New Graduate Fellowships

The Department of Economics is delighted to announce two inaugural graduate fellowships established by five of our alumni were presented at our annual awards reception held in April 2021.

The Carrington Graduate Fellowship for Excellence in Teaching is named for Hearst "Carey" Carrington, his wife Ricki Carrington, Carey's brother Christopher Carrington, and his wife Andrea Carrington. All four earned undergraduate degrees from Indiana University. Cary (B.A. 1977) and Chris (B.A. 1983) were both economics majors.

Nominees for this fellowship were selected based on the quality of their teaching, and the recipient found to be the most outstanding instructor as determined by the Graduate Studies Committee of the department. Criteria for this award includes number and variety of courses taught, number of students taught, teaching evaluations, and previous participation in the teaching academy. Marcos Cardozo was the recipient of the first Carrington Graduate Fellowship for Excellence in Teaching.

The Witney/LeMar Fellowship is named for Bruce LeMar, a 1968 graduate of Indiana University. He endowed this award in honor of professor emeritus of economics Fred Witney, who had been particularly influential with providing the inspiration to pursue a career in labor relations. Professor Witney's basic labor economics course and his course in collective bargaining, both mixed with a large dose of labor history and practical labor-management relations, helped chart Mr. LeMar's career path.

This fellowship is awarded to an outstanding graduate student in the Department of Economics with preference for students who have an interest in labor economics and/or labor relations and have a record of academic excellence. Rong Fan was the recipient of the inaugural Witney/LeMar Fellowship.

Professor Witney's career of teaching, research, and public service at Indiana University spanned 41 years, from 1947 until he retired in 1988. A booming voice earned him the nickname of "Whispering Fred" from his admiring students. Professor Witney earned five distinguished teaching awards.

His publications included two successful textbooks which were used nationwide by students and scholars as well as by labor and industrial relations lawyers. His articles in the field of labor relations were published widely in professional journals. An important part of his activities included his work as an arbitrator of labor disputes. Over 100 of his decisions in arbitration cases were published.

The Editor of this newsletter has fond personal memories of Fred. He dictated many letters to her which she wrote in shorthand, transcribed on a typewriter, and presented to him for his signature.

Economics and Business rank high in U.S. News and World Report

Article by Ellen Michel, College of Arts and Sciences

The Department of Economics in the College of Arts and Sciences and the Kelley School of Business were ranked among the "Best Global Universities for Economics and Business" on October 26, 2021, by U.S. News & World Report. Based on academic reputation and faculty research, they jointly earned the ranks of 24th internationally and 14th in the United States. They ranked third overall among economics and business programs in American public universities, and first in the state of Indiana.

These rankings underscore the contributions made by faculty research and are based in part on the number and impact of research citations earned within the most cited publications.

"Students of Economics in the College of Arts and Sciences have the benefit of connections with the Kelley School of Business, and vice versa," said Rick Van Kooten, executive dean of the College. "These rankings reflect the contributions of faculty research in economics as well as business theory, strategy, and operations. They also point to the dynamic collaboration between these two prestigious units of our great Research 1 university."

"Our department prides itself on the quality of its research and education at both the undergraduate and graduate levels," observed Michael Kaganovich, chair of the Department of Economics. "Our faculty members are internationally recognized for their frontier research in areas such as macro- and monetary economics, financial econometrics, game theory and experimental economics, and international trade."

"Economics faculty scholarship informs and impacts monetary policy in the U.S. and internationally," Kaganovich said. "One of our Ph.D. graduates is currently serving as a Federal Reserve bank president, and several others have held these positions in the past. Numerous Ph.D. alumni, as well as former colleagues, are employed in research departments of the Federal Reserve, the Bank of Canada, and other central banks; one has recently become a member of the Federal Reserve Board and another is a senior economist on the President's Council of Economic Advisors."

The department's excellence in research underlies the value of education it provides to its students. It is built on the foundation of analytical thinking, a general skill essential for a lifetime of productive careers and stresses the quantitative competence in using, processing, and analyzing economic data. Capitalizing on the research expertise of the faculty, economics education is both data driven and analytical. It helps students analyze and interpret complex phenomena in modern economies and societies, and inform business and policy decisions.

The department maintains a close relationship with the Business Economics and Public Policy (BEPP) and Finance departments in the Kelley School of Business (kelley.iu.edu), capitalizing on synergies between the Ph.D. programs and faculty research.

"The relationship between departments of economics and business programs is synergistic, and never more important than it is today," said Van Kooten. "Researchers are working to understand large international issues and their financial underpinnings, concerned with both analyzing the past and anticipating the future, while managing resources in relation to human demand. We are honored in the College to note that the Department of Economics has once again earned well-deserved international recognition."