The NBER Reporter 2019 Number 2: News

Martin Feldstein, 1939–2019

Renowned Economist and NBER President Emeritus

Martin Feldstein Martin Feldstein, president of the NBER for nearly 30 years, George F. Baker Professor of Economics at Harvard University, chair of the President's Council of Economic Advisers from 1982 to 1984, and one of the most prolific and influential economists of the last half century, passed away on Tuesday, June 11. He was 79.

Feldstein's leadership of the NBER had a profound and lasting effect on applied economic research. He was appointed president of the NBER in 1977 and, aside from his years of CEA service, served in this role until 2008. He transformed the organization and created the network structure that today encompasses nearly 1,600 affiliated scholars. He moved the NBER headquarters from New York City to Cambridge, launched the NBER Summer Institute and regular meetings of program groups, and promoted NBER working papers as an important channel for dissemination of economic research. Feldstein recognized the value of enhanced communication, at conferences and through sharing pre-publication manuscripts, in advancing research progress. He authored or coauthored 165 NBER working papers and edited 19 NBER books.

Feldstein pioneered the use of data collected from household surveys and corporate databases to study a wide range of questions in public policy. He played a key role in shaping the modern fields of public and health economics. His dissertation, which analyzed the efficiency of the National Health Service in the United Kingdom, helped launch the field of health economics. His research on Social Security and unemployment insurance called attention to the effect of these programs on saving, retirement, and labor supply. He documented the way taxes affect the behavior of households and firms, focusing in particular on how taxes on investment and saving could discourage capital accumulation and slow long-term economic growth.

Feldstein graduated from Harvard College in 1961 and received his D.Phil. in Economics from Oxford University, where he was an Official Fellow of Nuffield College. He joined the Harvard faculty in 1967, became a tenured professor of economics in 1969, and was appointed the George F. Baker Professor of Economics in 1984. For over two decades, he taught an introductory economics course, "Social Analysis 10" or "Ec 10," which was often the largest undergraduate course at Harvard College. He was also a celebrated graduate teacher and dissertation adviser. Many of his students have gone on to influential careers in academia and public policy making.

In 1977, Feldstein received the John Bates Clark Medal of the American Economic Association, an award presented to an economist under the age of 40 judged to have made the greatest contribution to economic science. In recognizing the breadth of Feldstein's work, the prize citation described his research as "covering an astonishing array of economic methods and problems." He served as president of the American Economic Association in 2004.

Feldstein played an active role in public policy discussions for more than four decades. In addition to chairing President Reagan's Council of Economic Advisers, he served on President Obama's Economic Recovery Advisory Board. He was a trustee of the Council on Foreign Relations, a member of the Trilateral Commission and the Group of 30, and a frequent contributor to The Wall Street Journal. He wrote broadly on economic policy issues.

Feldstein was widely celebrated for his academic accomplishments. He was a Fellow of the American Academy of Arts and Sciences, the British Academy, the Econometric Society, and the National Association of Business Economists, and was the recipient of several honorary degrees. Feldstein is survived by his wife, Kathleen, also an economist, two daughters, and four grandchildren.

The NBER is collecting remembrances from those who would like to acknowledge Martin Feldstein's contributions and influence, but have not otherwise contacted the Feldstein family. Please send such messages, ideally as an email attachment, on letterhead, and limited to a single page, to Ms. Debby Nicholson at burke@nber.org.

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John S. Clarkeson, 1942–2019

John S. Clarkeson, who was elected as an at-large member of the NBER Board of Directors in 2001 and served as vice-chair from 2005 until 2008 and board chair from 2008 until 2011, passed away unexpectedly in May after a brief illness. He was 76.

Clarkeson, who graduated from Harvard College and Harvard Business School, spent his career of more than 40 years at the Boston Consulting Group, including a highly successful time as CEO between 1986 and 1997. On his watch, the firm grew from about 300 to more than 3000 employees worldwide, and became established as one of the world's leading consultancies.

Clarkeson was an active member of the NBER board and a long-serving member of its executive and nominating committees. He played an especially significant role in advancing the conflict of interest disclosure policy for NBER affiliates. He was also a trustee of INSEAD, Wellesley College, and the Educational Testing Service, and a board member at a number of firms. He was honored by the New England chapter of the National Association of Corporate Directors as its "Director of the Year for Corporate Governance" in 2016.
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New Research Associates, Faculty Research Fellows Named

The NBER Board of Directors appointed 14 research associates at its April 2019 meeting. New research associates, who must be tenured faculty members at North American colleges or universities, are recommended to the board by the directors of the NBER's 20 research programs, typically after consultation with a steering committee of leading scholars in the program area. Two of the new research associates were previously faculty research fellows.
Faculty research fellows, who are appointed by the NBER president, must hold primary academic appointments in North America. They also are recommended by program directors and their steering committees in the culmination of a highly competitive process that begins with a call for nominations in January. Candidates are evaluated based on their research records and their capacity to contribute to the NBER's activities. This year, 246 researchers were nominated for faculty research fellowships; 47 were appointed.
The 61 newly-appointed researchers are affiliated with 35 different colleges and universities. They completed graduate studies at 29 different institutions. On May 1, there were 1,219 NBER research associates and 345 faculty research fellows.
The newly appointed researchers, their universities, and their NBER program affiliations, are listed below. Entries in italics indicate research associates who were promoted from the rank of faculty research fellows.

Research Associates

Francisco Buera Washington University in St. Louis Economic Fluctuations and Growth
Davin Chor Dartmouth College International Trade and Investment
Isil Erel Ohio State University Corporate Finance
Nicole Fortin University of British Columbia Labor Studies
Erica Fuchs Carnegie Mellon University Productivity, Innovation, and Entrepreneurship
Jessica Goldberg University of Maryland Development Economics
Fabian Lange McGill University Labor Studies
Benjamin Moll Princeton University Economic Fluctuations and Growth
Daniel Rees University of Colorado at Denver Health Economics
Aysegul Sahin University of Texas at Austin Monetary Economics
Angelino Viceisza Spelman College Productivity, Innovation, and Entrepreneurship
Alessandra Voena University of Chicago Labor Studies
Maisy Wong University of Pennsylvania Development of the American Economy
Leeat Yariv Princeton University Political Economy

Faculty Research Fellows

Anjali Adukia University of Chicago Economics of Education
Jennie Bai Georgetown University Asset Pricing
Jie Bai Harvard University Develpoment Economics
Scott Baker Northwestern University Public Economics
Silvia Barcellos University of Southern California Aging
Lauren Bergquist University of Michigan Develpoment Economics
Judson Boomhower University of California at San Diego Environmental and Energy Economics
Fiona Burlig University of Chicago Environmental and Energy Economics
Patrick Button Tulane University Aging
Eric Chyn University of Virginia Public Economics
Zach Cooper Yale University Health Care
Clement de Chaisemartin University of California at Santa Barbara Economics of Education
Wenxin Du University of Chicago Asset Pricing
Mark Egan Harvard University Corporate Finance
Michael Ewens California Institute of Technology Productivity, Innovation, and Entrepreneurship
Maryam Farboodi MIT Asset Pricing
Adam Guren Boston University Monetary Economics
Kyle Handley University of Michigan International Trade and Investment
Tatiana Homonoff New York University Public Economics
John Horton New York University Labor Studies
Gaston Illanes Northwestern University Industrial Organization
Ruixue Jia University of California at San Diego Political Economy
Réka Juhász Columbia University Development of the American Economy
Krzysztof Karbownik Emory University Children
Ethan Lieber University of Notre Dame Health Care
Ilse Lindenlaub Yale University Economic Fluctuations and Growth
Michael Luca Harvard University Productivity, Innovation, and Entrepreneurship
Issac Mbiti University of Virginia Development Economics
Robert Metcalfe Boston University Environment and Energy Economics
Ferdinando Monte Georgetown University International Trade and Investment
Erik Nesson Ball State University Health Economics
Pablo Ottonello University of Michigan International Finance and Macroeconomics
Analisa Packham Miami University Children
Nitya Pandalai-Nayar University of Texas at Austin International Finance and Macroeconomics
Santiago Pérez University of California at Davis Development of the American Economy
Giorgia Piacentino Columbia University Corporate Finance
Tobias Salz MIT Industrial Organization
Raul Sanchez de le Sierra University of California at Berkeley Political Economy
Heather Sarsons University of Chicago Labor Studies
Molly Schnell Northwestern University Health Care
Ludwig Straub Harvard University Monetary Economics
Pietro Tebaldi University of Chicago Industrial Organization
Owen Thompson Williams College The Program on Children
Andrea Vedolin Boston University Asset Pricing
Kevin Williams Yale University Industrial Organization
Jack Willis Columbia University Development Economics
Constantine Yannelis University of Chicago Education

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