coronavirus crisis features research by the Wesleyan Media Project, which found that this past month has seen a huge drop in campaign advertising overall. “The messaging and the attacks that we’ve seen on [coronavirus] do feel louder … in part because there are fewer messages overall,” said Erika Franklin Fowler, associate professor of government, co-director of the Wesleyan Media Project. She notes that health care was emerging as a top issue in 2020 advertising for Democrats even before the pandemic began, so “it’s not surprising that Democrats appear poised to focus on the pandemic and the Trump administration’s response to it as part of their larger strategy to hit Trump and Republicans on health care.”

Grossman on Mitigating the Economic Fallout from the Coronavirus

Grossman

Richard Grossman

Richard Grossman, professor and chair of economics, is an expert in economic history as well as current policy issues in macroeconomics, banking, and finance. In this Q&A, we asked him about the economic fallout from the coronavirus pandemic, and how the government is responding in efforts to mitigate the damage.

Q: We’ve all seen the headlines about a coronavirus-induced recession. What is the current state of the economy, and what do you predict we’ll see over the coming months?

A: Prior to the virus outbreak, the American economy was doing well by conventional standards. The unemployment rate was 3.5% in March, down from a peak of 10% around a decade ago. According to the government’s most recent estimate (released on Feb. 27), real gross domestic product grew by 2.3% in 2019. Not stellar, but high relative to other developed economies. It is going to get substantially worse quite soon.

Skillman’s Article Published in the Review of Radical Political Economics

Gil Skillman, professor of economics, is the author of “Moseley’s ‘Macro-Monetary’ Reading of Marx’s Capital: Rejoinder and Further Discussion,” published in the Review of Radical Political Economics on Dec. 17, 2019.

According to the abstract:

Moseley (2018) offers a partial reply to Skillman’s review of his Money and Totality, addressing one comment at length while mentioning a second in passing and ignoring the third. In this rejoinder, Skillman responds to his replies and develops the three main arguments of his review in greater detail, with particular focus on the logical consistency of Moseley’s “algebraic summary” of his macro-monetary reading of Marx’s transformation analysis.