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Read "How people respond to rare events" by Martin Eichenbaum, published on VoxEU

November 16, 2020 – from www.voxeu.org
central question in economics is how people respond to risk – specifically, how they respond to low-probability events. This column uses the COVID-19 pandemic as a natural experiment to answer this question. Studying the consumption behaviour of Portuguese public sector workers, whose income was likely unaffected by the crisis, they find that older workers reduced their consumption of high-contact goods by much more than younger workers. As the likelihood for dying from COVID-19 is increasing in age, these results suggest that workers’ responses are commensurate with the risk they face.

Martin Eichenbaum participates in IPRatNU post-election panel

November 10, 2020 – from The Daily Northwestern
Northwestern’s Institute for Policy Research hosted a post-election panel Monday where professors discussed how polarization, misinformation, the economy and social movements impacted the election and will continue to influence politics.

Check out Nicole Ozminski’s working paper “Who profits from Amateurism? Rent Sharing in Modern college Sports” mentioned in Real Time Economics in the WSJ

November 4, 2020 – from Wall Street Journal
Intercollegiate amateur athletics in the US largely bars student-athletes from sharing in any of the profits generated by their participation, which creates substantial economic rents for universities. These rents are primarily generated by men’s football and men’s basketball programs. We characterize these economic rents using comprehensive revenue and expenses data for college athletic departments between 2006 and 2019, and we estimate rent-sharing elasticities to measure how rents flow to women’s sports and other men’s sports and lead to increased spending on facilities, coaches’ salaries, and other athletic department personnel.

Check out "Why this recession disproportionately affects women" the BBC article citing Matthias Doepke's research

November 1, 2020 – from BBC
The global economy is now in its worst downturn since the Great Depression. One of the unique aspects of the current recession is the way it’s impacting women: though men are more likely to die of Covid-19, the pandemic’s toll on employment is heavier for women. Unlike other modern recessions, the pandemic recession has led to more job losses among women than among men. While the 1970s marked the start of ‘mancession’ periods in industries like construction, the current ‘shecession’ is heavily affecting sectors like hospitality and retail.

Harvard economist Claudia Goldin is awarded the 2020 Nemmers Prize in Economics

October 15, 2020 – from Northwestern
For her groundbreaking insights into the history of the American economy, the evolution of gender roles and the interplay of technology, human capital and labor markets. Claudia Goldin is the Henry Lee Professor of Economics at Harvard University. She was the director of the NBER’s Development of the American Economy program from 1989 to 2017 and was recently appointed as co-director of the NBER’s group on Gender in the Economy.

Alumna Bridgette Heller named to Northwestern Board of Trustees

October 14, 2020 – from Northwestern Now
Heller received a bachelor’s degree in economics and computer studies from Northwestern and an MBA from Kellogg. In 2019, Heller received the Northwestern Alumni Medal, the highest honor bestowed by the Northwestern Alumni Association.

Congratulations to Econ Senior, Michael Zhou, for being named on Chicago Inno's Top 25 under 25 list!

October 14, 2020 – from Chicago Inno
Zhou, currently a senior at Northwestern University, leads Mock On, an online mock trial academy for high schoolers. As a collegiate mock trial competitor himself and the president of Northwestern's Mock Trial team, he knows the ins and out of the activity. But when Covid-19 hit, his mock trial season was cut short. Knowing that other students were facing the same issue, he launched Mock On in May and has since hosted two online Zoom camps. More than 50 students from around the U.S. have signed up and learned about the mock trial process.
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