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The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
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Myerson on Prosperity Through Networks and Trust
Speaking at the Old Mutual meetings in Harare, Zimbabwe, Nobel Laureate Roger Myerson challenged that nation's government and business leaders to form deeper networks and build trust as a means to economic prosperity. Myerson explained how the perspectives of game theory, which help social scientists see connections between competitive incentives, can deepen understanding of development by providing a general framework for analyzing the variations in political, economic, and social institutions in different countries. Myerson also said the key to successful democratic development is increasing a nation's supply of local government leaders with good reputations for exercising power and spending public funds responsibly. Read the full article, and the text of Myerson's talk, "Democratic Decentralization and Development," [PDF] here.
In recognition of University Trustee Alvaro Saieh's (AM’76, PhD’80) generous contribution to the renovation and adaptive reuse of 5757 South University Ave., the iconic structure has been named the Saieh Hall for Economics. At the June 4th Board of Trustees meeting, President Robert J. Zimmer stated, "We are deeply grateful for Alvaro’s generosity, which provides support for our faculty, students, visitors and initiatives that will fuel collaboration and discoveries with global impact." The Saieh Hall for Economics will contain 150,000 square feet of classrooms, seminar and conference rooms, and collaborative workspaces, accommodating the Department of Economics and the Becker Friedman Institute for Research in Economics. Read full story here.
Doti: Remembering Gary Becker's Contributions
Chapman University president Prof. James L. Doti shares his memories and offers a tribute to his former professor in this recent Orange County Register news article.
Economics Welcomes New Faculty: Brooks, Lamadon
We are pleased to announce that Benjamin Brooks (Princeton) and Thibaut Lamadon (UCL) will be joining us as Assistant Professors in the Department of Economics and the College. Brooks, whose research focuses on microeconomic theory, will be a Becker Friedman Research Scholar for two years and joins the department in July 2016. Lamadon will be a BFI Research Scholar for one year, and will join our faculty in July 2015. His research focuses on macro-labor, dynamic contracting, equilibrium search and applied econometrics.
Gary Becker (1930-2014)
Professor Gary Becker (University of Chicago, 1955) passed away on Saturday, May 3, 2014. He started his career as an Assistant Professor at the University of Chicago from 1954-1957. He joined Columbia University in 1957 as an Assistant Professor, was promoted to Associate Professor and then full Professor in 1960, becoming the Arthur Lehman Professor of Economics in 1968. In 1970, he returned to University of Chicago as University Professor. He served as Department of Economics Chairman in 1984-85. He held a joint appointment in Sociology and the Booth School. He was also the Rose-Marie and Jack R. Anderson Senior Fellow at the Hoover Institution since 1990.
Gary received many awards for his work. He received the John Bates Clark Medal in 1967. He was elected Fellow of the American Academy of Arts and Sciences in 1972. He served as President of the American Economic Association in 1987. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992 for "having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior." He received the National Medal of Science in 2000 for his work in social policy and received the Presidential Medal of Honor in 2007.
He was a pioneer in the fields of human capital, economics of the family, and economic analysis of crime, discrimination, addiction, and population. He was a featured columnist for Business Week and coauthor of the Becker-Posner Blog with Richard Posner, senior lecturer at the University of Chicago Law School. A memorial service is being planned. Read full article here.
Werning, Colleagues Remember Becker
Heckman Awarded Frisch Medal
Professor James Heckman will receive this year's Frisch Medal for his paper, "Estimating the Technology of Cognitive and Noncognitive Skill Formation." The Econometric Society cites the work as "a comprehensive framework for analyzing the evolution of cognitive skills and personality traits across the different stages of childhood...a powerful demonstration of the value of formal methods in elucidating policy questions of the highest importance."
Greenstone Elected to AAAS
Professor Michael Greenstone is one of this year's newly elected members of the American Academy of Arts and Sciences, one of the nation's most prestigious honorary societies. His research focuses largely on the economics of environmental quality and energy policy, including a large-scale project seeking to estimate the costs of climate change around the world. Read full story.