Kenneth C. Griffin Department of Economics Professor Greg Kaplan has received the 2019 Economics in Central Banking Award for his paper "Monetary Policy According to HANK" (with Benjamin Moll and Giovanni Violante). Central Banking journal calls it a work that "boosts the realism of core economic models, delivering important insights into inequality and the transmission of monetary policy." The journal adds, "[while the paper] is not the first piece of research to introduce heterogeneous agents into a New Keynesian framework, the authors adopt an innovative approach that generates crucial insights into monetary policy, viewing the problem through the lens of inequality." Galo Nuño, Head of the Monetary Policy Unit at the Bank of Spain adds, "The paper makes an important contribution … by introducing a model to analyse monetary policy rigorously calibrated using microdata [and] highlighting the relevance of indirect effects of interest rate changes on consumption." The paper was published in the American Economic Review in 2018. Read the full story »
(L-R): Julio J. Elías, Director of the Master's Program in Economics at UCEMA; John List, Kenneth C. Griffin Distinguished Service Professor of Economics at the Kenneth C. Griffin Department of Economics of the University of Chicago; Edgardo Enrique Zablotsky, Rector, UCEMA (image courtesy UCEMA).
The University of Chicago and Universidad del CEMA (UCEMA) have concluded an agreement to jointly operate the Joint Initiative for Latin American Experimental Economics in Buenos Aires, Argentina. The Initiative will be co-directed by John List, Kenneth C. Griffin Distinguished Service Professor of Economics at the Kenneth C. Griffin Department of Economics of the University of Chicago and Julio J. Elías, Director of the Master's Program in Economics at UCEMA.
We are so proud to develop a strong partnership between UCEMA and the University of Chicago, offering courses to UCEMA and Latin American students, working with their professors and students on problems in the private sector and the public sector. Scientifically, our goal is to bring field experiments to South America, and expand Chicago economics throughout Latin America. — John List, University of Chicago
The main objective of the Initiative is to design field experiments to offer new perspectives in various areas of economic research for Latin American countries, such as education, private provision of public goods, social preferences, and environmental economics. The Initiative will be based at UCEMA (building Av. Córdoba 637), where it will receive visiting researchers from the Experimental Economics group of the University of Chicago and invited researchers from other universities working on related topics in Latin America.
The Joint Initiative for Latin American Experimental Economics will allow us to develop the area of experimental economics in Latin America with the distinctive approach of Chicago Economics, and the vision that the economic approach is a powerful tool to understand the world. The Initiative will prepare and support innovative scholars who apply economic analysis, through field experiments, to our most challenging social and political problems. We have the great opportunity to bring the best research in field experiments to the region, which will be very useful to stimulate the discussion and allow an informed debate about public policies. — Julio J. Elías, Universidad del CEMA
The Initiative will be based at UCEMA building Av. Córdoba 637, where it will receive visiting researchers from the Experimental Economics group of the University of Chicago and invited researchers from other universities working on related topics in Latin America (image courtesy UCEMA).
John List is the Kenneth C. Griffin Distinguished Service Professor in Economics at the University of Chicago. He received his B.S. in economics at the University of Wisconsin-Stevens Point and Ph.D. in economics at the University of Wyoming. List joined the UChicago faculty in 2005, and served as Chairman of the Department of Economics from 2012-2018. Prior to joining the University of Chicago, he was a professor at the University of Central Florida, University of Arizona, and University of Maryland.
List was elected a Member of the American Academy of Arts and Sciences in 2011 and a Fellow of the Econometric Society in 2015. He is currently the Visiting Robert F. Hartsook Chair in Fundraising at the Indiana University Lilly Family School of Philanthropy. He received the Arrow Prize for Senior Economists in 2008, the Kenneth Galbraith Award in 2010, the Yrjo Jahnsson Lecture Prize in 2012, the Klein Lecture Prize in 2016, and the Hartsook Growing Philanthropy Award in 2017. He received an honorary doctorate from Tilburg University in 2014 and from the University of Ottawa in 2017. John was also named a Top 50 Innovator in the Non-Profit Times for 2015 and 2016 for his work on charitable giving. He served in the White House on the Council of Economic Advisers from 2002-2003 and is a Research Associate at the NBER, a Research Fellow at the Institute for the Study of Labor (IZA), a University Fellow at Resources for the Future (RFF), and a University Fellow at Tilburg University in the Netherlands.
His research focuses on questions in microeconomics, with a particular emphasis on using field experiments to address both positive and normative issues. For decades his field experimental research has focused on issues related to the inner-workings of markets, the effects of various incentives schemes on market equilibria and allocations, how behavioral economics can augment the standard economic model, on early childhood education and interventions, and most recently on the gender earnings gap in the gig economy (using evidence from rideshare drivers). His research includes over 200 peer-reviewed journal articles and several published books, including the 2013 international best-seller, The Why Axis: Hidden Motives and the Undiscovered Economics of Everyday Life (with Uri Gneezy).
Julio J. Elias is Professor in the Department of Economics and Business School of the University of CEMA (UCEMA), Argentina. He is also Director of the MA program in Economics at UCEMA, Executive Director of the Center for Economics of Creativity, UCEMA, and a Research Associate of the Center of Excellence on Human Capital and Economic Growth and Development of the State University of New York at Buffalo. He was Visiting Fellow of the Becker Friedman Institute at the University of Chicago, Visiting Professor at the University of Western Ontario, Canada, and the State University of New York at Buffalo, and Assistant Professor at the State University of New York at Buffalo. He was also Chief Economist of BICE, Argentina, and Senior economist at the Central Bank of Argentina. He earned his BA from the Universidad Di Tella in 1996 and his PhD in Economics from the University of Chicago in 2005.
His research focuses on health economics, economic development, the economics of education and labor economics. He has studied with Gary Becker the impact of allowing remuneration for organ donations. His current research uses experimental economics to understand the economics of controversial transactions. In 2016, a joint paper of Mauro Alem and Julio Elias was awarded the “Rommel Acevedo Latin American Award on Developing Banking” of ALIDE.
The Kenneth C. Griffin Department of Economics is pleased to announce three of our faculty have received named professorships or were appointed distinguished service professors, effective January 1st.
Fernando Alvarez has been named the inaugural Saieh Family Professor in the Kenneth C. Griffin Department of Economics and the College. He is a macroeconomist whose research focuses on dynamic general equilibrium models applied to asset pricing, international trade, labor market search and insurance, holdings of liquid assets, and nominal rigidities in price settings. He was elected a Fellow of the Econometric Society in 2008, and in 2018 elected to the American Academy of Arts & Sciences.
Michael Greenstone has been named the Milton Friedman Distinguished Service Professor in the Kenneth C. Griffin Department of Economics and the College. Greenstone directs the Becker Friedman Institute and the interdisciplinary Energy Policy Institute at the University of Chicago. His research appears in leading economics and scientific journals and has influenced policy globally. The primary motivation of his research is the global energy challenge that aims to balance society’s need for inexpensive and reliable energy for robust economic growth, without unduly harming human health or the environment or increasing the probability of disruptive climate change. He previously served as the Chief Economist for the White House Council of Economic Advisers, where he co-led the development of the United States Government’s social cost of carbon. Greenstone also directed The Hamilton Project, which studies policies to promote economic growth, and has since joined its Advisory Council. He is an elected member of the American Academy of Arts and Sciences, a fellow of the Econometric Society, and a former editor of the Journal of Political Economy.
Derek Neal has been named the William C. Norby Professor in the Kenneth C. Griffin Department of Economics and the College. Shortly after arriving at UChicago, Neal began work on a series of papers that document the causes and consequences of basic skill gaps that develop between black and white youth as they progress through childhood and early adolescence. Over the past decade, he has also worked on the design of incentive and accountability systems for educators. Further, Neal is examining the links between home and school experiences of youth and future outcomes in inequality, the labor market, and the criminal justice system. In 2016, Neal received the prestigious Llewellyn John and Harriet Manchester Quantrell Awards for Excellence in Undergraduate Teaching; awarded annually since 1938, this award is the nation's oldest prize in undergraduate teaching. In 2018, he published "Information, Incentives and Education Policy," (Harvard University Press) the first monograph in the Sanford J. Grossman Lectures in Economics Series.