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Fall 2013

Research Highlights

Gerd J. Schwartz, a PhD alumnus of the Department, will be honored with UAlbany's Distinguished Alumni Award. The Award ceremony will be held in May 2014.

Betty Daniel presented "Monetary Policy Switching to Avoid a Liquidity Trap", co-authored with Siddhartha Chattopadhyay, at the Department of Economics, University of California, Santa Cruz on October 10.

Betty Daniel attended the West Coast Workshop on International Finance and Open Economy Macroeconomics on October 11, where she discussed "Market Deregulation and Optimal Monetary Policy in a Monetary Union" by Matteo Cacciatore, Giuseppi Fiori, and Fabio Ghironi.

John Jones presented "Medicaid Insurance in Old Age" (joint with Mariacristina De Nardi and Eric French) at the CGEB/LAEF Conference on Economics and Demography held at New York University on September 27-28.

In September, the National Institute on Aging (NIH) awarded Jerry Marschke and a multi-disciplinary team of researchers across several U.S. universities a five year P01 grant to study the effects of the aging of the US scientific workforce on scientific progress.

Byoung Park's book review of "An Information Theoretic Approach to Econometrics" (by George G. Judge and Ron C. Mittelhammer) was published in the Journal of Economic Literature.

Byoung Park presented his paper "identification and estimation of the generalized Roy model" at the annual meeting of Midwest econometrics group on Oct 26 at Indiana University.

Adrian Masters presented his paper "Credit card Acceptance and Product Quality" at the Money, Banking, Payments and Finance Workshop at the Federal Reserve Bank of Chicago.

Jerry Marschke presented his paper "Collaboration in Biomedical Science" (co-authored with Richard Freeman and Andrew Wang) at the Workshop on Academic Collaboration at the National Bureau of Economic Research in Cambridge, Massachusetts on June 26.

In September, Jerry Marschke's doctoral student Sifan Zhou was awarded an NSF dissertation improvement grant to study R&D agglomeration. Ms. Zhou will use the grant to generate the first systematic, geographical mapping of U.S. industrial R&D, explore the prevalence of Silicon Valley-type clustering in industrial R&D activity in the U.S., and analyze the factors affecting a firm's decision to locate its R&D facilities in a particular region.

Betty Daniel and Christos Shiamptanis published “Pushing the Limit? Fiscal Policy in the European Monetary Union,” Journal of Economic Dynamics and Control, 37 (2013), 2307-2321.

Michael Sattinger’s paper “Nash Bargaining and the wage consequences of educational mismatches”, co-authored with Joop Hartog, appeared in Labour Economics, August 2013.

Michael Sattinger presented “Qualitative Mismatches” at Aarhus University May 27, 2013.

Michael Sattinger gave a talk on the rising costs of college at the Albany Public Library on September 10, 2013.

The journal Health Economics accepted a paper by Pinka Chatterji (with co-author Sara Markowitz from Emory University) entitled “Effects of bicycle helmet laws on children’s injuries” in August 2013. This work was funded by an R03 grant from the National Institute on Child Health and Human Development.

Ambarish Chandra’s paper “The Economics of Cross-Border Travel”, co-authored with Keith Head and Mariano Tappata of the University of British Columbia, was accepted for publication at the Review of Economics and Statistics.

Ambarish Chandra’s paper “Targeted Advertising in Magazine Markets and the Advent of the Internet”, co-authored with Ulrich Kaiser at the University of Zurich, was accepted for publication at Management Science.

Ambarish Chandra and Mara Lederman (University of Toronto) were awarded an Insight Research Grant in May by the Social Science and Humanities Research Council of Canada to study airline competition in Canada and the U.S.

Kwan Koo Yun presented “Pareto gains from trade by redistribution though income taxation” at the Asia-Pacific Economic Association Conference (Osaka University, Japan, July 26-28).

Kwan Koo Yun presented “Production Fragmentations, Outsourcing and Factor Price Equalization” at the Asian Meeting of the Econometric Society (Singapore, August 2-4).

Baris K. Yoruk's paper entitled "Legalization of Sunday alcohol sales and alcohol consumption in the United States" has been accepted for publication in Addiction.

Grace Weng accepted to Tohoku University Japanese Program

As part of our partnership with Tohoku University in Sendai City, Japan, the Department of Economics nominated Grace Weng for the Tohoku University Japanese Program 2013. Ms. Weng was accepted for the program and was awarded a scholarship from the Japan Student Service Organization to attend.

Summer 2013

Research Highlights

Zhongwen Liang's paper entitled "Testing cointegration relationship in a semiparametric varying coefficient model" (joint with Jingping Gu) has been accepted for publication in Journal of Econometrics.

Zhongwen Liang presented his paper ``Testing cointegration relationship in a semiparametric varying coefficient model" at China Meeting of the Econometric Society held in Beijing from June 14 to June 16, 2013.

Ph.D. student Liu Yang presented his paper "Confidence bands for ROC curves with serially dependent data" at the 2013 North American Summer Meeting of the Econometric Society. His trip was funded by the Pong Lee Memorial Fund.

Betty C. Daniel's paper entitled "Pushing the limit? Fiscal policy in the European Monetary Union" (joint with Christos Shiamptanis) has been accepted for publication in Journal of Economic Dynamics and Control.

Spring 2013

Photos of Department of Economics Commencement Spring 2013

To download the photos of Department of Economics Commencement spring 2013, please visit the web albums.

Pinka Chatterji wins The Adam Smith Award

Pinka Chatterji and her co-author Sara Markowitz (Emory University) were awarded the The Sixth Adam Smith Award in Mental Health Policy and Economics for the best paper published in the Journal of Mental Health Policy and Economics in 2012.

Research Highlights

John Jones visited the research department of the Federal Reserve Bank of Richmond during the week of March 18-22. During his visit he presented the paper "Skill-Biased Technical Change and the Cost of Higher Education" (joint with Fang Yang) and met with department economists.

PhD student Souvik Banerjee and Associate Professor Pinka Chatterji presented a paper jointly written with Distinguished Professor Kajal Lahiri entitled “Effects of psychiatric disorders on labor market outcomes: A latent variable approach using multiple indicators” at a conference in Munich organized by the ifo / CESifo, University of Munich and the Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy. The travel was supported by the conference and by the National Center on Minority Health and Health Disparities, National Institutes of Health (grant number P20MD003373).

Barış K. Yörük's paper entitled "The impact of minimum legal drinking age laws on alcohol consumption, smoking, and marijuana use revisited" (joint with Ceren Ertan Yörük) was published in March, 2013 issue of Journal of Health Economics.

Kajal Lahiri’s paper entitled "Modeling hedge fund returns: selection, non-linearity and managerial efficiency" (joint with Hany Shawky and Ph.D. student Yongchen Zhao) has been accepted for publication in Managerial and Decision Economics.

Kwan Koo Yun presented his paper entitled, "Outsourcing and factor price equalization," at Western Economic Association International's Pacific Rim Conference (March 14-March 17) at Keio University in Tokyo, Japan.

Albany Economics Ph.D. Thembayena Annastasia Dlamini is appointed as Swaziland Ambassador to Russia

Graduating with her Economics Ph. D. in 1990, Dr. Dlamini wrote her dissertation on "Export Instability and Economic Growth: The Case of Swaziland". Her dissertation advisor was Bruce Dieffenbach. She was the first Swazi woman to earn an Economics Ph. D. and only the second to earn a Ph. D. in any field. Her previous Swazi diplomatic posts include Head of Mission to the European Economic Community, Ambassador Extraordinary and Plenipotentiary, Permanent Representative to the United Nations, and Geneva Ambassador to Fiji. Further details about this appointment are available here.

Winter 2013

Exchange Program with Tohoku University in Japan

The Department of Economics at the University at Albany has started an exchange program with the Faculty of Economics at Tohoku University in Sendai City, Japan, involving both faculty and students. The department invites and encourages Albany undergraduates to apply for Tohoku University’s International Program in Liberal Arts (IPLA), with study starting in October, 2013. Applicants for admission may also apply for a scholarship provided by the Japanese Government through the Japan Student Services Organization (JASSO). Tohoku University, founded in 1907, is the third Imperial University (following Tokyo University and Kyoto University), is the leading university north of Tokyo, and enrolls more than 18,000 students, including 1400 international students. Information on Tohoku University is available from the Handbook for International Students. Information on the International Program in Liberal Arts is available here. Information on Tohoku University, the International Program in Liberal Arts, and the Japan Student Services Organization Scholarship are also posted outside the Department of Economics Office at BA 110.

Students should apply to the program online. The application deadline is March 10, 2013. Students must apply both online and by paper. Please provide the Department of Economics, University at Albany, with a copy of your completed application form and all supplemental materials so that we can nominate you for admission. Contacts at the University at Albany are Prof. Michael Sattinger (m.sattinger@albany.edu) and Prof. Kwan Koo Yun (kyun@albany.edu).

Students applying for the International Program in Liberal Arts are eligible to apply for the Japan Student Services Organization Scholarship. Information on application procedures is available here.

Kajal Lahiri visits IMF

Kajal Lahiri spent two weeks at the Research Department of the International Monetary Fund during November 2012 as a Visiting Scholar. He also discussed a paper at a forecasting forum held on November 14-15 to honor Herman Stekler on the occasion of his 80th birthday held at the IMF headquarters in Washington D.C. Click here to read more about the Forum.

SUNY NYS2100

Distinguished Professor Kajal Lahiri completed his work as an expert of the SUNY NYS2100 team that helped to finalize the report "Recommendations to Improve the Strength and Resilience of the Empire State's Infrastructure" recently released by Governor Andrew M. Cuomo at his State of the State address, January 13, 2013. Professor Lahiri played a substantive role in crafting the commission's recommendations on the ‘Insurance' section of the report.

Research Highlights

Kajal Lahiri's paper entitled "The yield spread puzzle and the information content of SPF forecasts" (joint with George Monokroussos and current Ph.D. student Yongchen Zhao) was published in January, 2013 issue of Economics Letters.

Kajal Lahiri's paper entitled "Evaluating probability forecasts for GDP declines using alternative methodologies" (joint with former Ph.D. student J. George Wang) was published in January, 2013 issue of International Journal of Forecasting.

Kajal Lahiri's survey paper entitled "Forecasting binary outcomes" (joint with Ph.D. student Yang Lu) has been accepted for publication in Handbook of Forecasting, Vol. 2 (Eds. G. Elliott and A. Timmermann).

Kajal Lahiri completed his examination of PhD thesis "Essays on macroeconometrics and short-term forecasting" by Claude Adan at ECARES - SBS-EM, Université Libre de Bruxelles.

Zhongwen Liang's paper entitled "Local linear estimation of a nonparametric cointegration model" (joint with Zhongjian Lin from Texas A&M University and Cheng Hsiao from University of Southern California) has been accepted for publication in Econometric Reviews.

Michael Sattinger's paper entitled "Qualitative mismatches" was published in Foundations and Trends® in Microeconomics: Vol. 8 (No 1-2, pp. 1-168).

Michael Sattinger coauthors a book entitled Into the Gap; Exploring Gaps and Mismatches (joint with Ernest Berkhout, Jules Theeuwes, and Maikel Volkerink), commissioned by Randstad, SEO Economic Research, Amsterdam, 2012.

Michael Sattinger's paper entitled "Nash bargaining and the wage consequences of educational mismatches" (joint with Joop Hartog) was appeared in discussion paper series of IZA (No. 7025) and Tinbergen Institute (12-129/V).

Fang Yang's paper entitled "Accounting for gender gap in college attainment" (joint with Suqin Ge from Virginia Tech) was published in January, 2013 issue of Economic Inquiry.

Fang Yang's paper entitled "Social security reform with impure intergenerational altruism" was published in January, 2013 issue of Journal of Economic Dynamics and Control.

Barış K. Yörük's paper entitled "Do charitable solicitations matter?: A comparative analysis of fundraising methods" was published in December, 2012 issue of Fiscal Studies.

PhD student Yang Liu's book review of Modelling Nonlinear Economic Time Series (Oxford University Press, 2010) by Timo Teräsvirta, Dag Tjøstheim, Clive W.J. Granger appeared in the December, 2012 issue of International Journal of Forecasting.

Michael Jerison presented his paper entitled "Testable Conditions for Unique, Stable Equilibrium with Taxes" at the College de France, Paris and at the University of Bonn, Germany in January, 2013.

Michael Sattinger's paper entitled "Nash bargaining and the wage consequences of educational mismatches" has been accepted for publication in Labour Economics.

Michael Sattinger's paper entitled "Safety first consumption" was published in January, 2013 issue of Journal of Economic Theory.

Fall 2012

Department of Economics welcomes new tenure-track faculty

Assistant professor Zhongwen Liang joins the department on September 1, 2012. Professor Liang received his Ph.D. in economics from Texas A&M University on August, 2012. His research interests include econometric theory, applied econometrics, and financial econometrics. Professor Liang's recent research was published in prestigious journals such as Journal of Econometrics and Advances in Econometrics. He will teach an econometrics course for Ph.D. students during the fall semester.

Research highlights

Michael Sattinger presented a book review of "The Price of Inequality" by Joseph Stiglitz at the Albany Public Library on October 16, 2012.

Kajal Lahiri and Yongchen Zhao's (current Ph.D. student) paper entitled "The Yield Spread Puzzle and the Information Content of SPF Forecasts (joint with George Monokroussos) has been accepted for publication in Economics Letters.

Adrian Masters will be attending an invitation-only conference on Money, Banking, and Asset Markets at the University of Wisconsin in Madison, WI on Friday, November 2 and Saturday, November 3, 2012.

Adrian Masters' paper entitled "Inflation and welfare in retail markets: prior production and imperfectly directed search" has been accepted for publication at Journal of Money Credit and Banking.

Betty C. Daniel presented her paper entitled "Monetary policy switching to avoid a liquidity trap" (joint with Siddhartha Chattopadhyay) at Ryerson University.

Betty C. Daniel presented her paper entitled "Fiscal risk in a monetary union" (joint with Christos Shiamptanis from Ryerson University) in a conference entitled "Modeling Imbalances". The conference was supported by Central Bank of Poland.

John Jones presented his paper entitled "Skill biased technical change and the cost of higher education" (joint with Fang Yang) at the University of Western Ontario and Stony Brook University.

Kajal Lahiri's paper entitled "Evaluating probability forecasts for GDP declines using alternative methodologies" (joint with J. George Wang from College of Staten Island, CUNY) has been accepted for publication in International Journal of Forecasting.

Zhongwen Liang's paper entitled "Functional coefficient regression models with time trend" (joint with Qi Li from Texas A&M University) was published in September, 2012 issue of Journal of Econometrics.

Barış K. Yörük's paper entitled "The effect of media on charitable giving and volunteering: evidence from the "Give Five" campaign" was published in Fall, 2012 issue of Journal of Policy Analysis and Management.

Barış K. Yörük's paper entitled "The impact of drinking on psychological well-being: evidence from minimum drinking age laws in the United States" (joint with Ceren Ertan Yörük from The Sage Colleges) was published in November, 2012 issue of Social Science and Medicine.

Barış K. Yörük's paper entitled "The impact of minimum legal drinking age laws on alcohol consumption, smoking, and marijuana use revisited" (joint with Ceren Ertan Yörük from The Sage Colleges) has been accepted for publication in Journal of Health Economics.