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Recent News

A growing department in all the key research areas in economics. SBEconomics is in the midst of a multi-year recruitment effort

Three new faculty members have recently joined he department of economics, and very likely another one will do so in the Fall of 2015. The department of economics is growing at the fastest pace in almost three decades. On top of strenghtening an already impressive group of macroeconomists with the hiring of Marina Azzimonti, who was previously an Economic Advisor and Economist with the Federal Reserve Bank of Philadelphia, this year's successful hiring season included an assistant professor in financial economics, Jake Zhao, who obtained his PhD in Economics from the University of Wisconsin at Madison, as well as the hiring of an econometrician, Samuele Centorrino who obtained his PhD last year from the University of Toulouse and was later visiting Brown University, to strenghten the applied econometrics group. Next year we expect to also be able to hire in applied econometrics, and probably also game theory. For more information on our expansion plans do not hesitate to contact our chair, Sandro Brusco or any faculty member in your areas of research interest.

The applicaiton deadline for our Masters Program in Economics is April 1, 2015. Applications for Fall 2015 are now accepted

This is a new kind of M.A. in Economics, quite different from what is offered by other institutions. No prior background in Economics required: our first year classes teach the fundamentals of Economics, although lots of hard work should be expected. However, a strong mathematical background is required: linear algebra, real analysis, multivariate calculus, and if possible differential equations. The students will be taking PhD level courses with our PhD students, and have access to the same advising as our PhD students. Students who successfully complete the (four semester version of the) program can continue into our PhD program (assuming they have passed the comprehensive exams offered after the first year of study and other requirements) without taking additional course work, and be considered for funding for the following two years in the program. This research oriented program prepares students for careers in academia, research institutes, government, international institutions, and the private sector. Graduates from this program will be well prepared to continue their studies in top PhD programs in Economics and Finance, as well as the best MBA programs in the world. This is a full-time program during the first year, and it can be taken part-time starting in the second year. For more information you can [Follow this link] and then [Apply Here] For more information please e-mail Maryann Calvacca at

The Application Deadline for our PhD Program in Economics for the Fall 2015 is January 15, 2015, and you can already start your application. You can read about the program below preparing for Fall 2015

The department encourages outstanding students from all nationalities and regions to apply to its PhD program in economics of the next admission cycle. This research oriented program prepares students for careers in academia, research institutes, government, international institutions, and the private sector. We offer scholarships which cover the tuition, plus provide a generous stipend, guaranteed for 4 years. [Download Information Package Here] and then [Apply Here] Qualified US Nationals can also apply to W. Burghardt Turner Fellowship Program which can provide a generous additional financial support for the student. For more information please see [Turner Fellowship Information Here]

New Center for Finance receives funding from Stony Brook's Provostial Interdisciplinary Faculty Cluster Initiative. Job Openings in Financial Economics and Econometrics can now receive applications

A new Center for Finance has been established thanks to the support of SBU's Interdisciplinary Faculty Cluster Hiring Initiative run by the Provost. Thanks to this initiative the Department of Economics will hire two new faculty members specialized in Finance in the next three years. One position in Financial Economics has already been filled with Jake Zhao, and the other one in Financial Econometrics will be recruited with the idea of starting in the Fall of 2016. The CF will also hire four more positions to be distributed between the other departments (units) involved: the College of Business, the Applied Math and Statistics Department, and the Math Department. The department will also participate in the creation of a PhD in Finance, and will foster the development of a strong field in Finance within our PhD in Economics and our MA in Economics.

The collaboration between the Economics Department and the Department of Computer Science kicks off with the cross-listing of a class in Computational Game Theory

With the cross-listing of the class CSE691/ECO606, Computational Game Theory, taught by CS assistant professor Jing Chen this Spring 2014 semester, the departments kick-off a collaboration that promises to redefine the interactions between economic theory and computational methods. The Department of Computer Science is one of the most prominent in the world and Dr. Chen is an outstanding researcher who is also affiliated with the Center for Game Theory in Economics as well as the Department of Economics. As this exciting collaboration progresses in the semesters and years ahead, our PhD and MA students will be able to specialize in computational game theory and other areas of intersection between Computer Science and Economics, making SB Economics one of the first departments in the country to explicitly foster this excitig collaboration.

New Faculty member joins the Department of Economics this 2013-2014 Academic Year

Associate Professor Juan Carlos Conesa has joined our department starting this Fall 2013 semester. Dr. Conesa comes from the Universitat Autonoma of Barcelona, and he obtained his PhD in Economics from the University of Minnesota in 1999. Dr. Conesa is a prominent macroeconomist and will be teaching undergraduate and graduate classes in our department. The department is slowly but surely growing, and in the last two years it has hired three new faculty members, and this year we plan to hire at least two more faculty members.

John Rizzo, Professor in the Department of Economics named Chief Economist at the Long Island Association

The Long Island Association, the region's largest business group, has hired Stony Brook University Economics professor John A. Rizzo as its chief economist to analyze the ups and downs of local jobs numbers, housing prices and commerce. Rizzo specializes in the economics of health care, which is among Long Island's largest employment sectors and drives roughly 20 percent of local economic output. He officially assumes the part-time position on Sept. 1 and will continue to teach at Stony Brook, where he has been a professor since 2004.

Xin Tang, graduate student in the Department of Economics wins important research paper award from the Department of Labor through their 2012 ETA Research Paper Program

Xin Tang, a fifth year student in our PhD program, has recently received the honor of being selected as one of the winners of the best research paper award by the Department of Labor through their ETA Program. His work on the dynamics of wages and unemployment during the great recession promises to prove influential in our understanding of what has happened in the labor market in the last few years. [read more about these awards]

Congratulations to Professor Lloyd Shapley who has won the 2012 Nobel Prize in Economics

Congratulations to UCLA Economics and Mathematics Professor Emeritus Lloyd S. Shapley for being awarded the 2012 Nobel Prize in Economics. Shapley has been affiliated with the Center for Game Theory in Economics at Stony Brook from its inception, and he has been an active participant through the years in the Summer Festival in Game Theory. Shapley is considered by many of his peers the most brilliant game theorist of his generation, a generation that includes other Nobel Prize winners like our own Robert Aumann, and other Nobel Prize winners and affiliated members of the Game Theory Center like John Nash and Eric Maskin. He shares the prize with Alvin E. Roth of Harvard University, who will be a Professor at Stanford University starting in 2013. [Read what Professors Pradeep Dubey and Professor Yair Tauman, who know Professor Shapley well, have to say about Shapley's Nobel Prize]

Two of our faculty members named to the Editorial Boards of important journals in Economics.

Eva Carceles-Poveda has been recently named Editor of the B.E. Journal of Macroeconomics (BEJM), one of the flagship journals of the B.E. Press. The BEJM started publication in 2001 and in a decade has reached great visibility and prestige in the profession, and in particular in the field of macroeconomics. We are also happy to report that Hugo Benitez-Silva has recently been named Associate Editor of the European Economic Review (EER), the prestigious general journal, in print since 1969. Benitez-Silva will also serve as Associate Editor for a new open access journal of the British publisher Taylor and Francis called Economics and Finance Research: An Open Access Journal. Join us in congratulating them on these professional recognitions which come with lots more work and...well...that's it, lots more work. Congratulations!

The latest Rankings of Economics Departments in the US for the 1994-2009 period, rank Stony Brook's Economics Department as 49th in the country by quality adjusted research productivity of its faculty, and 32nd by productivity of its PhD alumni measured in published pages per graduate.

In a recently published article in the Southern Economic Journal (July 2012, Vol. 79, Number 1) Michael A. McPherson provides the latest rankings of economics departments in the United States for the 1994-2009 period. Stony Brook comes in 49th in quality and size adjusted research productivity of its faculty measured by publications in top 50 journals, once attention is restricted to the 2002-2009 period. Interestinglly, this study also ranks departments by the productivity of the alumni of their PhD programs in the 1994-2009 period, and our department fairs even better, making it to the 39th place in the nation in terms of total pages published and 32nd if measured by pages per graduate. One reading of these results is that while by this measure we are a top 50 department, we produce top 35 students, which we believe speaks to the quality of the training we offer our graduates.

The Department welcomes two more faculty members this 2012-2013 academic year, Ting Liu and Yiyi Zhou.

The department is very happy to welcome two new faculty members this academic year, Ting Liu and Yiyi Zhou. Dr. Liu obtained her PhD in Economics from Boston University in 2008, and for the last four years she has been an assistant professor at Michigan State University. Her areas of expertise are industrial organization, microeconomic theory, and health economics. Dr. Zhou has recently obtained her PhD in Economics from the University of Virginia, and her areas of specialization are empirical Industrial Organization and applied econometrics. During the 2012-2013 academic year both assistant professors will be teaching in our graduate program, and in the near future they will also teach in the undergraduate program.

Graduate Student Receives Important Grant

Biligbaatar Tumendemberel, one of our advanced graduate students has received a prestigious Grant from the Open Society Foundations for the 2011-2012 academic year These fellowships which target graduate students from certain areas of the world, fall under the Global Supplementary Grant program of this prestigious foundation. [read more about these grants]

Graduate Student awarded major Fellowship

Yun-Shan Chan, one of our advanced graduate students has received a prestigious Fellowship from the American Statistical Association for the 2011-2012 academic year to work on the topic of youth crime and economic incentives. The title of the supported research is "An Empirical Model of Criminal Behavior of Young Workers: An Economic Perspective." These fellowships which encourage researchers to study crime and justice data from the Bureau of Justice Statistics have been recently set up by the ASA, and Yun-Shan is one of the first recipients. "These are exciting news for Yun-Shan and our graduate program," says the Director of Graduate Studies, and member of Yun-Shan's committee, professor Benitez-Silva. "Once again (two years ago one of our students got a grant from the CRR to work on pensions, and four years ago yet another student got a grant from the same CRR to work on disability policy) one of our students is recognized with an external and extremely competitive fellowship, we are very proud and we are sure Yun-Shan will complete an insightful analysis of the determinants of youth crime in the USA," elaborated the smiling Director of Graduate Studies. [read more about these grants]

Two Graduates from our PhD program who are now professors receive prestigious Research Grant

Two graduates from Stony Brook's PhD program in Economics have recently received a prestigious Research Grant from the Center for Retirement Research at Boston College. Zhe Li who graudated with a PhD in Economics in the Spring of 2010, and Frank Heiland who graduated with a PhD in Economics in the Spring of 2002, have partnered to obtain a Steven H. Sandell Grant on retirement research. This very prestigious grant is given by the CRR every year to assistant professors working on cutting-edge research in the economics of aging. The title of Zhe's and Frank's work is "Changes in Labor Force Participation of Older Americans and their Pension Structures: A Policy Perspective." Zhe Li is an assitant professor at Framingham State University since the Fall of 2010, and Frank Heiland is an assistant professor at CUNY-Baruch College (he is now tenured) since 2009 after starting his career at Florida State University. Professor Benitez-Silva, who was Zhe Li's PhD thesis advisor, and was also a member of Frank Heiland's PhD committee expressed satisfaction at the news "We are extremely happy that our graduates continue their successes well beyond their time in our institution. Frank and Zhe were outstanding graduate students, and they have become outstanding members of the academic community, we could not be happier for them and for what this accomplishment means for our program." Interestingly, professor Benitez-Silva himself received a Sandell Grant when he was a first-year assistant professor at Stony Brook back in 2001. Additionally, in 2000 Deb Dwyer, then assistant professor and now affiliated professor received a Sandell herself. "I am extremely proud that ten years after I got one of these pretigious fellowships, two students I had the luck to advise follow on my footsteps," said a very proud and (again) smiling Benitez-Silva. [See announcement by the CRR]

Economics Professor actively participates in online discussion on population growth in the prestigious Room for Debate at the NYTIMES.COM

Stony Brook's Economics professor, Warren Sanderson, is actively participating in the online discussions on population growth in the reknown Room for Debate at NYTIMES.COM, following the publication of the new population forecasts by the United Nations. See Discussion here. Professor Sanderson's piece focuses on the importance of educating the masses for an uncertain future with challenges coming from population growth and environmental changes linked to it. Professor Sanderson has published in the last decade several influential research pieces in the most prestigious journals in the sciences (Science and Nature) on the evolution of population growth. His work with his co-authors has influenced the way the United Nations computes its forecasts and analyzes its results.

Economics Professor cited in The Economist, the world's most prestigious economics and business magazine

A research piece by Stony Brook's Economics professor, Hugo Benitez-Silva, was cited in the following article published by the world reknown magazine The Economist, in the print edition of March 3, 2011 (in the special report on property, in the section titled "Up, up and away with the fairies"). The article is signed by journalist Andrew Palmer. The article focuses on the housing market, one of the areas of expertise of Professor Benitez-Silva. Notice, that two of professor Benitez-Silva's co-authors in that research paper are graduates from our PhD program: Frank Heiland, graduated from our PhD program in 2002 and after getting tenure at Florida State two years ago, he is now a faculty member at CUNY's Baruch College. Selcuk Eren graduated in 2006, and he is a Research Scholar at the Levy Economic Institute of Bard College. The latest version of the cited research can be found in pdf here ,

Alumni Donors Storm Classroom for Professor William Dawes

On November 30, 2010 about 20 economics alumni surprised their favorite professor,our own William Dawes, in his classroom, showering and embarrassing him with their love and affection. Check out the photos and also the video of the surprise visit. Two alumni, Sal Trifiletti '76 and Tom Kasulka '83, spearheaded a campaign to endow a fund in honor of Professor Bill Dawes. Over 200 economics alumni contributed more than $50,000 to the the William Dawes Fund for Excellence. The fund is designed to benefit and enhance the Economics Department and serves as a tribute to Professor Bill Dawes and his educational impact on students from 1968 to the present. To help the economics alumni reach their goal of $100,000 for the William Dawes Fund for Excellence please click here.

Newly Published Rankings of Graduate Programs in Economics place the Economics Department at Stony Brook in the top-tier of departments in the country

The recently published rankings of economic departments by the National Research Council, after years of analysis of detailed data provided by members of the academic community show our department ranked among the top programs in the country. The study, probably the most comprehensive and detailed one ever assembled of graduate programs in the United States, provides two summary measures depending on how the weights of different characteristics is computed, and in one Stony Brook appears as the 39th ranked program in the country, and in another one as the 53rd ranked program in the country. Additionally, a more dissagregated analysis shows that in some important dimensions, like the Professional Development of Graduate Students, or the Diversity in the Economic Environment we appear as a top 20 department in the United States. More information about this ranking can be found following the link NRC Ranking Page. And details about the rankings in economics in particular can be found in the followin link interface to analyze the rankings.

Professor Warren Sanderson publishes in the prestigious journal Science a piece on how to adjust aging to account for the changes in longevity, health improvements, and disability status.

Professor Sanderson, who published another piece in Science in 2008, and who has published 4 articles in the journal Nature in the last decade and a half (more than any other economist in the world) has published in Science again. See our In Depth section to the right, on this very page.

Economics Professor, Mark Montgomery, participates as one of the panelist in a important discussion on urbanization and climate change in Washington D.C.

Stony Brook's Economics professor, Mark Montgomery, participated as panelist in the important presentation to Congressional Staff members on the effects of Climate Change in an incresingly Urban world, with special emphasis on the effects for poor countries. This is one of the main areas of expertise of Professor Montgomery. See announcement

Economics Professor interviewed by the Population Reference Bureau on Climate Change

Stony Brook's Economics professor, Mark Montgomery, was recently interviewed on the important topic of Climate Change by the Population Reference Bureau. The interview , focused on the effects of climate change on our cities, an area of expertise of professor Montgomery.

Economics Professor quoted in Physician Practice, a professional magazine for MDs

Stony Brook's Economics professor, Hugo Benitez-Silva, was quoted in an article published by the magazine Physician Practice, in the issue for October 2009 (article in pages 61 and 62). The article is signed by journalist Janet Kidd Stewart. The article focuses on the housing market, one of the areas of expertise of Professor Benitez-Silva.

Graduate Student receives prestigious Dissertation Fellowship

Zhe Li, one of our graduate students has received a prestigious Dissertation Fellowship from the Center for Retirement Research for the 2009-2010 academic year. [read more]

Research by Economics Professor cited and quoted in the U.S. News and World Report, Again

Stony Brook's Economics professor Benitez-Silva was cited in an article published by the U.S. News and World Report in the issue for June 23-June 30, 2008 (article in pages 57 and 58). The article is signed by journalist Emily Brandon. Benitez-Silva's work was also cited in a related article in the same prestigious magazine in early February. The article focuses on retirement and Social Security Benefits, area of expertise of Professor Benitez-Silva.

Undergraduate Students Majoring in Economics will join Duke University and Columbia University to study a PhD in Economics, and a Masters in International Affairs

Ahmad Yusuf will be studying his PhD in Economics at Duke starting in the Fall of 2008 with a full scholarship, and Ataoulaye Bah will join, also with a full scholarship, Columbia's M.A. program in International Affairs at The School of International and Public Affairs. "The successes of our majors continues in the competitive market of graduate education," states professor Benitez-Silva, proud advisor of Ahmad and Ataoulaye, remembering that last year one of our own joined Yale University's Ph.D. program in Economics.

Young macroeconomist from the University of Minnesota to join department in the Fall.

Erem Atesagaoglu, a young macroeconomist who will soon obtain his Ph.D. in Economics form the University of Minnesota will join our department in the Fall of 2008. Erem's work trying to explain the declining volatility of aggregate economic measures in the United States since the mid 1980s with the changes in the tax system, without relying on the traditional explanation using changes in monetary policy, promises to bring a whole new view on the analysis of business cycles and their volatility. [read more about Erem]

Professor Mark Montgomery publishes his new research in the prestigious journal Science.

Professor Montgomery's research on the growing urbanization in the developing world has been published this month in the journal Science, in their February 8th issue. The paper argues that developing countries in Asia and Africa are likely to cross a historic threshold, joining Latin America in having a majority of urban residents. The challenges that this will bring to researchers and policy makers are discussed. [read more]

Research work by Economics Professor cited and quoted in the U.S. News and World Report

Stony Brook's Economics professor Benitez-Silva was cited in two articles published online by U.S. News and World Report on January 9, 2008, and the in print issue of February 11, 2008, both signed by journalist Emily Brandon. Both articles focus on retirement and Social Security Benefits, area of expertise of Professor Benitez-Silva. [read more]

Professor and Co-Chair Warren Sanderson publishes his new research in the prestigious journal Nature, again.

Professor Sanderson's research on the evolution of the world's population has delivered yet another fascinating chapter, and again has caught the attention of one of the most prestigious journals in the world. In Nature's January 20, 2008, advance online publication, Dr. Sanderson and his co-authors uncover the continue acceleration of the world's ageing population, and force us to continue to analyze how this phenomenon, which they helped bring to light with their outstanding research in the last decade (see other articles in Nature in 1997, 2001, and 2005), will challenge our economies and our lives in an variety of ways. [read more]

Graduate Student's research receives support from the United Nations

Graduate student Donghwan Kim is working with Professor Mark Montgomery on studies of urban poverty and health in developing countries. This research explores whether urban poverty is concentrated in slums or is distributed more widely across city neighborhoods. Kim's research is funded by an award from UN-Habitat (Nairobi) for the Fall 2007 period. [read more]

Graduate Student receives prestigious Dissertation Fellowship

Na Yin, one of our graduate students has received a prestigious Dissertation Fellowship from the Center for Retirement Research for the 2007-2008 academic year. [read more]

Research Study by Economics Professors cited in the New York Times

A recent research study by Stony Brook's Economics professors Benitez-Silva, Dwyer, and Sanderson was cited in the New York Times on May 12, in an article on retirement and Social Security Benefits. [read more]

Undergraduate Student Majoring in Economics Accepted at Yale University to Study PhD in Economics

Adam Osman will be studying his PhD in Economics at Yale starting in the Fall of 2007 with a full scholarship. [read more]

Our Student Receives An Outstanding Doctoral Student Paper Award

Graduate student Zhen Liu's paper 'Fair Disclosure and Investor Asymmetric Awareness in Stock Markets' is selected by the 2007 AAA (American Accounting Association) Mid-Atlantic Regional Meeting for an Outstanding Doctoral Student Paper award.

Prof. Aumann Wins the Nobel Prize

Robert J. Aumann, a member of the Stony Brook faculty at the Department of Economics since 1989 has received the 2005 Nobel Prize in Economic Sciences shared with Thomas C. Schelling. [read more]

New Supercomputer Unveiled

The University acquires a new supercomputer 'Seawulf Cluster' to aid research. [read more]

Our Student Receives University Teaching Award

Graduate student Na Yin receives the 2006 USB President's Award for Excellence in Teaching by a Graduate Instructor. [read more]

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