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Bringing more talent to Minnesota: U of M hires 10 new economists

Contacts: Tessa Eagan, College of Liberal Arts, 612-625-3781, teagan@umn.edu

MINNEAPOLIS / ST. PAUL ( 6/18/2007 ) -- The University of Minnesota department of economics has added 10 new faculty members to its ranks. This expansion in size is unprecedented in the department's history and rare in any economics department. It is a large boost to the already highly ranked U of M economics program.

In top economics programs, faculty recruitment is extremely competitive and efforts to hire leading economics faculty often only fill the openings due to attrition. These 10 new hires bring to Minnesota leading research on several topics, including the distribution of wealth, estimating the welfare benefits of new products, economic models of mergers and the economics of persuasion. More generally, the research areas of the new staff are concentrated in three areas: macroeconomics, industrial organization and economic theory.

"These new hires, combined with our stellar existing faculty, make us one of the strongest departments in the world in all three of these areas," said Narayana Kocherlakota, professor and chair of the department of economics. "We were already typically ranked as one of the top five departments worldwide in macroeconomics. We have added two high-quality full professors in this field, which will only enhance this reputation."

"This influx of expertise not only strengthens the reputation of the economics department and the University of Minnesota, but it also strengthens the long-standing partnership and collaboration with the Federal Reserve Bank of Minneapolis. For more than 30 years, this partnership has been critical in bringing the world's best economists and most distinguished scholars to the Twin Cities, resulting in major breakthroughs in economic theory and influencing policy making across the nation," said Art Rolnick, senior vice president and director of research at the Minneapolis Federal Reserve Bank.

The 10 new faculty members include two full professors (including a new holder for the prestigious Carlson Chair in economics), three associate professors and five assistant professors. The new economic faculty members are:

Carlson Chair Jose-Victor Rios-Rull is a macroeconomist. He received his doctorate from the University of Minnesota. He has worked at the University of Pennsylvania since 1992, and has been a chaired professor there since 2006.

Professor Christopher Phelan is a macroeconomist and received his doctorate from The University of Chicago. He has worked at the Federal Reserve Bank of Minneapolis since 1998.

Associate professor (with tenure) Kim-Sau Chung is an economic theorist. He received his doctorate from the University of Wisconsin. He worked at Northwestern University from 1999 until 2006, and at the University of Hong Kong in the last academic year.

Associate professor (with tenure) Ichiro Obar is an economic theorist. He received his doctorate from the University of Pennsylvania. He has worked at UCLA since 2001.

Associate professor (with tenure) Amil Petri specializes in industrial organization. He received his doctorate in 1998 from the University of Michigan.

Assistant professor Fatih Guvenen is a macroeconomist. He received his doctorate in 2001 from Carnegie-Mellon University.

Assistant professor Kyoo-il Kim specializes in econometrics and industrial organization. He received his doctorate in 2006 from UCLA.

Assistant professor Minjung Park specializes in industrial organization and financial economics. She will get her doctorate from Stanford University this year.

Assistant professor David Rahman is an economic theorist. He received his doctorate in 2005 from UCLA.

Assistant professor Itai Sher is an economic theorist. He received his doctorate this year from Northwestern University.

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