Introduction:
Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. Penn State University is one of the leading institutions for economics research in the United States. The Penn State Economics Department has a long history of producing influential research in a wide range of fields, including macroeconomics, microeconomics, econometrics, labor economics, public economics, development economics, and environmental economics.
In this paper, we will provide an overview of the Penn State Economics Department and its research programs. We will discuss the faculty, the undergraduate and graduate programs, and some of the department’s recent research findings.
Faculty:
The Penn State Economics Department has a faculty of over 30 members, including several distinguished scholars who have made significant contributions to the field. The faculty includes multiple members of the National Academy of Sciences and the American Academy of Arts and Sciences, as well as several fellows of the Econometric Society.
The faculty’s research interests cover a broad range of topics, including macroeconomics, microeconomics, econometrics, labor economics, public economics, development economics, and environmental economics. Some notable members of the faculty include:
Christopher House: Professor House is an expert in macroeconomics, with a focus on household finance, housing markets, and monetary policy. He has published extensively in leading economics journals, including the American Economic Review, the Journal of Political Economy, and the Quarterly Journal of Economics.
John M. Abowd: Professor Abowd is an expert in labor economics and econometrics, with a focus on the measurement of earnings inequality, the analysis of labor market dynamics, and the use of administrative data for social science research. He is a fellow of the Econometric Society and the American Statistical Association and has published extensively in leading economics and statistics journals.
Cynthia J. Brewer: Professor Brewer is an expert in environmental economics, with a focus on the economics of water resources and environmental policy. She has published extensively in leading economics and environmental science journals, including the Journal of Environmental Economics and Management, Water Resources Research, and Environmental Science and Technology.
Undergraduate and Graduate Programs:
The Penn State Economics Department offers both undergraduate and graduate programs in economics. The undergraduate program provides students with a solid grounding in economic theory and quantitative methods and prepares them for careers in a wide range of fields, including finance, consulting, government, and academia.
The graduate program offers a Ph.D. in economics, with a curriculum that covers advanced topics in economic theory, econometrics, and applied fields. The program is designed to prepare students for careers in academia, research, and public policy.
Recent Research Findings:
The Penn State Economics Department has produced many influential research findings in recent years. Here are some examples:
In a recent paper published in the American Economic Review, Professors Christopher House and Christian Proebsting showed that changes in the distribution of housing wealth can have significant effects on household consumption and economic growth. Their findings suggest that policies that promote greater access to housing finance can have positive effects on economic outcomes.
In a recent paper published in the Journal of Labor Economics, Professor John M. Abowd and his co-authors showed that the use of administrative data for social science research can lead to more accurate and policy-relevant findings than traditional survey-based methods. Their findings suggest that policymakers should invest more in the collection and analysis of administrative data to improve policy outcomes.
In a recent paper published in the Journal of Environmental Economics and Management, Professor Cynthia J. Brewer and her co-authors showed that the design of water pricing policies can have significant effects on water use and conservation. Their findings suggest that policymakers should consider the design of water pricing policies carefully to promote efficient and sustainable use of water resources.
Conclusion:
The Penn State Economics Department is a leading institution for economics research in the United States. The faculty includes several distinguished scholars who have made significant contributions to the field, and the undergraduate and graduate programs provide students with a solid grounding in economic theory and quantitative methods. Recent research findings from the department have contributed to our understanding of important economic issues, including housing finance, labor market dynamics, and environmental policy.