Economics Department Alumnae E-Newsletter
January 2006

Rajiv Sethi, Department Chair

FROM RAJIV SETHI, DEPARTMENT CHAIR

Greetings from the Barnard Economics Department! Welcome to the 2005 edition of the Economics Alumnae E-newsletter. This is our second annual newsletter, created in collaboration with the Office of Development & Alumnae Affairs. We hope this communication will keep you connected to the department, the College, and each other. In this issue, you can learn about recent graduates of the program, faculty research, departmental events, courses for alumnae auditors, and much more. We are especially pleased that Karen Wells '89 has contributed an interview with Professor Perry Mehrling, whose latest book has been receiving strong reviews.

We eagerly await your feedback on this year's e-newsletter. E-mail us at newsletter@barnard.edu. We also hope that you will consider funding something on our "wish list," consisting of items and initiatives to enhance research, teaching, and community within the Economics Department. Your support ensures that today's students receive the opportunities they need to follow in your footsteps and make important contributions across the globe.

Please stay in touch with us. Alumnae who responded to last year's e-newsletter told us that they want to know what fellow Economics graduates are doing. I'm delighted to let you know that, as part of a major upgrade to the Barnard alumnae Web site, we will be instituting an alumna notes area by academic major that will be password-protected. You will be able to post your own news and find out what other alumnae are up to. We will let you know when this is available, probably sometime next spring. And, if you'd like to contact a professor directly, click here to visit the faculty directory. We hope to hear from you soon, and often.

Best regards,

Rajiv Sethi

Rajiv Sethi
Associate Professor and Chair, Economics Department

 

FACULTY SPOTLIGHT: PERRY MEHRLING, AUTHOR OF FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE

Fischer Black and the Revolutionary Idea of FinanceProfessor Perry Mehrling's latest book, Fischer Black and the Revolutionary Idea of Finance, was released by John Wiley & Sons earlier this year and has received worldwide attention. Publishers Weekly dubbed it "the best currently available general history of the revolution in finance that took place between 1960 and 1990.... Mehrling's book is essential reading for anyone interested in the development of modern finance or the life of an idiosyncratic creative genius." Karen Wells '89, one of his former students, recently spoke to Professor Mehrling about Fischer Black, Fischer Black (the person), and his research plans for the future. To read the Q&A, click here.


RACHAEL BARZA '05 RECEIVES NATIONAL SCIENCE FOUNDATION GRADUATE RESEARCH FELLOWSHIP
National Science FoundationRachael Barza '05, who majored in economics and math at Barnard, has been awarded a National Science Foundation Graduate Research Fellowship, which provides about $40,000 a year for up to three years of graduate study. The program recognizes and supports outstanding graduate students with the expectation that they will become knowledge experts who can contribute significantly to research, teaching, and innovations in science and engineering. Barza entered Harvard University in September 2005 as a Ph.D. student in economics. Her senior thesis at Barnard focused on the influence of neighborhood demographics on test scores. To read more about Barza's fellowship, click here.


Sharon HarrisonPROFESSOR SHARON HARRISON STUDIES HOW BEHAVIOR AFFECTS THE ECONOMY
Predicting economic booms and busts can be made easier and more accurate by understanding human expectations and behavior, says Assistant Professor Sharon Harrison. She has worked with an economic model that closely predicts economic output during the Great Depression era. Harrison argues that "sunspots"-interpreted as people's behavior and expectations about the economy before and during the Depression-led to the drastic economic downturn. To read more, click here.


David WeimanPROFESSOR DAVID WEIMAN DISCUSSES THE ECONOMICS OF PRISONS ON SEATTLE PUBLIC RADIO
David Weiman, the Alena Wels Hirschorn '58 Professor of Economics and co-editor of Imprisoning America: The Social Effects of Mass Incarceration (Russell Sage Foundation Publications, 2004), was invited to participate in a roundtable on Seattle Public Radio about the United States prison system. Topics discussed ranged from the costs associated with incarceration to the economic prospects of former inmates. To listen to the segment online, click here.


Lalith MunasinghePROFESSOR LALITH MUNASINGHE EXAMINES CORRELATION BETWEEN SMOKING AND CAREER DEVELOPMENT
Economics professor Lalith Munasinghe has co-authored a paper with Columbia University economist Nachum Sicherman entitled "Wage Dynamics and Unobserved Heterogeneity: Time Preference or Learning Ability?" which argues that smokers might invest less and therefore learn less than nonsmokers. To read more about the paper, click here.



Mariana ColacelliECONOMICS DEPARTMENT WELCOMES MARIANA COLACELLI TO THE FACULTY
Mariana Colacelli, Assistant Professor, received her Ph.D. in Economics from Harvard University in 2005. Her thesis was entitled "Essays on the Economics of Crises." She received her B.A. in economics from the Universidad Nacional de Tucumán, Argentina, in 1999, where she was valedictorian. Her primary teaching and research fields are Macroeconomics and Monetary Theory. Her secondary fields are International Trade and Development Economics.


RUTGERS PROFESSOR YANA RODGERS SPEAKS AT THE ECONOMICS DEPARTMENT SEMINAR
Yana van der Meulen Rodgers, an expert in the economics of gender, the economics of children, and development economics, presented her latest work at the Economics Department Seminar series on October 12, 2005. Dr. Rodgers is an economist and an Associate Professor of Women's and Gender Studies at Rutgers University, where she teaches courses on gender and economic development, and the economics of the family. Her paper, entitled "Food Assistance Through the School System: Evaluation of the Food for Kids Backpack Program," evaluated a charitable program in Arkansas which seeks to reduce hunger among school-aged children by distributing ready-to-eat food in backpacks for participating students to take home for evening and weekend meals. Her results suggested a positive program impact on some but not all tests, with evidence from school surveys suggesting multiple benefits for participating students' self-esteem and behavior at school.

SMART WOMEN, SMART MONEY: TAKING CHARGE OF OUR FINANCIAL LIVES
The Alumnae Association of Barnard College is launching the "Smart Women, Smart Money Financial Mastery" series, featuring compelling programs that address the challenges and opportunities Barnard women face at each stage of our lives. The series provides top-of-field expertise, seasoned guidance, and practical information about managing the complexities of lifelong financial planning and investment. Upcoming initiatives include Financial Fluency 101, a four-day mini-course in January and February; a Barnard alumnae investment group; and a discussion and lecture series. Watch your e-mail and the Alumnae Affairs Web site for more information, or call Alumnae Affairs at 212.854.2005.

RECENT PAPERS AND PUBLICATIONS BY ECONOMICS FACULTY

Kristin Mammen
"Rearranging the Family? Income Support and Elderly Living Arrangements in a Low-Income Country," with Eric Edmonds and Douglas Miller, Journal of Human Resources 40, no. 1 (Winter 2005): 186-207.

"Women's Work and Economic Development" with Christina Paxson, Journal of Economic Perspectives, Fall 2000, will be reprinted in Gender and Development, published by ICFAI Books, the publishing arm of the Institute of Chartered Financial Analysts of India.

Perry Mehrling
Fischer Black And The Revolutionary Idea Of Finance, John Wiley & Sons, Inc., 2005.

"Mr. Woodford and the Challenge of Finance," part of a symposium on Woodford's magnum opus, JHET, forthcoming.

FFHE (Aspen). "A Robust Spending Rule," invited to debate endowment policy with Verne Sedlacek (Commonfund) and Paul Goldstein (Stanford University),
proceedings, Futures Forum, forthcoming.

"Innovations in Theory and Practice: The Case of Finance (1965-1995)," invited keynote address, conference volume, forthcoming.

Lalith Munasinghe
"Specific Training Sometimes Cuts Wages and Always Cuts Turnover," with Dan O'Flaherty, Journal of Labor Economics, April 2005.

"Expectations Matter: Job Prospects and Turnover Dynamics," Labour Economics, forthcoming.

"Why Do Dancers' Smoke? Discount Rates, Career Choice, and Wage
Growth," with Nachum Sicherman, Eastern Economic Journal, forthcoming.

Sanjay Reddy
Published a wide variety of book chapters and journal articles (most recently in the Journal of Ethics, the Journal of Human Development and the Economic and Political Weekly). In November 2005, his op ed will appear in the Economic Times (India).

Randall Reback
"Entry Costs and the Supply of Public School Teachers," Education Finance and Policy, forthcoming.

Rajiv Sethi
"Learning Strategies'' (with Nobuyuki Hanaki, Ido Erev, and Alexander Peterhansl), Journal of Economic Behavior and Organization, May 2005.

"Inequality and Segregation" (with Rohini Somanathan), Journal of Political Economy, December 2004.

Sharon Harrison
"Did Sunspot Forces Cause the Great Depression?" with Mark Weder, Journal of Monetary Economics, forthcoming.

"Government Size and Macroeconomic Stability: A Comment," with Jang-Ting Guo, European Economic Review, forthcoming.

"Do Sunspots Reflect Consumer Confidence? An Empirical Investigation," Eastern Economic Journal 31, no. 1 (Winter 2005): 55-73.

"Useful Government Spending and Macroeconomic (In)stability Under Balanced-Budget Rules," with Jang-Ting Guo, submitted to International Economic Review.

Click here to read working papers by faculty of the Economics Department.

CLASS OF 2005 STUDENTS HONORED WITH DEPARTMENTAL AWARDS AND HONORS
Last spring, the Economics Department honored three graduating seniors and one junior with awards for exceptional achievement. Rachael Barza '05 received The Katharine Provost Memorial Prize for superior work by an undergraduate major in economics. Barza, Vandana Minna '05, and Sarah Blackman '06 were awarded the Alena Wels Hirschorn '58 Prize for juniors or seniors who have written exceptional essays on a subject of domestic or international economics. The Beth Niemi '64 Memorial Prize, honoring an outstanding senior majoring in economics, was shared by Nadejda Zaets '05 and Rachel Kessler '05.

In addition, students in the top 20 percent of graduating economics majors were awarded departmental honors. In rank order, they were: Rachel Kessler, Rachael Barza (economics/math), Nadejda Zaets, Leah Ginsburg, Vandana Minnal, Tomoko Furui, Dana De Orchis (economics/math), Diana Stastny (economics/math), Laura Meltzer, Lisa Ng, Megha Shah, Hai Ying Yiu (economics/math), Yelena Sorokina (economics/history), and Adelle Tilebalieva.

If you are interested in contacting these or other alumnae, you may search the online alumnae directory at Barnard's Alumnae Online Community. To find out more about this resource, visit Barnard's Alumnae Online Community.

SENIOR THESES BY THE CLASS OF 2005
Our students always impress us with their intellectual curiosity, critical thinking, and insightful research. In May, we graduated another class of extraordinary women whose senior theses explored a wide variety of topics, ranging from the Islamic banking industry to the effect of maternal employment on children's achievement. Below is a list of senior projects by the Class of 2005.

  • Rumana Ahmed, "The Microcredit Wonder. An Analysis of the Lending Process of the Grameen Bank of Bangladesh and its Long-Term Sustainability"
  • Rachael Barza, "Neighborhood Effects on Test Scores: The Importance of Social Integration and Neighborhood Demographics"
  • Hope Bryant, "A Microeconomic Argument to Keep Heroin Illegal"
  • Mari Candelore, "Housing the Homeless: The Effect of Government Incentives. A Case Study of Common Ground Communities"
  • Rachel Kessler, "The Effects of Maternal Employment on Children's Long-Term Success"
  • Rebecca Krevosky, "United States Democracy in 2004: A Specific Look at George Soros' Critique and Influence on the American Democratic Process"
  • Megan Lothrop, "Are America's White Collar Jobs Going Overseas? IT Outsourcing to India"
  • Trishita Maula, "No Interest in Banking. A Study of the Islamic Banking Industry"
  • Nicole McMillan, "Economic Reform in the Post-Soviet Era: The Russian Experience 1991-1998"
  • Laura Meltzer, "The FDA and the Pharmaceutical Industry: Resolving the Conflict of Interest Problem"
  • Vandana Minnal, "The HIV/AIDS Crisis in India: Non-Governmental Organizations (NGO's) and Their Challenges"
  • Alyssa Norian, "Understanding the Great Demand for High Risk Firefighting Positions"
  • Angelica Ortega, "Business Improvement Districts: An Effective Solution to Promoting Economic Development?"
  • Elizabeth Iris Rivera, "Family Structure Slowing Hispanic Social Mobility"
  • Megha D. Shah, "Outsourcing, Entrepreneurship, and the Development of the Indian Economy"
  • Chia Siu, "The Effect of New York's Minimum Wage Increase on Welfare Participation Rate"
  • Rani Shubha Soni, "Economics and Dentistry"
  • Yelena Sorokina, "The Roman Woman's Condition: An Analysis of the Economic Freedom of Women in Ancient Rome"
  • Melissa Beth Thompson, "Revaluating the Renminbi: An Analysis of Impacts on the U.S. Economy of Chinese Currency Reform"
  • Adelle Tilebalieva, "The Czech Banking Sector: Development and Impact on the Transitioning Economy"
  • Hai Ying Yiu, "The Dollar and the Euro-Which Is the Better International Currency?"
  • Nadejda Zaets, "Russia's Financial Crisis of 1998 and Its Causes"
  • Susan Zhang, "A Possible Glass-Ceiling against Asian-Americans in the Work Place"

SPRING 2005 COURSES AVAILABLE TO ALUMNAE AUDITORS
Continue the Barnard experience by auditing a course! Barnard alumnae may attend most Barnard classes for no credit and free of charge, including courses offered by the Economics Department. (Auditors have the privilege of attending the class and listening, but are asked to refrain from participating in classroom discussions or other activities.) Barnard magazine recently highlighted the College's alumnae auditing program-you can read it by clicking here. For technical instructions regarding how to audit a course, visit the Alumnae Affairs auditing web page. The following Economics courses are available to auditors during the Spring 2006 semester, with the instructor's permission (click here for the faculty contact information):

ECON BC 2010y. The Economics of Gender.
Examination of gender differences in the U.S. and other advanced industrial economies. Topics include the division of labor between home and market, the relationship between labor force participation and family structure, the gender earnings gap, occupational segregation, discrimination, and historical, racial, and ethnic group comparisons. Taught by Kristin Mammen, Mondays and Wednesdays 1:10-2:25.

ECON BC 3018y. Econometrics. Specification, estimation, and evaluation of economic relationships using economic theory, data, and statistical inference; testable implications of economic theories; econometric analysis of topics such as consumption, investment, wages and employment, and financial markets. Taught by Randall Reback, Tuesdays and Thursdays 2:40-3:55.

ECON BC 3033y. Intermediate Macroeconomic Theory. Systematic exposition of current macroeconomic theories of unemployment, inflation, and international financial adjustments. Taught by Sharon Harrison, Mondays and Wednesdays 1:10-2:25.

ECON BC 3035y. Intermediate Microeconomic Theory. Preferences and demand; production, cost, and supply; behavior of markets in partial equilibrium; resource allocation in general equilibrium; pricing of goods and services under alternative market structures; implications of individual decision-making for labor supply; income distribution, welfare, and public policy. Emphasis on problem solving. Weekly recitation section to complement lectures. Taught by Kristin Mammen, Mondays and Wednesdays 10:35-11:50.

ECON BC 3041y. Theoretical Foundations of Political Economy. Intellectual origins of the main schools of thought in political economy. Study of the founding texts in classical political economy, Marxian economics, neoclassicism, and Keynesianism. Taught by Andre Burgstaller, Mondays and Wednesdays 1:10-2:25.

ECON V 3025y. Financial Economics. Institutional nature and economic function of financial markets. Emphasis on both domestic and international markets (debt, stock, foreign exchange, Eurobond, Eurocurrency, futures, options, and other). Principles of security pricing and portfolio management; the Capital Asset Pricing Model and the Efficient Markets Hypothesis. Taught by Rajiv Sethi, Mondays and Wednesdays 9:10-10:25.

ECON BC 3029y. Development Economics. Critical survey of the main debates within development studies: theory and empirics of growth and structural transformation; dynamics of income distribution and poverty; impact of international economic relations; population, health and nutrition; and the nature and role of government. Taught by Sanjay Reddy, Tuesdays and Thursdays 4:10-5:25.

ECON G 4235y. Historical Foundations of Modern Economics: Adam Smith to J.M. Keynes. A survey of some of the major intellectual developments that have created the discipline of economics. Particular attention to the works of Adam Smith, David Ricardo, Karl Marx, Alfred Marshall, Knut Wicksell, Irving Fisher, and J.M. Keynes. Taught by Andre Burgstaller, Tuesdays and Thursdays 4:10-6:00.

SUPPORT THE ECONOMICS DEPARTMENT—BUY AN ITEM ON OUR "WISH LIST"
Naturally, the Economics Department knows how to really stretch a dollar. We are constantly seeking ways to improve our students' experience at Barnard—by offering research opportunities, inviting guest lecturers, and showing our support in other ways. Alumnae can help make a difference to today's students by funding an item on our "wish list," consisting of items we'd love to have but can't afford, given the department's limited funds. Here are some of the things we wish for:

  • A pizza lunch for work-study students and research assistants during "Celebrate Student Workers Week" $200
  • Wooden benches for students visiting professors during office hours (3 needed) $300/each
  • Beautification of the department's hallway and main seminar room $800
  • An 80-gigabyte server for back-up and remote access of the faculty's computer files $1,000
  • A guest lecture series featuring prominent economists $5,000
  • Additional funding for students to pursue collaborative research with professors $5,000

Your support is much needed and deeply appreciated. To fund an item on the wish list, or to make a general gift to the Economics Department (your gift will make a difference, no matter the size), please contact Amy DeRobertis in the Office of Development at aderobertis@barnard.edu or 212-854-2004. Or, to make a gift to The Barnard Fund, which helps meet critical needs throughout the College, click here.

SUPPORT THE NEXT GENERATION OF BARNARD WOMEN
An investment in Barnard women is an investment in the future. Our graduates go on to benefit and impact communities around the globe. To continue this important work, Barnard relies on the generous support of alumnae. Please click here for more information or to make your gift online today. Every gift makes a difference!

ECONOMICS MAJORS SEEK INTERNSHIPS
Do you or someone you know have an internship that would be perfect for a Barnard economics major? If so, please let us know! The Economics Department posts special internship opportunities on its web site. We are always looking for new listings from our alumnae. Please call 212-854-3454 or e-mail Robert O'Connor at roconnor@barnard.edu with information about an internship.

ALUMNAE DIRECTORY AND MORE AT BARNARD'S ONLINE COMMUNITY
Economics alumnae may search for friends and make new connections through Barnard's Online Community. Membership is free and exclusive to alumnae. All you need to do to take advantage of everything this resource has to offer is to establish a User ID and password. The service also offers free permanent e-mail forwarding for Barnard graduates. To register, visit the Alumnae Online Community page and click on "Log-in or Register" in the blue box in the upper right of the page.