The NBER Reporter 2008 Number 4 NBER News

NBER Researcher Wins Nobel Prize in Economics

NBER Research Associate Paul Krugman of Princeton University is the winner of the 2008 Nobel Prize in Economics. Krugman has been affiliated with the NBER since 1979 and is a member of the Programs on International Trade and Investment and International Finance and Macroeconomics. The Prize Committee of the Royal Swedish Academy of Sciences summarized his contributions as "deepen[ing] our understanding of the determinants of trade and the location of economic activity. His seminal papers … were instrumental to the development of the new trade theory … and inspired the new approach to economic geography."

Krugman joins a long list of current and past NBER affiliates who have received the Prize, including: Edward C. Prescott and Finn Kydland, 2004; Robert F. Engle, 2003; George Akerlof and Joseph E. Stiglitz (shared with Michael Spence), 2001; James J. Heckman and Daniel L. McFadden, 2000; Robert C. Merton and Myron S. Scholes, 1997; Robert E. Lucas, Jr., 1995; Robert W. Fogel, 1993; Gary S. Becker, 1992; and the late George J. Stigler, 1982, Theodore W. Schultz, 1979, Milton Friedman, 1976, and Simon Kuznets, 1971.

Two New Directors-at-Large

The NBER's Board of Directors elected two new at-large members at its September 8 meeting: Mohamed El-Erian and John S. Reed. El-Erian is CEO of PIMCO, the world's largest bond investor; he previously worked as the investment manager of Harvard University's endowment fund. Before moving to the private sector, El-Erian spent 15 years at the International Monetary Fund. He holds a Ph. D. in Economics from Oxford University.

Reed is the former chairman and CEO of Citicorp and Citibank. He also served as chairman of the New York Stock Exchange from September 2003 until April 2005. He holds a Master of Science degree from MIT's Sloan School.

These two new directors fill an open slot and replace Roger W. Ferguson, Jr., who resigned as a director after becoming CEO of TIAA-CREF earlier this year. NBER President James M. Poterba, a professor of economics at MIT, also becomes a director-at-large.

At the same meeting, John S. Clarkeson succeeded Elizabeth Bailey as Chairman of the Board, and Kathleen B. Cooper was elected Vice Chairman. Clarkeson is Chairman Emeritus of the Boston Consulting Group, Inc. Cooper was Undersecretary for Economic Affairs of the U. S. Department of Commerce from 2001-5 and is currently a Senior Fellow at the Tower Center for Political Studies at Southern Methodist University.

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