Research in Economics

Allegheny Students Take Top Prizes in Marketing and Economics at the PSU Behrend-Sigma Xi Conference

By April 26th 2022

Sigma Xi participants, first row from left: Arigun Bayaraa, Professor Gaia Rancati, Khalid Mohamed; second row: Raymond Englert, Nabid Agag, Thi Thao Nguyen

The Penn State Behrend-Sigma Xi Undergraduate Research and Creative Accomplishment Conference provides an opportunity for students to present their research and creative accomplishment results in a public setting. Many students use this regional conference to practice their presentations prior to presenting them in a national or international setting.

Allegheny students having recently completed their senior projects, participated in the Marketing and Economics session in preparation for their upcoming oral defense.  The students presented before a panel of judges made up of academics from a variety of disciplines from western Pennsylvania and Ohio.

The Allegheny College Senior Project

The Allegheny College Senior Project is not a mere report or semester paper, but a significant piece of independent study, research or creative work conducted under the supervision of one or more faculty members. The outcome of a Senior Project is more than a grade or a written document; for the student it often results in a new way of looking at complex problems and inspires an appreciation for the power of ideas that might previously have seemed like abstract concepts in a textbook. Often it can be a pivotal time when a student realizes his or her own abilities and potential. The Senior Project also improves opportunities for graduate school and employment. Learn more

The Department of Business and Economics

At the Bruce R. Thompson Center for Business and Economics, students may choose to pursue a major in economics or business with each course of study applying the rigor of a strong background in economic theory with the added benefit of interdisciplinary course work that allows students to create a concentration that matches their personal interests. Like many related disciplines in a liberal arts curriculum, Business and Economics emphasizes oral, written, and quantitative methods in courses and seminars.

We offer students a program that requires a balance of theory and application in its curriculum. The offerings are a combination of theory courses, quantitative work, and a number of field courses that are also accessible to non-majors and minors. It is a program designed to provide a liberal educational foundation for citizen and voter, for postgraduate study and careers such as international affairs, law, business, banking and finance, human resources, accounting, marketing, education and public policy. Learn more

 

CBE Summer Experiences with Sarah Schmidt ’21

By August 31st 2021

Women in Business and Economics Club Vice President, Sarah Schmidt ’21 prepared key research for the Department of Business & Economics through the URSCA program this summer, presenting her findings to the entire Allegheny College campus community. We asked Sarah…

What are your duties?

Sarah: For my summer research experience, I worked with Professor Martin and Professor Ormiston to create a plan to analyze gendered differences in student experiences in the Business and Economics Department. I started my research by completing a literature review to have the necessary background knowledge on gender in the field of economics. We utilized focus groups as a way to gather data about how students interact with the department and the fields of business and economics. One of my duties was to moderate these focus group experiences. We then used qualitative analysis to evaluate the data for common themes and gendered differences. I am continuing this work as my senior comp this fall. The next step is to complete more focus groups to gather more robust and representative data. I am also adding a quantitative section to test for gender difference in students’ attitudes towards economics.

Would you recommend summer research to another student?

Sarah: I would definitely recommend students to take summer research opportunities. Partaking in summer research is a great way to gain research experience that will be useful for future employment, graduate school, and especially senior comp projects. It is also a good way to explore areas of interest that are outside of what is covered in class. Through my work with the Women in Business and Economics Club, I have become interested in the issues faced by women in the field, which this research experience allowed me to explore. Depending on the topic and goal of the research, it is also a good way to make an impact on campus and the surrounding community.

Sarah Schmidt has a a double major in Economics and Environmental Science & Sustainability. On campus, she is involved in the Women in Business and Economics Club, where she serves as the Vice President. She is a member of the Global Citizens Scholar Program and the Economics Honor Society.

CBE Experiences with Ray Englert ’22

By August 17th 2021

This summer, rising senior Ray Englert  is working on a research project with Dr. Tim Bianco investigating the regional economy, while concurrently  working with the Director of Student Life planning activities for the upcoming semester.  We asked Ray…

How did you find these two opportunities?

Ray: This summer, I technically have two occupations: research with the Bruce Thompson CBE on the economy of Western Pennsylvania, and planning events with the Director of Student Life (this one is only 2 hours per week). My first job was pretty easy to find as I received an email from my advisor, who I have taken several economics classes with in the past, that was basically asking for students interested in a research project with him. After replying with a resume that included skills relevant to the job, I landed it. My second job was similarly easy, as I was familiar with the supervisor and she contacted me from a list of people looking for help with her project.

What are your duties?

Ray: My first job is a mix of objectives. We started by working on data for social services provided by the government, condensing it into a usable form for a summary of the regional economy. I conducted several interviews with industry leaders and public servants to investigate perspectives of the economy so that I could then identify some significant aspects of the economy I may have missed otherwise. Currently I am looking into a few different topics, namely the region’s demographics and industry/business. As I collect data and produce graphs to display the data, I am aiding in writing a draft of our report that analyzes everything we find. My second job is much more simple, as I serve as an extra person to contact organizations and companies to plan programming for the start of Fall.

Would you recommend these activities to other students?

I decided to do research work on campus this summer instead of working at home because I wanted to add job experience in this field to my resume. So far, the work I have done has been gratifying, and I greatly prefer it to the standard summer job for college students. There is a lot to be said about the experience of working with your peers and Professors on behalf of the College. I look forward to finding where I can implement this work experience in my applications for jobs in the future, as I think it fits my interests well. I would definitely recommend this type of job to other students, with the caveat that they should consider all of their options before committing to a summer on campus. Wages are slightly higher at some other types of seasonal jobs currently, and some internships may be available that pay better or give you the option to not live on campus paying the cost of a room.

Ray Englert is a Business Major with a Minor in Energy & Society,  involved in several areas of the campus community. He is the Facilities Intern for the Office of Residence Life, while also holding the PR/Events position for the Interfraternity Council. Ray serves as the Vice President, Alumni Secretary, and PR Chairman for his Fraternity, Phi Delta Theta. 

CBE Experiences with Noah Tart ’22

By July 26th 2021

CBE Fellow Noah TartThis summer, CBE Fellow and incoming Student Government President, Noah Tart ’22 is working on a research project with Dr. Kathryn Bender and Katie Nichols investigating industry compliance and food waste management. We asked Noah…

What are your duties?

Noah: We have scheduled in-person research collection in Columbus, OH, but have been compiling literature and drafts for an article that hopefully will be published.  In addition, we are preparing letters for politicians to raise the issue of food waste on the federal and state levels.

What are your recommendation for students considering summer research?

Noah: I would most definitely recommend summer research for anyone who is interested in professional ethical research practices and or those who are planning to enter graduate school.  On top of that, I have been studying for the GRE and preparing for graduate school applications. Furthermore, during the month of July, I am attending a Summer Data  Camp where I am learning skills in Stata, R, and Tableau! All in all, it certainly keeps me busy!

Noah is a Senior at Allegheny College from Delta, PA. As an economics major with a minor in global health studies and (pending) mathematics, he plans to attend graduate school to receive a Ph.D. in economics with a focus on development and policy economics. Noah joined the Fellows in 2019 and is interested in research on poverty traps and prosperity cycles.  In addition to being a Center for Business and Economics Fellow, Noah is the Allegheny College Student Government President and the Interfraternal Council Treasurer. 

Why Economic Dignity should be the North Star for Economic Policy

By November 19th 2020

Economic Dignity, a book by Gene SperlingOn October 29th, the Bruce R. Thompson Center for Business and Economics and Allegheny Law & Policy program welcomed Gene Sperling, Former Director, National Economic Council and Assistant to the President for Economic Policy under Presidents Clinton and Obama.  He led a lively discussion of how his call for Economic Dignity has been highlighted by the COVID crisis, and how it should inform progressive policy going forward.

His remarks centered around the principles proposed in his book, Economic Dignity.  Sperling’s book outlines a profound big-picture vision of why the promotion of dignity should be the singular end goal by which we chart America’s economic future.

Sperling focuses on three pillars, each “essential and interdependent” when considering the economic impact on the lives of everyday Americans:

  • The ability to care for family without economic deprivation or desperation denying us the most meaningful moments and joys in our most important loving relationships;
  • The capacity to pursue potential and a sense of purpose and meaning; and
  • The ability to contribute and participate in the economy with respect, free from domination or humiliation.[i]

Sperling writes, “Amid all the metrics, means, policies, labels and debates over political strategies that bombard us daily, it is this vision of economic dignity that should be the North Star for economic policy that guides us every step of the way.” (Economic Dignity, pg. 297)

Gene Sperling is a Senior Fellow at the Center for American Progress. He was President Clinton’s National Economic Advisor and Director of the National Economic Council from 1997 to 2001 and Deputy National Economic Advisor from 1993 to 1997. Mr. Sperling recently served as a top economic advisor to the Kerry-Edwards presidential campaign. He is a columnist and commentator for Bloomberg Business News and a contributing editor for the DLC’s Blueprint Magazine, serves as director of the Center for Universal Education at the Council of Foreign Relations, and has been a contributing writer and consultant to the television show The West Wing. He has appeared on Meet the Press, Face the Nation, This Week, Good Morning America, Nightline, and CNN’s Late Edition, and is a frequent contributor to NPR. His articles have appeared in The Atlantic, Foreign Affairs, The New York Times, The Washington Post, Inc. magazine, Financial Times, Foreign Policy, and others.  of Form

Follow Gene on Twitter: https://twitter.com/genebsperling

[i] Sperling, Gene (2020) Penguin Press, Economic Dignity, p 30

Research in Economics: Is Tourism good for Locals? Evidence from Barcelona

By November 19th 2020

Rocio MedereThe Bruce R. Thompson Center for Business & Economics welcomed Dr. Rocio Medere, Assistant Professor of Economics, Southern Methodist University on November 4.  Dr. Medere is the economist who asked the research question, “Is tourism good for locals?”

According to Dr. Meder, “We embed a Ricardo-Viner framework into a rich urban geography and show that the welfare impact of shocks depends only on (1) the spatial patterns of consumption and income; and (2) the price and wage effects of the shock throughout the city. We use spatially disaggregated consumption and income data to estimate the price and wage effects of Barcelona’s tourist boom.” You can view her lecture here on YouTube.

The research identifies these effects using an identification strategy based on monthly variation in the aggregate composition of tourists’ origin. On average, local workers suffer slightly from tourism, but these average effects mask substantial heterogeneity across space, ranging from a -19 to a +4 percent welfare change between low and high tourist seasons. The inner city residents bear the largest price changes but enjoy the largest income gains, whereas peripheric neighborhoods suffer lower but sizable price changes with none to moderate income benefits.

The Bruce R. Thompson Center for Business and Economics organizes faculty seminars to provide Allegheny College and visiting faculty the opportunities to give presentations based on their research agendas. Students, faculty and staff attend to learn more about cutting-edge research.

Research in Economics: Law Enforcement Leaders and The Racial Composition of Arrests

By October 1st 2020

George Bulman, Ph.D.In the second lecture in this year’s theme, Seeking Justice in a Divided Nation, the Bruce R. Thompson Center for Business & Economics welcomed Dr. George Bulman, Assistant Professor of Economics, University of California, who presented his research entitled “Law Enforcement Leaders and The Racial Composition of Arrests.”

Dr. Bulman introduces a novel avenue of study for understanding the mechanisms behind racial discrimination in law enforcement. He will explain a new 25‐year panel history of the race of every U.S. sheriff to shed light on the potentially important role of managers who make hiring decisions and set departmental priorities. Comparing agencies that experience racial transitions to agencies with overlapping jurisdictions reveals that the ratio of Black‐to‐White arrests is significantly higher under White sheriffs. Heterogeneity analysis indicates that the effects are driven by arrests for less‐serious offenses and by targeting Black crime types.

Dr. Bulman’s paper can be found at this link | You can watch his presentation here on YouTube

George Bulman is an Associate Professor of Economics at the University of California at Santa Cruz. Prof. Bulman is a public economist who specializes in evaluating the effects of local and federal policies using large administrative data sets. His research examines topics such as the factors that shape the college enrollment decisions of low-income students and the role of race in law enforcement. His papers have been published in leading economics journals, including the Journal of Public Economics, the Journal of Labor Economics, and the American Economic Journal. Prior to joining the faculty at U.C. Santa Cruz, he earned a B.S. at Haverford College and Ph.D. at Stanford University.

The Bruce R. Thompson Center for Business & Economics attracts Allegheny’s next generation of business innovators and entrepreneurs by providing a host of co-curricular activities that connect with and deepen their classroom experiences. The Lunchtime Learning Lecture Series provides students with opportunities to gain valuable information on topics and industries related to internships and careers.

The Effect of Unconventional Monetary Policy on Credit Flows

By December 18th 2019

Business & Economics Faculty SeminarsEconomics Professor Tim Bianco opened the fall semester faculty seminar series on Thursday September 26, presenting his paper, “The Effect of Unconventional Monetary Policy on Credit Flows” prepared jointly with Ana Maria Herrera, Professor of Economics, University of Kentucky. Professor Bianco presented this paper at the Ohio State University Department of Economics 29th Annual Meeting of the Midwest Econometrics Group (MEG 2019).

Their paper evaluates the quantitative effects of unconventional monetary policy in the late 2000s and early 2010s when the federal funds rate hit the zero lower bound (ZLB). They compute credit flows using Compustat data and employ a factor augmented vector autoregression to analyze unconventional monetary policy’s impact on the allocation of credit among firms. They show that the impact of unconventional monetary policy on credit reallocation was substantial, especially for long-term credit. They then inquire what groups of firms accounted for this increased credit reallocation finding that, during the ZLB, unconventional monetary policy reshuffled credit towards firms typically viewed as financially constrained: small, young, high-default and highly leveraged firms. They also show that, during the ZLB, unconventional monetary policy brought about higher credit creation for firms of relatively high investment efficiency, suggesting this policy was key to fueling future economic growth. Download the full text of paper here in .pdf format

Timothy Bianco, Ph.D.

Timothy Bianco is an Assistant Professor of Economics at Allegheny College.  He earned a Ph.D. in Economics at the University of Kentucky, specializing in macroeconomics. Bianco attended Bowling Green University, earning a Master of Arts in Economics (2008) and a Bachelor of Science in Business Administration, Economics and Finance (2006). His research focuses on macroeconomics, banking and corporate finance, and international trade and finance. He served as an Economic and Research Analyst at the Cleveland Federal Reserve Bank for four years, prior to joining the University of Kentucky (2013 – 2018).  He has been published in the Journal of Banking and Finance, the Handbook on Systemic Risk, the Journal of Financial Management and Analysis, and the Federal Reserve’s Economic Commentary.

Ana María Herrera, Ph.D.

Ana María Herrera is a Professor of Economics at the University of Kentucky. She earned both her B.A. and M.A. in Economics at the Universidad de los Andes in Bogotá, Colombia and her Ph.D. in Economics at the University of California in San Diego. Herrera was a Repsol-YPF Fellow at Harvard’s Kennedy School in 2005-06 and conducts research in macroeconomics, energy economics and applied econometrics. Her work has been published in the Journal of Monetary Economics, the Journal of Financial Economics, the Journal of Applied Econometrics and the Energy Journal.

The Bruce R. Thompson Center for Business and Economics organizes faculty seminars to provide Allegheny College and visiting faculty the opportunities to give presentations based on their research agendas. Students, faculty and staff attend to learn more about cutting-edge research.