Academic journal article NBER Reporter

Bureau

Academic journal article NBER Reporter

Bureau

Article excerpt

NBER Researchers Head to Washington

NBER Research Associate R. Glenn Hubbard, a professor of economics and finance at Columbia University and its Graduate School of Business, was nominated by President Bush to chair the Council of Economic Advisers. Hubbard received his Ph. D. in Economics from Harvard University in 1983, taught at Northwestern University until 1988, and then joined the Columbia economics faculty. He also served as deputy assistant secretary of the U.S.Treasury Department in 1990-1.

Lawrence Lindsey, President Bush's chief adviser on economic issues during the campaign, was also an NBER researcher after receiving his doctorate in economics from Harvard. He now heads the National Economic Council.

President Bush has announced his intention to nominate NBER Research Associate John B. Taylor, currently the Mary and Robert Raymond Professor of Economics at Stanford University, as Under Secretary of Treasury for International Affairs. Taylor was a member of the Council of Economic Advisers in 1989-91.

The President also has announced his intention to nominate NBER Research Associate Mark B. McClellan, a professor of economics at Stanford University, as a member of the Council of Economic Advisers and an adviser to the National Economic Council for health care policy.

Other NBER researchers are expected to be appointed to economic posts in the Bush Administration in the coming months.

TIAA-CREF Awards Go to NBER Researchers

The TIAA-CREF Institute's fifth annual Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security has been given to NBER Faculty Research Associate Nicholas Barberis of the University of Chicago's Graduate School of Business for a study cautioning investors that the long-term performance of the stock market and the expected returns from equities are more uncertain than is generally believed. His paper, "Investing for the Long Run When Returns Are Predictable," was published in the Journal of Finance in February 2000.

The Samuelson Award is determined by an independent panel of judges and is administered by the TIAA-CREF Institute, the research and educational arm of TIAA-CREF. The Institute's fields of interest include pensions and retirement; corporate governance; investment products and strategy; higher education financing and trends; health, life, and long-term care insurance; and financial literacy. The award was named after Nobel Prize winner Paul Samuelson in honor of his achievements in the field of economics, as well as for his service as a CREF trustee from 1974-85. It carries a $20,000 prize.

The judges also awarded Certificates of Excellence to the authors of two books: NBER Research Associates Price V. Fishback and Shawn E. Kantor, University of Arizona, for A Prelude to the Welfare State: The Origins of Workers' Compensation, published by the University of Chicago Press; and NBER Research Associate John B. Shoven, Stanford University, and coauthor Sylvester J. Schieber, Watson Wyatt Worldwide, for The Real Deal: The History and Future of Social Security, published by the Yale University Press. Each of these authors received a $1,000 prize.

The awards were presented by John H. Biggs, TIAA-CREF chairman, president, and CEO, at a January 5, 2001, reception held at the Allied Social Science Association's annual meeting in New Orleans.

Economic Fluctuations and Growth

The NBER's Program on Economic Fluctuations and Growth, which is directed by Robert E. Hall of Stanford University, met on February 3 at the Federal Reserve Bank of San Francisco. Ricardo Caballero, NBER and MIT, and John Cochrane, NBER and University of Chicago, organized the meeting and chose these papers for discussion:

Aart Kraay, Norman Loayza, and Luis Serven, World Bank, and Jaume Ventura, NBER and MIT, "Country Portfolios" (NBER Working Paper No. 7795)

Discussant: Fernando E. …

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