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The NBER Reporter 2011 Number 1: News

NBER Announces Nonprofit Fellowships

The NBER has awarded four dissertation fellowships to graduate students whose research focuses on "The Economics of the Nonprofit Sector." The four students are: Nikhil Agarwal, Harvard University, whose topic is "Centralized Matching Markets"; Nicholas Duquette, University of Michigan, who is studying "Direct Grants to Nonprofit Organizations and Government Crowd-Out: Evidence from The War on Poverty"; Ben Marx, Columbia University, whose dissertation examines "Regulation, Taxation, and Private Charitable Foundations" ; and Benjamin Schoefer, Harvard University, who is studying "Herd Behavior in the Market for Nonprofit Funding".

The selection committee for the NBER Nonprofit Fellowships was composed of four NBER Research Associates: James Andreoni, University of California, San Diego; David M. Cutler, Harvard University; Caroline M. Hoxby , Stanford University; and John List, University of Chicago.

2010 Awards and Honors

A number of NBER researchers received honors, awards, and other forms of professional recognition during 2010 and early 2011. A list of these honors, excluding those that were bestowed by the researcher's home university and listing researchers in alphabetical order, is presented below.

Viral Acharya received the Goldman Sachs International Award at the European Finance Association Meetings for best conference paper in 2010, for "The Seeds of a Crisis: A Theory of Bank Liquidity and Risk Taking over the Business Cycle," joint with Hassan Naqvi.
James D. Adams was appointed ASA/NSF/BEA Senior Research Fellow at the Bureau of Economic Analysis during academic year 2010-11. He also won an American Statistical Association/National Science Foundation Fellowship to conduct research on "Technological Determinants of the Quality and Price of Innovative Industrial Products," at the Bureau of Economic Analysis (BEA) in Washington, DC for 2010-11.
Heitor Almeida received an award from the Review of Financial Studies for "Referee of the Year" in 2010.
Douglas Almond won a five-year NSF CAREER Award for "Health Determinants and Research Design." The Faculty Early Career Development (CAREER) Program is an NSF-wide activity that supports the early career-development activities of those teacher-scholars who most effectively integrate research and education within the context of the mission of their organization.
Joseph Altonji was elected to the American Academy of Arts and Sciences.
Andrew Ang won a three-year grant from Netspar on optimal portfolio strategies.
Orley Ashenfelter became a Fellow of the Labor and Employment Relations Association. He is also president-elect of the American Economic Association.
Jeremy Atack is President-Elect of the Economic History Association (he assumes the Presidency in September 2011).
Katherine Baicker was appointed to the Medicare Payment Advisory Commission and named a member of the Congressional Budget Office's Panel of Health Advisers and a Fellow of TIAA-CREF Institute. She also became Vice Chair of the AcademyHealth Board of Directors. Her paper (with David Cutler and Zirui Song) received a prize for "outstanding journal article" by the Continuing Care Alliance.
Spencer Banzhaf won the History of Economic Society's 2010 award for "best paper in the history of economics" for "Objective or Multi-Objective: Two Historically Competing Visions for Benefit-Cost Analysis," published in Land Economics in 2009.
Lucien Bebchuk was vice-president of the Western Economic Association International for 2010-11.
Francine D. Blau is the 2010 winner of the IZA (Institute for the Study of Labor) Prize in Labor Economics.
Alan S. Blinder received the Doctor of Humane Letters (honoris causa) from Bard College in 2010. He also delivered the Homer Jones Memorial Lecture at the Federal Reserve Bank of St. Louis in April 2010.
Nick Bloom won an Alfred Sloan Fellowship, an NSF Career Grant, and the Frisch Medal from the Econometric Society.
Jules van Binsbergen, Michael Brandt, and Ralph Koijen, won the 2010 Swiss Finance Institute Award for the best paper of the year for "On the Timing and Pricing of Dividends."
Jeffrey R. Brown was appointed to the Board of Trustees of TIAA (the insurance company side of TIAA-CREF) and was elected to the Board of Directors of the American Risk and Insurance Association.
Markus K. Brunnermeier received a Guggenheim Fellowship for studying "Financial Frictions and the Macroeconomy." He also received the 2010 T.W. Schultz Prize from the University of Chicago and became a Fellow of the Econometric Society.
Richard V. Burkhauser was the 2010 President of the Association for Public Policy Analysis and Management. His co-authored paper "Minimum Wages and Poverty: Will a $9.50 Federal Minimum Wage Really Help the Working Poor?" won the 2010 best article award from the Southern Economic Journal.
Leonard E. Burman is president of the National Tax Association.
Ricardo Caballero was elected a fellow of the American Academy of Arts and Sciences. He also delivered the Paolo Baffi Lecture at the Bank of Italy and the Mundell Fleming Lecture at the IMF.
Murillo Campello received the RPI/NYU-Stern "Rising Star" award, awarded bi-annually to researchers in Finance. He also received a Distinguished Referee Award from the Review of Financial Studies.
Francesco Caselli was elected a fellow of the British Academy. He also delivered the 2010 CREI (Centre de Recerca en Economia Internacional) Lectures in Barcelona, and became a managing editor of the Review of Economic Studies.
Judith A. Chevalier and Dina Mayzlin were selected as recipients of the 2011 William F. O'Dell Award for their article "The Effect of Word of Mouth on Sales: Online Book Reviews," which appeared in the 2006 Journal of Marketing Research. The honor goes to the article published in 2006 that has made the most significant, long-term contribution to marketing theory, methodology, and/or practice.
John H. Cochrane was elected president of the American Finance Association.
Iain Cockburn and Rebecca Henderson are recipients of the Dan and Mary Lou Schendel Best Paper Prize from the Strategic Management Journal for 2010. Their paper is titled "Measuring Competence: Exploring Firm Effects in Pharmaceutical Research."
Courtney Coile and Kevin Milligan were awarded the 2010 Kendrick Prize, a bi-annual award given to the best paper published in the Review of Income and Wealth, for "How Portfolios Evolve after Retirement: The Effect of Health Shocks" .
Diego Comin won the inaugural award of the Institute for New Economic Thinking (INET).
George Constantinides received an Honorary Degree from the International Hellenic University in Greece in May 2010. Arnaud Costinot was selected a 2010-12 Alfred P. Sloan Research Fellow.
Mario J. Crucini was appointed co-editor of the Canadian Journal of Economics on July 1, 2010.
Janet Currie is Vice President of the American Economic Association for 2010. She also became the editor of the Journal of Economic Literature in July 2010 and delivered a keynote lecture at the German Economic Association meetings in September 2010.
Angus S. Deaton became a Distinguished Fellow of the American Economic Association in 2010. He also was elected to a Corresponding Fellowship in the Royal Society of Edinburgh (amongst whose founders were Adam Smith and David Hume) and to an Honorary Fellowship at Fitzwilliam College, Cambridge.
Michael Devereux was awarded the John Rae Prize by the Canadian Economics Association.
Francis X. Diebold was elected President of the Society for Financial Econometrics for a three-year term beginning in June 2011.
David Donaldson received the 2010 WTO [World Trade Organization] Young Economists Award.
John J. Donohue is President-elect of the American Law and Economics Association.
Esther Duflo received the John Bates Clark Medal from the American Economic Assocation in 2010 and a Doctorat honoris causa from Universite Catholique de Louvain.

Mark Duggan was awarded the ASHEcon Medal from the American Society of Health Economists in spring 2010. It is awarded every two years "to the economist age 40 or under who has made the most significant contributions to the field of health economics."
Susan Dynarski was elected to the board of the Association for Education Finance and Policy and appointed to MDRC advisory board.
Janice Eberly joined the Panel of Economic Advisors of the Congressional Budget Office in spring 2010.
Ronald G. Ehrenberg was confirmed by the New York State Senate for a term on the State University of New York (SUNY) Board of Trustees in March 2010.
Barry Eichengreen was awarded the Schumpeter Prize of the International Schumpeter Society in January 2010.
Henry Farber was selected as a Fellow of the Labor and Employment Relations Association for 2010 for his lifetime contributions to research on the employment relationship. Only three academics are elected each year across all disciplines.
Emmanuel Farhi won a Sloan Fellowship and the Bernacer Prize for the best European economist under the age of 40.
Jesus Fernandez-Villaverde received the Herrero Prize, awarded yearly to the best Spanish social scientist under the age of 40.
Daniel K. Fetter received the Allan Nevins Prize for the Best Dissertation in U.S. or Canadian Economic History from the Economic History Association. He also won the 2010 American Real Estate and Urban Economics Association Dissertation award.
Erica Field was awarded the Elaine Bennett Research Prize in 2010, given by the Committee for the Status on Women in the Economics Profession every other year to a female economist "to recognize, support, and encourage outstanding contributions by young women in the economics profession."
David Figlio received the "Outstanding Service Award" from the American Education Finance Association. He was the first person younger than 50 to win this award.
Amy Finkelstein was honored with a Presidential Early Career Award for Scientists and Engineers.
Mark Gertler was elected to the American Academy of Arts and Sciences.
Linda S. Goldberg joined the Board of Directors of CSWEP (Committee on the Status of Women in the Economics Profession, AEA).
Pinelopi Goldberg received the John Simon Guggenheim Memorial Fellowship for 2010-11. She also was appointed next Editor-in-Chief of the American Economic Review.
William N. Goetzmann was awarded the annual Graham and Dodd Award for Best Article from the Financial Analysts Journal. His article, co-authored by Stephen Brown, Bing Liang, and Christopher Schwarz, was "Estimating Operational Risk for Hedge Funds: The ?-Score."
Marvin Goodfriend was appointed an Honorary Advisor to the Institute for Monetary and Economic Studies, Bank of Japan.
Yuriy Gorodnichenko won the Russian National Prize in Applied Economics.
Michael Grossman completed his term as President of the American Society of Health Economists. He also gave the presidential address at the Third Biennial Conference of the American Society of Health Economists at Cornell University. The title of his address was "It's Better to be the First, or One of the First, Even if You're Wrong."
James J. Heckman became a member of the National Academy of Education in 2010. He was also a Keynote Speaker at the First Annual MOVE Distinguished Visitor's Lecture in Barcelona, Spain; the Italian Statistical Society's Scientific Meeting in Padua, Italy; and at a conference on Understanding Ageing: Health, Wealth, and Wellbeing to Age Fifty and Beyond held at St. Catherine's College Oxford, UK. In addition, Heckman became an Honorary Academician, Academica Sinica, Republic of China/Taiwan in July, 2010; an Honorary Professor, Renmin University, P. R. China, in June, 2010; and an Honorary Professor, Beijing Normal University, P. R. China in June, 2010.
Rebecca Henderson and Iain Cockburn received the Dan and Mary Lou Schendel Best Paper Prize from the Strategic Management Journal for 2010.
Kate Ho won the Arrow Award for best paper of the year from the International Health Economics Association for "Insurer-Provider Networks in the Medical Care Market." The paper appeared in the American Economic Review in 2009.
Bengt Holmstrom was elected President of the Econometric Society for 2011. His book with Jean Tirole, Inside and Outside Liquidity, was published by the MIT Press in 2010.
Douglas Irwin delivered the 2010 Ohlin Lectures at the Stockholm School of Economics.
Nobuhiro Kiyotaki and co-author John Moore received the 2010 Stephen A. Ross Prize in Financial Economics from the Foundation for the Advancement of Research in Financial Economics for "Credit Cycles" which was published in 1997.
Michael Klein has been appointed Chief Economist in the Office of International Affairs of the United States Treasury.
Edward J. Kane received an Outstanding Author Contribution Award from Emerald Literati Network in 2010.
Charles D. Kolstad and Robert N. Stavins were elected/appointed Fellows of the Association of Environmental and Resource Economists (AERE) at the January 2010 ASSA meetings.
Kevin Lang became a Fellow of the Society of Labor Economists.
Edward Lazear received an honorary doctorate from the University of Zurich.
Josh Lerner was elected a Fellow of the European Corporate Governance Institute. He also won the Global Entrepreneurship Research Award of the Government of Sweden. He received the Axiom Business Book Award Gold Medal in the Entrepreneurship Category and the 2009 PROSE Award for Excellence in the Business, Management, & Finance Category from the Association of American Publishers, both awarded in 2010, for Boulevard of Broken Dreams.
Christian Leuz and his coauthor Luzi Hail were awarded the AAA's 2010 Notable Contributions to Accounting Literature Award, which is given annually for research that displays originality, breadth of interest and impact, and soundness of methodology.
Gary Libecap is the Pitt Professor of American History and Institutions at Cambridge University for 2010-11. The Pitt Professor was established in 1946 to build stronger academic links between the US and UK -- an economist is selected for this honor every four years.
Frank R. Lichtenberg received a 2010 Garfield Economic Impact Award from The Eugene Garfield Foundation and "Research!America" for the publication "The Effect of New Cancer Drug Approvals on the Life Expectancy of American Cancer Patients, 1978 - 2004."
Sydney C. Ludvigson won the Richard Stone Prize in Applied Econometrics for the best paper in the Journal of Applied Econometrics in 2008 and 2009 (with Xiaohong Chen).
Jens Ludwig received an Investigator Award in Health Policy Research from the Robert Wood Johnson Foundation and was selected as a visiting scholar to the Russell Sage Foundation in New York City.

Hanno Lustig, Hal Cole, and Yi-Li Chien won the NASDAQ OMX Award for Best Paper on Asset Pricing for "Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Rebalancing?"
Ulrike Malmendier was selected a 2010-12 Alfred P. Sloan Research Fellow.
Robert C. Merton delivered the Kolmogorov Lecture at the University of London, the Nathan and Beatrice Keyfitz Lecture at the Fields Institute in Toronto, the 9th Carroll Round Lecture at Georgetown University, the CME Group Lecture on Financial Markets at the Chicago Council on Global Affairs, and the Hamilton Lecture at the Royal Irish Academy, Dublin.
Atif Mian and Jose Liberti won the Brattle Distinguished Paper Prize at the American Finance Association meetings for their article, "Collateral Spread and Financial Development."
Grant Miller, Diana Pinto, and Marcos Vera-Hernández received the Inter-American Prize for Research on Social Security given by the Conferencia Interamericana de Seguridad Social (CISS) based in Mexico.
Olivia Mitchell received the Retirement Income Industry Association's Award for Achievement in Applied Retirement Research and was named one of the Top 50 Women in Wealth by the Wealth Management Association.
Dale T. Mortensen, Christopher Pissarides, and Peter Diamond were awarded the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their analysis of markets with search frictions.
Emi Nakamura received an NSF Career Award for "Integrating Micro and Macro Evidence on Price Dynamics."
Joseph P. Newhouse is Co-chair of the Medicare Trustees Advisory Panel, 2010-11.
Philip Oreopoulos is the 2010-11, and youngest-ever, William Lyon Mackenzie King Visiting Professor of Canadian Studies at Harvard University.
Daniel Paravisini and co-authors won First Prize, the Brattle Award, for best paper in corporate finance published in the Journal of Finance in 2010. Their paper was "Information and Incentives inside the Firm: Evidence from Loan Officer Rotation".
Thomas Philippon was appointed to serve on the Commission on Key National Indicators. The eight members of this bipartisan commission are selected by Congressional leaders; the Key National Indicator System will be executed by the National Academy of Sciences. He also received the Michael Brennan & BlackRock Award, Best Paper, Review of Financial Studies, 2010, for "The Economics of Fraudulent Accounting," joint with Simi Kedia.
Giorgio Primiceri was selected a 2010-12 Alfred P. Sloan Research Fellow.
Carmen M. Reinhart and Kenneth S. Rogoff were selected by the TIAA-CREF Institute as winners of the fifteenth annual TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. They were recognized for their best-selling book, This Time is Different: Eight Centuries of Financial Folly.
Kenneth S. Rogoff also was elected a member of National Academy of Sciences.
Allison B. Rosen received the Outstanding Junior Investigator Award from the Society of General Internal Medicine for her research on measuring and improving the value of U.S. health care spending. The award recognizes early career achievements and an overall body of work that has made a national impact on generalist research.
Emmanuel Saez won a MacArthur Grant.
Richard Schmalensee gave one of three keynote addresses at the 4th World Congress of Environmental and Resource Economists, as well as the IV Stackelberg Lecture at the University of Milan, Bicocca.
G. William Schwert gave the keynote speech at the European Financial Management meetings in Aarhus, Denmark in June 2010. Robert Shimer was elected a member of the American Academy of Arts and Sciences and received the Sherwin Rosen Prize for Outstanding Contributions in the Field of Labor Economics from the Society of Labor Economists.
Christopher Sims is now president-elect of the American Economic Association -- he assumes the presidency in 2012. Orley Ashenfelter is the current president.
Neeraj Sood and Jose Escarce were finalists for the 16th Annual NIHCM Health Care Research Award for "Employer Sponsored Insurance, Health Care Cost Growth, and the Economic Performance of U.S. Industries" which was co-authored with Arkadipta Ghosh and published in the Journal Health Services Research.
Pablo T. Spiller was a president of the International Society for New Institutional Economics.
Robert Stambaugh was elected Vice President of the American Finance Association and a Fellow of the Financial Management Association.
Robert N. Stavins was inducted as a Fellow of the Association of Environmental Economists.
Betsey Stevenson received the John T. Dunlop Outstanding Scholar Award, awarded by the Labor and Employment Relations Association.
Richard Sylla was elected Chairman of the board of trustees of the Museum of American Finance, a Smithsonian affiliate located on Wall Street.
Adam Szeidl is a 2010 Alfred P. Sloan Research Fellow.
M. Scott Taylor was awarded an honorary doctorate by the University of Basel "In acknowledgement of his pioneering contributions to International Trade, the Environment and Renewable Resources, which have sparked and shaped research in this field, and how it is taught on the graduate level, all over the world."
Richard Thaler received an honorary Doctor of Science degree by the University of Rochester, the Tjalling Koopmans Asset Award by Tilburg University, and he was elected Vice President of the American Economic Association.
John Tyler was awarded a William T. Grant Foundation Distinguished Fellowship to study the design and implementation of new teacher evaluation systems that incorporate student performance data in the evaluation process.
John VanReenen was elected a Fellow of the British Academy, the oldest and most prestigious society in the UK devoted to advancement of the social sciences.
Jacob Vigdor received the 2009 IPUMS-USA Research Award for best published work for his book, From Immigrants to Americans: The Rise and Fall of Fitting In. IPUMS-USA is a project dedicated to collecting and distributing United States census data.
Gianluca Violante was an invited speaker (to the session on Macroeconomics) at the 2010 World Congress of the Econometric Society.
Martin L. Weitzman won the FEEM 20th Anniversary Prize for Most Outstanding Contributions to Environmental Economics in Last Twenty Years.
Dean Yang received an award for the best paper on the economics of food safety or nutrition from the Agricultural and Applied Economics Association (AAEA) for "Under the Weather: Health, Schooling, and Economic Consequences of Early-Life Rainfall" (American Economic Review, 2009, with Sharon Maccini).