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And appears on Bloomberg TV . . . watch the interview. And read the story in BloombergBusinessweek.

From left to right: judges William Strauss of Federal Reserve Bank of Chicago and Argia Sbordone of Federal Reserve Bank of New York, Rutgers Economics students Shivram Viswananthan, Ashton Welles, Andrew Lee, Ali Haider Ismail, Karn Dalal, and Professor Jeff Rubin, and judge Ellen Meade of the Federal Reserve Board.


From left to right: Professor Jeff Rubin, Ali Haider Ismail, Andrew Lee, Chair Janet Yellon, Shivram Viswananthan, Karn Dalal, and Ashton Welles

The College Fed Challenge is a competition designed to bring real-world economics into the classroom. Teams play the role of monetary policymakers by analyzing economic conditions and recommending a course for monetary policy. On December 1 in the final rounds of the national competition held at the Federal Reserve Board in Washington, DC, the team sponsored by the Rutgers Economics Department defeated teams from Dartmouth, Princeton, University of Chicago, and Appalachian State to win the National Fed Challenge. 

Earlier this fall the team competed against teams from 33 schools in a preliminary round of competition and, after winning, advanced to the regional semi-finals. The regional competition featured teams from 9 schools in the metro New York area.   The Rutgers New Brunswick team won the regional finals where they faced off against teams from Columbia University and Mercy College.  In a tension filled final round the RU team was awarded first place. The team then advanced to the competition in Washington, DC, where they met Fed Chairwoman Janet Yellen and competed against schools from four other Federal Reserve Districts. 

Advisors for the team included Rutgers economics professors Jeff Rubin, Ray Stone, Jack Skydel, Todd Keister, and Christine Cumming.

Welcome to new faculty Amanda Agan and Yuan Liao and new department chair Tom Prusa! Read more . . .

Welcome to new faculty Amanda Agan and Yuan Liao and new department chair Tom Prusa! Read more . . .

The department happily welcomes Amanda Agan, who received her PhD in economics from the University of Chicago in 2013. She has been working as a post-doctoral researcher in the economics department and the Industrial Relations Section at Princeton University and is excited to be joining the economics faculty at Rutgers University.  

She studies the economics of crime and labor economics. Her research has focused on analyzing the unintended consequences of policies such as sex offender registration and ban-the-box laws. She has published studies in the Journal of Law and Economics and the Journal of Empirical and Legal Studies. Amanda Agan's recent research on ban-the-box policies has been featured on NPR's Morning Edition and in the Chicago Tribune. Ban-the-box policies prevent employers for asking about criminal histories on job applications or in the first interview.  These policies are meant to help people with records get their foot in the door with employers, and advocates also hoped they could decrease racial inequality in employment because minorities are more likely to have criminal records. However, the economic theory of statistical discrimination suggests that when you take away information about criminal history, hiring managers may use other observable characteristics like race to infer whether someone has a record. Therefore, minority applicants without records could actually be harmed by the policy.

In this research, Agan and her co-author, Sonja Starr, a professor at the University of Michigan Law School, tested these competing potential consequences of ban-the-box policies via a field a experiment. They sent thousands of online job applications on behalf of fictitious applicants both before and after ban-the-box laws went into effect in NJ and NYC. On these applications they randomly varied whether the applicant was black or white and and whether the applicant had a felony conviction, but kept everything else about the applicant extremely similar. They find that after ban-the-box goes into effect, the race gap in employer callbacks to applicants increases - before ban-the-box, white applicants to ban-the-box-affected employers received about 7% more callbacks than similar black applicants, but ban-the-box increases this gap to 45%.  This suggests that these policies have the unintended consequence of increasing racial discrimination.

 The department is delighted to welcome Yuan Liao as an associate professor. Dr. Liao received his Ph.D. in Statistics from Northwestern University in 2010. Before joining Rutgers, Dr. Liao held a position as assistant professor of statistics at University of Maryland (2012-2016), and worked at Princeton University as a postdoctoral associate (2010-2012).

Dr. Liao works at the intersection of financial econometrics and statistics.  His research bridges a number of important areas of study: big data theory, and sophisticated computer algorithms.  The starting point for his research is the fact that financial studies often face data-rich environments.  A typical financial data set contains several thousand assets, which brings great challenges to data analysis. Analyzing portfolios of smaller size in the conventional way can no longer capture the movement of the entire market. Dr. Liao has introduced a new data-driven technique that can help detect the mis-priced assets. Using this technique, researchers on financial markets can identify the mis-priced stocks out of a large number of assets. In addition, he developed new quantitative tools to assess the risks from investigating financial portfolios of very large sizes.

Dr. Liao has also developed new econometric models for forecasting the risk premia of U.S. government bonds. Economists have long realized that the risk premia of U.S. government bonds can be forecasted using several macroeconomic characteristics. In a forthcoming paper titled “Robust factor models with explanatory proxies”, Dr. Liao finds that these macroeconomic characteristics have strong explanatory power of the “diffusion index”, the latter represents a few economic factors that are known to have predictive power on the U.S. government bonds. By incorporating the explanatory power of the macroeconomic characteristics, Dr. Liao shows that one can achieve a more accurate estimate of the diffusion index, resulting in a significant improvement on the forecast accuracy.

Yuan’s research has appeared in numerous journals and books including Econometrica, Journal of Econometrics, Annals of Statistics, and The Oxford Handbook of Panel Data. He has given talks in conferences and seminars to the Research Section of the British Royal Statistical Association, Mathematisches Forschungsinstitut Obserwolfach, the Stevanovich Center at University of Chicago, Boston University, MIT, Georgetown, and many others. 

The department welcomes the election of Thomas Prusa as chair of the economics department in the spring of 2016. Prior to moving to Rutgers University in 1995, he was a professor at the State University of New York, Stony Brook. He is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He received his PhD from Stanford University in 1988.

He has published numerous articles in leading journals and books and has received “best article of the year” by Economic Inquiry and Review of International Economics. He has lectured in conferences and seminars to the World Trade Organization, European Union, the World Bank, the Federal Reserve, the World Trade Institute, the CATO Institute, the American Enterprise Institute, United Nations Stanford University, Princeton University, New York University and many others.  His research has been featured in The New York Times, The Economist, and Investor's Business Daily.

He received the Rutgers University FAS Award for Distinguished Contributions to Undergraduate Education in 2001 and the Rutgers University Warren I. Susman Award for Excellence in Teaching in 2016.  In Fall 2015 he was recognized by the Rutgers University Academic Athletics Oversight Committee for his contributions to the university.  While at Stony Brook he was recognized for outstanding contributions to undergraduate education in 1993 and awarded mentor of the year in 1992. He has provided expert testimony before the U.S. International Trade Commission on many occasions.

An interview with Eugene White on Bank Regulation . . .

Financial Crises and Banking Regulation: A History

An interview with Eugene White by Éric Monnet from Books &

“Eugene White, one of the leading financial historians in the United States, discusses how history can shed light on the current debates about banking regulation. Stressing the difference between 19th and 20th century financial crises, he explains the causes of financial crashes, the legacy of the Glass Steagall act, as well as the future of banking.”

For the interview:

Change in Prerequisite Requirements in Economics for Majors and Minors

To All Economics Majors and Minors:

This message is to alert you to a change in requirements concerning grades in prerequisite courses for core and elective courses in economics. The new rule is that a grade of C or better is required in each prerequisite course in order for it to satisfy the prerequisite requirement.

Policy on Outside Courses, Online Courses and Winter Session Courses

A maximum of three approved classes taken outside the RU-New Brunswick Economics Department can be counted towards the major. It is advisable to have any outside course preapproved by the Director of Undergraduate Studies, Professor Barry Sopher.

We do not accept online courses as prerequisite equivalent when grades are not substantially based on proctored or identity-secure administration of a cumulative final exam (i.e. 50% or more of the final grade).

Courses that meet for less than 4 weeks (for example, winter session courses) will not be accepted for transfer towards the Economics Major.


Undergraduate Advising Hours

Department of Economics general advising is available in New Jersey Hall, room 202 (including declaration of major) Mondays through Fridays from 8:30 - 12:00pm and 1:00 - 4:30pm. Our phone number is 848-932-7363. No appointment is necessary.

Special Permission

Due to overwhelming demand for our courses and constraints on room size, we are unable to grant special permission numbers for courses that are closed.

We’re throwing a party for our graduating seniors and their families on Friday, May 12. Find out more . . .



Friday, May 12, 2017 at 5:00 pm
College Avenue Student Center Multipurpose Room
126 College Avenue

Visitors may  Park in Lots 26, 30 & College Avenue Deck without permits.

Click here for a campus map.

Program includes alumni and student addresses,
presentation of honors and awards and
a (free!) raffle of Rutgers gifts.

Graduates will be recognized individually
and presented with a 2017 Economics stole to
wear at Commencement
Light hors d'oeurves will be served.

Casual dress • No cap and gown

Please RSVP by April 28, 2017 to
indicating the number of guests attending

Conference to Honor Hugh Rockoff


February 27 & 28, 2015

A conference to honor Hugh Rockoff
and his contributions to research, teaching and service

Friday, February 27:      Conference Dinner, 6pm (Dinner Is By Invitation Only)
                                    Steakhouse 85
                                    85 Church Street
                                    New Brunswick, NJ

Saturday, February 28:  Conference Proceedings (click for Schedule)
                                    8:30am to 4:30pm*
                                    Brower Commons
                                    2nd floor, Rooms A, B, & C
                                    145 College Avenue
                                    New Brunswick, NJ

* The Hyatt Hotel will provide shuttle service to and from Brower Commons for the conference. The morning shuttle will depart from the main entrance of the hotel at 7:45am. The afternoon shuttle will pick up participants at Brower Commons at 4:30pm.

Link to map of conference venues and key points of interest.

Link to information on travel to New Brunswick.

Parking - Guests Parking permits are not required for the following lots during the Conference: Lots 26, 30 & the College Avenue Deck. You can find lots 26 & 30 behind the Student Center on the College Avenue Campus. Faculty and Staff will need to park according to their permits. Faculty/staff with a valid permits may also park in Lots 26, 30 & College Avenue Deck.


If you have any questions about the conference, please contact Ms. Debra Holman (


Contact Us

New Jersey Hall, Room 202
75 Hamilton Street, (CAC)
New Brunswick, NJ
P  (848) 932-7363 (undergraduate)
P  (848) 932-7451 (graduate)
F  (732) 932-7416
Thomas Prusa - Department Chair
Donna Ghilino - Senior Department Administrator
Barry Sopher - Undergraduate Program Director
Hilary Sigman - Graduate Program Director
Undergraduate Inquiries - Help and Advising
Graduate Advisor