E-Newsletter Fall 2015

MESSAGE FROM THE CHAIR

Friends of Economics, I am pleased at the opportunity to helm the launch of our first-ever eNewsletter, and, more importantly, to re-connect with all of you who have supported the department throughout our celebrated history. In addition to our e-newsletter, I am very excited to announce that for the first time, Economics is on social media! Please take a moment after reading the eNewsletter to visit our various social media pages and connect with us. You will find the social media links at the top of our departmental homepage.  This is of great importance as we seek to build a strong community and withstand the effect of the budget crisis on the department. It's no secret that the state's budget challenges have had a dramatic impact on the university and, subsequently, the department. As the department faces these unprecedented challenges, we nonetheless stand firm in our commitment to public education and equal access for all. To accomplish its mission, the department depends upon the generosity of alumni and their families, faculty and friends.

It is in this spirit of altruism that I would like to highlight one of our distinguished faculty members, Emeritus Professor of Economics Richard J. Gilbert, whose generosity proves that all gifts have an impact on our future. Dr. Gilbert was recently recognized at the Builders of Berkeley event for their contribution to the excellence that is the department’s hallmark. Rich’s generous gift of $1 million dollars has made it possible for the department to recruit new, talented assistant professors which will have a positive, long-lasting impact on the prominence of Berkeley Economics for years to come. Please take a moment to become familiar with our diverse and dynamic new faculty and their research interests: Cecile Gaubert, Kei Kawai, Conrad Miller, David Sraer, Gabriel Zucman, Benjamin Schoefer, and Danny Yagan.

Apart from recruiting the most talented new faculty, gifts such as Professor Gilbert's will ensure that we continue to support our distinguished, renown senior faculty who have for generations impacted economic policy in the United States and the world through their ground-breaking and visionary research. Their reach extends far beyond the department and into institutions that affect the world economy, every day. Distinguished faculty such as Maurice Obstfeld, Class of 1958 Professor of Economics, expert in International Economics, has been recently appointed as the as Economic Counsellor and Director of the International Monetary Fund (IMF) Research Department, after serving as lead macroeconomist at the White House Council of Economic Advisers. Maury continues the legacy of Berkeley Economics that has led to 5 Nobel Prizes, 5 John Bates Clark Medals, 24 Sloan Research Fellowships, and countless other teaching awards and recognitions that have cemented Berkeley Economics as one of the premier teaching and research departments in the world.I encourage you to read about the recent accomplishments by our faculty within their various fields, which have continually placed our department on the forefront of research.

In addition to innovative research, Berkeley Economics honors our equally-important pursuit of excellence in teaching. Our efforts have produced several recent awards recognizing our outstanding faculty, and in fact, within this past year alone, four economics faculty were honored for their teaching: Professor Ulrike Malmendier receives the 2015 Distinguished Teaching Award; Professor Edward Miguel selected for 2015 Carol D. Soc Distinguished Graduate Student Mentoring Award for Senior Faculty; Professor Martha Olney receives the 2015 Faculty Award for Outstanding Mentorship of GSIs; and Professor David Romer receives the 2014-2015 Distinguished Teaching Award from the Division of Social Sciences.

Whether in a booming or a slow economy, the demand for graduates in Economics remains high, and our numbers prove it: our latest academic year saw a new, historic high in enrollments and majors across the board. There are now in fact more than 1,000 undergraduate economics majors in our department. In turn, our graduate program and courses also continue to thrive, and remain ranked among the world’s best, and we are proud to introduce our 2015 - 2016 PhD Job Market Candidates. This surge in popularity is a testament to the real-world application of an Economics major from UC Berkeley, especially in an increasingly competitive market. Now more than ever, the Economics department remains steadfast and committed to equip our students with the tools they need to be successful after graduation. Please do take a moment to review the Department of Economics Annual Undergraduate and Graduate Award and Prize Winners for 2015, including economics major Radhika Kannan who received the 2015 University Medal.

Last but not least, I cannot overstate the central role the departmental staff have played during these difficult financial times in ensuring the department continues to meet its mission.Whether advising students, managing finances, or organizing events, the staff of this department form an incredible team that works tirelessly to create the best environment possible for our faculty and students, with incredibly limited resources.

I hope that you enjoy reading through our eNewsletter and engaging with our social media sites. Also, please help us celebrate over a century of celebrated history by taking part in our Big Give drive on Thursday, November 19th, 2015. Your generous contributions will help us continue to recognize and highlight all of our undergraduate and graduate students, faculty, and staff that make Berkeley Economics an honored, cultural and intellectually diverse community.

SHACHAR KARIV
Benjamin N. Ward Professor Economics; Department Chair
kariv@berkeley.edu

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