Department of Economics at Illinois State University Department of Economics at Illinois State University

Department News and Notes

Fall Research Seminars

image004Hadi Esfahani, University of Illinois, will present “On the Determinants of Hidden Public Debt” on Thursday, November 6, 12:30-1:45 in Williams Hall, Room 129.  Dr. Esfahani is Editor in Chief of the Quarterly Review of Economics & Finance, a Member of the Board of Trustees for the Economic Research Forum, and Former President of the Middle East Economic Association.


Top Ten Rank for Peace Corps Program

uptown_1ISU ranks ninth on the Peace Corps’ new list of the top Master’s International schools nationwide.  The program, housed under the Stevenson Center for Community and Economic Development and managed by associate director Beverly A. Beyer, has 49 graduates and counting with degrees in applied economics, political science, and sociology.  Read more.

Applied Econometrics Workshop

gawaterGeorge Waters of Illinois State University will present “Endogenous Rational Bubbles and the Forecastability of Returns” on Tuesday, October 28, 12:30-1:30 in Williams Hall, Room 129.



ISU Homecoming: September 29 – October 5

reggie_and_friendsA week of traditional events to celebrate the passion and pride of Illinois State University.  These include the Town/Gown 5K Run, Alumni Day Luncheon, Homecoming Parade, Redbird Football, and other events.  More information is available at


Economics News Archive 2012+

Feature stories

River Access & Other Complex Goods

river4Adrienne Ohler (Illinois State University) with Jonathan Yoder and Hayley Chouinard (Washington Statate University) find that lotteries structured with multi-attribute winnings yield critical information on preferences for alternative uses of publicly-held resources.  Their study appears in the May 2014 edition of the Journal of Environmental Economics & Management.

Macro Effects of Credit Flow Disruptions

financialstatsUsing data from a survey of bank managers, George Waters (Illinois State University) measures quantity rationing of credit in terms of business loan denials.  He finds that credit flow disruptions contribute to excess unemployment and inflation dynamics.  His study appears in the September 2013 volume of the Journal of Macroeconomics.


Insights on the Economics of Innovation

researchscientists Using a unique survey of scientists at a large public research organization, Rajeev Goel of ISU and Devrim Göktepe-Hultén of the Research Policy Institute in Sweden, examine the effects of industry interactions on academic patenting. They find that industrial cooperation as well as consultancy increase the likelihood of patenting.  Their study appears in the 2013 volume of Economics of Innovation and New Technology.

Shoppers Gain from Innovation in Contract Terms

In a recently published study by Susan Chen (Illinois State University) and Qihong Liu (University of Oklahoma) the authors find that the introduction of a Most-Favored Customer Clause by one retailer in consumer electronics leads to lower prices that are experienced industry-wide.  Their study appears as the lead article in the September 2011 edition of the Journal of Industrial Economics.

Econ Showcase

2014 Nobel Prize in Economic Sciences


Jean Tirole (Toulouse School of Economics) has been recognized for his contributions in a number of areas, most notably on societal interest in optimal regulation of industries dominated by a relatively small number of large firms.  Read the announcement and details.

Kasten Named Distinguished Alum


ISU recognized Carl E. Kasten with the Distinguished Alumni Award.  He majored in social sciences education at ISU, completed law school at Northwestern University and returned to Carlinville for a career in law.  He served on the ISU Board of Trustees, including five years as Chair.  ISU alums in the family include wife Donna and children Heather and Martin, both econ graduates.  (see CASNews story).


Cleeton Appointed to Fulbright Program


Professor David Cleeton has received a 3-year appointment from the Council for International Exchange of Scholars (CIES) to the Economics Peer Review Committee for the Fulbright Senior Scholar Program.  See CAS News for more information.


Econ Alum Prescribes Financial Health


“It comes down to choice” according to Ed Gjertsen II in a recent CNBC feature column, “and conscious consumption should be an important element of our day-to-day decision making.”  Ed has been named President-Elect of the Financial Planning Association for 2014.

As a Certified Financial Planner and now Vice President of Mack Investment Securities, Ed has been helping clients become “financially organized” for over twenty years.  He is a popular speaker on personal finance, serves as a regional and national leader for his professional colleagues, makes frequent media appearances, and will be President of the Financial Planning Association in 2015.

Ed and his family make their home in Winnetka, Illinois where he has served in leadership roles for community sports programs.  Illinois State University had the opportunity to feature his accomplishments at the 2013 Homecoming Alumni Luncheon.