Date Title Description

Retired Economics Professor Robert Summers, who taught here at the University of Pennsylvania from 1960 to 1991, passed away on April 17.

In 1998 he was named an American Economics Association Distinguished Fellow for his path-breaking work on the measurement of consistent economic aggregates and prices across nations and over time. This project, produced in collaboration with fellow economists and faculty members Alan Heston and the late Irving Kravis, developed real product comparisons and estimated purchasing-power parities for an expanding number of countries. 

For more information, see In Memoriam.

One of the nation's most prestigious honor societies, the American Academy of Arts and Sciences, has announced the election of 220 new members to its ranks. Economics Professor George Mailath is one of them.

For details, see Five Penn Professors Elected to the American Academy of Arts and Sciences.

See also this list of the new members organized by discipline.


An audio interview with Professor Jere Behrman is featured in SAS Frontiers, an online monthly magazine about the research and creative accomplishments of faculty and students in the School of Arts and Sciences here at the University of Pennsylvania.

To listen to the interview, go to Social Q's in SAS Frontiers.

The Economics Department is pleased to now offer a Mathematical Economics Major and an Economic Policy Minor. 

The Mathematical Economics Major is designed for students who have a strong interest in both mathematics and economics and are potentially considering a graduate degree in economics. See Mathematical Economics Major for details.

The Economic Policy Minor is designed for students with an interest in a variety of economic policy questions who are majoring in related fields. See Economic Policy Minor for details.

We congratulate our former graduate student, Ignazio Visco, Ph.D. 1981, who has been appointed Governor of the Bank of Italy by Prime Minister Silvio Berlusconi.

Ignazio Visco has been Deputy Director General of the Bank of Italy since 2007. 

For more information on him, see his profile at the Bank of Italy.

Congratulations to Thomas J. Sargent, who with Christopher A. Sims, was awarded the 2011 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their empirical research on cause and effect in the macroeconomy.

He was a member of the Penn Economics faculty from 1970-1971. He is a member of  the Penn Institute for Economic Research (PIER) Advisory Board and in February 2004 was a Martha & Jonathan Cohen Distinguished Visitor.

For further information see The Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel 2011.

The Department of Economics has two or more tenure track Assistant Professor positions available.

Interested candidates can see the postings on EconJobMarket.

Devin Reilly won the Lawrence Robbins Prize which is awarded at the end of each year to the student judged to be the best in the first year class. He received the prize on September 23, 2011 during the New Student Reception, which was hosted by the Graduate Economics Society.

We congratulate our former graduate student, Lars-Hendrik Röller, PhD 1987, who was appointed Director General of the Economic and Financial Policy Division of the German government by Chancellor Angela Merkel.

He is currently on leave from his position as President of the European School of Management and Technology (ESMT) which he has held since 2006.

Professor Jere Behrman was invited by Kathleen Sebelius, Secretary of Health and Human Services, and he agreed to serve as the Economics/Social Science member of the National Institutes of Health (NIH)/National Institute of Child Health and Development (NICHD) National Advisory Council for 2011-14.


We congratulate our former graduate student Alassane D. Ouattara, Ph.D. 1972, who was elected and recently installed as President of Cote d'Ivoire.  His dissertation was "Trade Effects of the Association of African Countries with the Common Market."

Dr. Rebecca Stein is the recipient of the Provost Award for Teaching Excellence by Non-Standing Faculty.

The Kravis committe, composed of upper-level economics majors, gave teaching awards to Holger Sieg (tenured faculty award) and to Ufuk Afcigit (tenure-track award).

Scenes from Economics Day - April 15, 2011

(Note: The Paul Taubman Memorial Prize for Empirical Economics Research was won by Clement Joubert who was unable to attend the ceremony.)

In April, 2010, Professor Andrew Postlewaite won the Kravis teaching award for tenured faculty and Professor Flavio Cunha the award for tenure-track faculty, with Cunha winning for the second year in a row!  The Kravis prize selections are made each year by a committee of undergraduate students who do extensive polling of Penn undergraduate economics majors.  The Joel Popkin Graduate Teaching Prize in Economics was awarded to Stanislav Rabinovich.  The Edwin Mansfield Teaching Teaching prize for best performance by a recitation instructor in Introductory Economics was awarded to Mark Bognanni.

We congratulate our former graduate student, Ernesto Javier Cordero Arroyo, on his appointment as Mexico's Minister of Finance. He received his MA in economics from Penn in 1998.

Professor Oliver Williamson was awarded the 2009 Nobel prize in economics, along with Professor Elinor Ostrom, for his analysis of economics governance and of the boundaries of the firm. He was a member of the Penn Economics faculty from 1965-1983 (Associate Professor from 1965-58, Professor from 1968-83, and Charles and William L. Day Professor of economics and social science from 1977-1983). Much of the research for which he was awarded the Nobel prize was carried out during his time at Penn.

For further information see The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009.

The November 2009 issue of the International Economic Review marks the 50th Anniversary of the journal, which was founded by Lawrence R. Klein in collaboration with the late Michio Morishima.

The editorial board of the IER is made up of Penn economics faculty. Over the last 50 years, the journal has remained true to Professor Klein's vision of the IER as a purely scholarly venture dedicated to the advancement of the science of economics.  The faculty celebrated the anniversary of the journal with a dinner on the occasion of Professor Klein's 89th birthday.