PhilliI) Saunders: '_ i III : III. Of QCOHOMICS. Meta. l (-386/19! heavylioomer. Resetve. Alumni Party. [U Economlcs Department.

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1 F : Phll) Saunders: Meta teaehng an dea that 5 relatvely new and qute dfferent from the days of sendng new PhD$ hto the Classroom Wth no tranng and sometmes no experence at _ :2»: / fa» _ t t *9 \: s Not Content Wth Promotng econ0mc educaton at only the College level 5aunders has been nvolved n numerous projects to determne the content as well as the methodology of teaelng economes to students as young as kndergarten age le was Charperson of a commttee re5pol5hle tor preparng the recently eleased Seeohd edton ot A Fmmework f01 Teachng Economcs: Basc Concepts the majof Volume ot Seres Called "MaSter C11 reulum Gude n Economes publshed the loht Couhel oh Eeohome EdP caton Tl1 Framework volume d8f18stl1 economcs concepts approprate for learnf 01 lflg by Sl11Cl 1tS kndergarten tlll O1lgl1 hgh Scglooll and s vlvdely used gy llrterg an pu s ersnp annng text oo san Cllffeulum 1ateT8l5Saunders has also been nterested n developng TV programs that can be used as ads n teachng economcs to chldren He was chef consultant fora seres called TradeOffs whch won the Oho State Award n 1980 and an award from the US Offce of Educaton n 1983 He was also chef consultant for a seres called Gve & Take whch won the Achevement n Chldrens Televson award n 1983 Most recently Saunders was chef consultant for a seres called Tax Whys whch s beng released n 1984 for use n schools natonwde Wth colleagues at U and at other co1leges and unverstes Saunders conducts numerous workshops for hgh school and college teachers of economcs workng to mprove knowledge of economcs concepts as well as the latest vews on how to teach them to students n October Saunders together wth vstng professor Arthur L Welsh and lecturer Bruce Fletcher conducted a workshop for hgh * PHLLP SAUNDERS n an earler edton of The Trend Lne (Wnter 1981) we reported that Professor Phllp Saunders receved a Unversty Amoco Foundaton Award for dstngushed teachng Whle ths was n honor of hs own performance as a teacher Saunders has been workng to mprove the qualty of economcs teachng n gen eral almost snce he hmself frst taught economcs parttme at Massachusetts nsttute of Technology n 1958 Saunders receved hs PhD n economcs from MT n 1964 and taught at Bowdon College and CarnegeMellon Unversty before comng to U n 1970 as professor of economcs At U Saunders has been responsble for reorganzng and admnsterng the ntroductory economcs courses and has establshed a graduatelevel course to help our own graduate students learn to be better teachers of ntroductory economcs The latter course E502 has proved to be a model for other departments that wsh to assst ther graduate students wth Resetve heavyloomer Of QCOHOMCS l (386/19! (Contnued on next page) m;;:;*::? :: :; ;g;22f;;1p;2;; ;?; degree of doctor of laws was presented to four economsts from ndana who are servng on the Sevenmember Board of Governors of the Federal Reserve System Lyle E Gramley PhD 56 and Preston Martn PhD 52 receved ther graduate tranng n the economcs department at U ]0hn Charles Partee earned busness degrees from [U n 1948 and 1949_ Nancy Hays Teeters was born n ndana but studed economcs at Oberln College and the Unversty of Mehgan Martn s vce charman and a governor of the Board of Governors; Gramley Partee and Teeters are governors An earler edton of The Trend Lne (Fall 1982) carred an artcle about ths ndana connecton" and mentoned several other U economcs graduates nvolved n the Federal Re serve System Qr Qther large nangal agenees The department s proud that we have he l ed ;ra1n and encgurage 59 many econonlsts who are concerned wth servn the ublc nterest and have been rgcognzd for ther dstngushed gervee At the May commencement [U professer of eeenornes Elrnns wcker served as egeort for Gramley and read the etaten that aeeonpaned the presentaton of the degree _ [U Economlcs Department Alumn Party at tl l AEA \8Qtl1gS n Dallas D b F d H ay ecem er Hyatt Regemy Hotel Latmef A Rggm EVERYONE NVTED S66 former ClLlSSmllt S and faculty

2 Char pleased wth Saunders teaches economcs to all (l p21l tm8l1ts (Contnuedfrom precedng page) school honors students brought to the U campus for a oneday consderaton of economc ssues of the presdental electon For a number of years Saunders also has presented workshops to groups of clergy and journalsts who hope to ncrease ther own knowledge of economc ssues and how to analyze them On the Bloomngton campus Saunders n the fnal year of my term as char fnd myself wth mxed feelngs concernng ths perod of my career The three years have been frustratng and dscouragng at tmes; but they have also been joyful and $ad5fyh8 t has been 5 Perod of Sgnfcant ehahge Wthn the depaftment: almost onethrd of the current faculty were hred durng ths tme n addton sgnfcant changes have been hplemehted n both the undergraduate and graduate PTo81 am5 Vew Wth grat hdde the oppoth1hty afforded The by the charmanshp to partcpate n ths change We have sgnfcantly expanded our contacts wth alumn and frends many of you have been extraordnarly generous n your contrbutons to the Department of Economcs As a result we have been able to expand the scope of some actvtes as well as nttate others that we had been prevously unable to fund at any level For ths would lke to thank all of you who have read The Trend Lne and responded to our requests for help To sustan the departments mprovement n qualty wll requre your contnung concern and support Mchael A Klen has performed a number of admnstratve tasks He has been the drector of the Center for Economc Educaton snce 1973 He served as assocate dean of the College of Arts and Scences from and n l he drected U s Teachng Resources Center He has been the recpent of several research grants and s the au thor of many artcles books and monographs concernng economc educaton Even though he s hghly vsble n the feld of economc educaton Saunders s frst and foremost a practcng teacher He s known to several hundred students at U each year as a teacher wth an appealng sense of humor a strong nterest n students hgh standards of learnng and above all a vbrant classroom style that reects a genune love of teachng A wns award Krshnamurthy Buch" Ramagopal graduate student n the PhD program was awarded an allunversty teachng award at Founders Day last Aprl The prestgous Leber Assocate nstructor awards are gven to only fve graduate students each year ntated n 1961 these awards are presented each year to "outstandng teachers among the Unverstys graduate students who combne ther programs of advanced study wth nstructonal employment n ther schools and departments Buch Ramagopal a natve of nda has been popular wth students because of hs clear explanatons of dffcult concepts and because of hs effectve way of dealng wth the problems begnnng students n economcs frequently exper Schwetzer studes poltcal charsma ence Although Arthur Schwetzer retred 53%? J35*; é ;3 r w??; lf b ; 8 very lttle He contnues hs daly readng and research contnues to attend and gve papers for conferences both n ths country and abroad and recently had a book publshed by N elsonhall of Chcago The book The Age of Charsma s the culmnaton of years of study by Schwetzer who came to ths country n 1938 and joned the U faculty n 1947 Schwetzer s book deals wth charsma or "personalstc nuence whch s an mportant element n poltcal leadershp nterest n the problem of devsng a theory whch would explan the smlartes and dfferences of masssupported leaders and regmes grew out of Schwetzers nvolvement wth the deas of Max Weber the socologst who developed the earlest theory of charsma Schwetzer has wrtten an analyss of dctatoral charsma wth Adolf Htler as an example and democratc charsma wth Frankln Roosevelt as an example Hs detaled studes of leadershp led Schwetzer to conclude that theoretcal charsma s modfed n realty by many combnatons mxtures adaptatons and modfcatons of the pure type von Furs tenberg addresses u O f Research was held n the Senate Caucus Room Conference leaders ncluded Senator Rchard G Lugar of ndana Senator GEORGE VON FURSTENBERG George M von Furstenberg Rudy Professor of Economcs at U delvered an address last sprng at a conference n Washngton DC on the economc ssues of a growng Amerca The conference sponsored by the Center for Polcy Wllam Proxmre of Wsconsn and Nobel laureate Lawrence R Klen Benjamn Frankln Professor of Economcs at the Unversty of Pennsylvana The four major ssues of the conference were (1) how the US can promote a hgher rate of economc growth wthout ncreasng naton; (2) how the restoraton of basc ndustry and publclyprovded facltes (such as hghways brdges water and sewage systems and schools) can be acheved wthout drect government nterventon; (3) the economc relatonshll7 of h8htech ndustrl to basc ndustry; and (4) what role mprovement of publclyprovded facltes should play 1 a hlgh growth economyfurstenberg s address concerned the use of tax and credt ncentves n the restoraton of basc ndustry and publclyprovded facltes

3 Anderson named U s frst Truman Scholar Fve fa u ty jon department Because of the concerted efforts of charman Mchael A Klen and the faculty of the economcs department last year we are happy to welcome fve new faculty members whose varous scholarly nterests and achevements wll help us wth our departmental responsbltes n TRUMAN SCHOLAR scorr A ANDERSON wth Harret Pfster counselor n economcs department and Trend Lne edtor n May 1984 economcs major Scott Allen Anderson from Chesterton ndana became the frst ndana Unversty Bloomngton undergraduate to be named a Harry S Truman Scholar snce the awards were ntated n 1977 Scholars are apponted from each state after a rgorous screenng process The award provdes up to $5000 a year for the last two years of undergraduate work and for two years of graduate work A major stpulaton for the award s that the scholar must mantan an nterest n and commtment to government servce Anderson has mantaned a grade pont average of over 395 and partcpates n a number of campus actvtes e s a member of the deans advsory commttee n the College of Arts and Scences and s an offcer for the Collns Lvng/Learnng Center where he also has taught courses Anderson has not yet decded how he wll carry out hs commtment to government servce but he s consderng becomng an economst and a consultant to the government Whle Anderson begns hs term as a Truman Scholar one of our graduate students Catherne Balletsa1980 Truman Scholar havng been apponted from the state of West Vrgna Ballet who s n the PhD program at U s currently dong research for the ndana Econometrc Model For one year she taught economc prncples U nderg rad uate req u rements revl sed The faculty of the economcs department has voted to nsttute changes n requrements for the economcs major and for the honors program The changes should mprove the qualty of the undergraduate program by emphaszng coursework that wll gve students adequate background to enter graduate school or the job market after graduaton The program changes are now beng studed by a commttee n the College of Arts and Scences and should be n effect n fall 1985 Specfc changes n the major nclude requrement of statstcs and ntermedate theory for all majors wth dvson of coursework nto two "tracks" The tracks ft{h:1t:e"dlll e sldedlf Ca; f W1 d grahl u e E 1 Our a umm an men S W O Wt t elf generous Tht Sded tt l gfts%flmor7y ancll nltjnést hgye megle Eggs; e a new O0 oft ls Pu 1 tonal Fnance and Open Economy Macro6C00mCS RveraBatz s teachng only graduate courses ths year but many undergraduates look forward to hs resumng nstructon of some of the undergraduate courses n nternatonal economcs Hs reputaton as a good teacher lngers from hs earler assocaton wth our faculty and we are antcpatng hs role as a mentor for undergraduates too ]amesm water whotecaved contan suggested courses n economcs statstcs mathematcs and computer scence that wll help prepare students for a varety of careers The newlydesgned honors program wll requre one honors semnar and completon of ether an honors thess or some other type of project to be approved by the honors drector teachng and research Francsco L "Pancho" RveraBatz rejons us as assocate professor Hs prmary feld s ntematonal economcs wth addtonal nterests n economc development labor economcs and economc systems He receved hs AB wth "dstncton n all subjects from Cornell Unversty n 1974 and hs PhD n economcs from Massachusetts nsttute of Technology n 1979 RveraBatz a natve of Puerto Rco was on our faculty from and also has taught at the Unversty of Puerto Rco and the Unversty of Massachusetts He spent the academc year at the Unversty of Chcago as a postdoctoral fellow (fellowshp awarded by the Natoel Research Councl Of the Natonal Academl O Scensesll _3 nd 1Cn8 re search on the economc mpact of mmgraton and mrngrat0n restrctons n the summer of 1980 he was a vstng researeh assocate at the nsttute for Research on Poverty at the Unversty of Wsconsn Madson carryng out research on the labor force partcpaton and labor supply effects of the food stamp program n Puerto Rco e s the coauthor of a forthcomng book enttled nterna tme at Texas A & M Unversty n 1978 s an assstant Professor at lu tter Servng a year 85 VStng assstant professor here n Walkerls malor felds O nterest nelude experrnental eeonomes and 3P" Pled rneroeeonornesl Wth ernphass n ndvdual Consumer behavor and regulated ndustres He has taught at Auburn Unversty Tuskegee nsttute TeXas A & M Unversty and the Unversty Of ArZona Walker Who has Publshed 6 number O 8rtC1eS dealng Wth expermental economes receved a Natonal Scence Foundaton grant n 1983 for "Ex permental Studes of Prvate Market and NonMarket ReSOUrCe All0CatOn MeChanlsln (Wth R Mark ssac)(contnued on next page)

4 (Contnued from precedng page) He wll teach es for eco p p the department n both semesters ths year and wth Arlngton Wllams wll gve c a 1 uate cohlrse n expellmenta _ec0n0m n the sprng n E1ddlf10n 10 l11s P 0f3Ssonal qualfcatons and achevements Walker s a cheerful frendly faculty _gra_ CS member who Should appeal to both the begnnng student n economcs and the graduate student lookng for frsthand ex erence wth the relatvel new feld fp y 0 expenmen a economcs Catherne A Melf s an assstant professor She completed her PhD n August at the UnVerSty of North Carolna Her malor felds nclude econometrcs m croeconomc theory and nternatonal trade She receved a BS degree n ec0nomcs from ohn Carroll Unversty n Cleveland Oho and began her doctoral studes n economcs at the Unversty of Rochester Her PhD thess s enttled Estmaton and Decomposton of Productve Effcency n a Panel Data Model: An Applcaton to Electrc Utltes" Me Wn be teachng ntroductory Sa_ tstcs n both the fall and sprng ths year and wll also teach ntroductory econometrcs n the sprng ntal reacton from our students to her teachng has been favorable wth the only reservaton apparenty beng that Me looks Hjust lke a student Most of the rest of the faculty would consder ths a complment and are perhaps a bt envous! Alan] Rogerscompleted requrements for the PhD at Prnceton Unversty n the summer of 1984 and jons us as assstant professor A natve of New Zealand he receved BA and MA degrees n econom cs at the Unversty of Auckland n1977 and 1979 respectvely Hs malor e ds ale eqmomemcs and Stah hcs Rogers was a lumor lecturer at the Umverslty of AuCk land n 1979 and 1980 and was the holder of a Prnceton Unversty Fellowshp from S t b eléoelgselbe gaggqe nrcduco and ry t d g d E1 d e epar men n a vance s as cs or the fall and graduatelevel econometrcs h fn st d t h d nc_ "1 Edtors Note: Perhaps the best part of puttng together the departmental newsletter s passng on the latest news about our graduates! There S an amazng varety of accomplshments to report and we hone yon wll enjoy readng about them and "mt V0 wlugwe "5 your "ew5/ to aeccfnad all1e npjeec1g? 1g1l TS gsentle P humor and hs enthusasm for a sublect that s ganng favor wth our malors but sllll l9f 0 Z S many of them glve n01 D31/d professm fs our Val1Hooseasstag or unmany o a Center 0 ntense n eres der8raduate maors VanHoose_/ who was awarded 111% Pl1_D at the U111"e1 1lY 01 N01ll1 Ca10l MaY l984/ recelvecl 3 BA at lu 111 l979r and as 11 lacultl member s beng 5cm J l1y 1l105e 5l11 le11l5 W a11 ac de11l1c lC5 111_011e_la1Y eld and hs dssertaton ttle s Bank Market Structure and Monetary Polcy Whle an he hwon undergraduate d f h h at ndana h h an awzlr dql ls or Or; t SS1"? W c Yfvls H15 11lal01 _15 glut e Glen; Curgl AB 24 s retredfrom Cum we Ca ac C n Bloomlngtolh nd He has traveled more than mles vstngand such dverse places as the South Pacc the North Ca 1 p ph) Hannumanha Rae Maclau /61 s chef of the economc dvson of the Assocaton of Chambers of Commerce and ndustry Of nda n New DelhWarren R Harden PhD 65 has been apponted vcepresdent for busness and fnance at llnos State Unversty n Normal He was nterm vcepresdent n V d F ecsomc und SM rang er P le elllan or Oney an Onetafy O CY VanHO05e recelved 5Cdl10la15l1lP SUP port at U as an undergra uate and was _ P98 penovlshlp Verslty O U ; Ymn_er lat the Car? ma n 9808_1 an 1981:82 n eptem_ er 1983 Van oose publshed an artcle n the ournal of Bankng and Fnance a» Wl1@ll "e?1l1ZE5 Before 1970 VanHoose s teachng economc prncples ntermedate macroeconomc theory and money and bankng durng the current school year = wayland R_1lcks BA 65 has been app a g10up V1? P and P1951" denthof ge Repro gg; Noét Awardwnnng economsts lcb ugfscop Poaoonln Rochese Rosann L S m BA 67 s assocate essor o ma rkgng at US SCh00 of Bug new ghumpe Kumon PhD /63 holds an ad mnsratve post at Tokyo mperal Unversty x»: < S Alumn Fve faculty jon department c» e *@ % 1: >1» * 9 lk; f t* $ > AT THE SPRNG AWARD PARTY FOR THE ECONOMCS DEPARTMENT from left Cornne Krupp receved the Chrstensen award; ohn Callahan the Walls scholarshp; and lane A Body the Moffat award Ralph C Walter MA 72 assstant professor of fnance at Northeastern llnos Unversty s the charperson of the Department of Accountng Busness Law and Fnance n the newly formed College of Busness and Management of Northeastern James Holloway BA 73 MA 79 s a medcal doctor and has recently joned the Veterans Admnstraton Hosptal n Ann Arbor as a faculty memberresearcher Belated congratulatons to erome K Laurent PhD 73 for wnnng a competton sponsored by The ournal of Transport Hstory publshed by Manchester Unversty n England Laurent a professor at Unversty of Wsconsn at Whtewater receved an award for the best North Amercan contrbuton to the journal for hs essay "Trade Transport and Technology: The Amercan Great Lakes Laurent kndly sent a copy of hs artcle to The Trend Lne edter who envyed mculatlng f among Others m the depart ment (Contnued on next page)

5 Peter Gould BA 74 has opened an offce n Bloomngton as a consultant on employee beneft plan desgn and admnstraton TeresahM Ash BA 74 s a translator wth Babcock and Wlcox Company n Lynchburg Va effrey L Davdson MA 75 s vcepresdent of Bloomngton Natonal Bank On occason Jeff has talked to the undergraduate Economcs Club at U about careers n bankng ]awn ] Bauer BA 77 s an attorney n Bloomngton wth the frm of Taylor Towell and Bauer James M Bennett BA 79 was ordaned a rabb by Hebrew Unon Collegeewsh nsttute of Relgon at ceremones held n Cncnnat last ]une Bennett now serves Temple Shaare Emeth St Lous Hearst G Carey Carrngton BA 77 s senor vcepresdent of the corporate fnance dvson for EGT an nvestment bankng frm n Dallas Byron L Harrs BA 77 MA 81 s fnancal analyst wth the consumer advocate dvson of the West Vrgna Publc Servce Commsson He s also an nstructor parttme at the West Vrgna nsttute of Technology Wllam B Redpath BA 78 has recently taken a poston as senor fnancal analyst wth NBC n New York Cty Cndy Gochenour Konch BA 78 s cash Elanagemzntfmanéger fof the Federal Home 0]ll;lFr;nBac;teln(f};5a?7%l1ss Profes _ zr otf eclonomlcs at Concordla Umverslty m on rea RSS9" J Hghsmb PhD 78 5* PP = n to V1? the departmem ths summer Wh_1le on hls way to a new lob m New York Qty as drect r_ f re5earfh for the Jont Councl O Economlc Educahon" Appl1Cat1On t0 ]O1n the Unversty Alumn Assocaton ndana 84 Mark w_ Weller BA /80 has a law de fee from ndana Unvérstv_éloomngton ad s a legslatve assstant to Senator Rchard G Lugar He s responsble for ssues of taxa_ on Busness and transportaton ]ames A_ Cglombm BA 82 s the graphc arts ndustry workng as a sales_ servce representatve for Wlson Engravng Company n Dallas Lnda M Smth BA 82 s a department manager for Lazarus Department Store n ndanapols Kathy Ormston BA 82 enjoys the exctement of her work as an assstant to the drector of the Congressonal Budget Offce n Washngton DC Bran C Shaffer BA 83 s n a twoyear program as a fnancal management tranee for General Electrc Arcraft n Cncnnat Hamka Bn Othman BA 83 has retumed to hs home n Malaysa to work n the natonal govemments department of nformaton servces Chrstopher M Carrngton BA 83 s a fnancal analyst at Bank One n Dayton Oho workng at the bank money desk chsm K_ Bnkley BA 84 s workng n the fnancal secton of Proctor and Gam A sngle dues payment ncludes membershp n both the U Alumn Assocaton and the College of Arts and ScencesGraduate School Alumn Assocaton whch supports actvtes for graduates of the Department of Economcs please Check One: $20 Sngle $26 Famly M Annual Annual (husband and wfe) Name $250 Sngle Lfe $350 Famly Lfe Address Cty Please send our check made pa able to the U MU M_17 goomngton! 1nd_ 4%05 State Zp Alumn Assocaton We need your nput! The U Department of Economcs and the U Alumn Assocaton are always nterested to leam about the personal actvtes professonal advancements awards and publcatons of our graduates Please complete ths fom and return to Alumn Records M17 Memoral Unon ndana Unversty Bloomngton ndana PLEASE USE THS FORM FOR CHANGE OF ADDRESS Degree/date Name Address Cty Present poston/emplqyer Professonal and personal news State Zp bl C c a TWP members 95 th? Class f 1934_Wh W9 1mP rta"l Pnles 1 the " m1 5 d9 partment are hard at work n graduate programs ths fall Jane A Body wnner of the Moffat Award n 1984 s n the economcs PhD Program at MT C " e M K PP wnner of the 1984 Chrstenson Award s n the econvmlcs Phl? Program at the Umver slty of Pennsylvana (See pcture on page 4 of newsletter) Robert L Sartan BA 84 s n the PhD program n economcs at Northwestern Unversty Robert A Buccen BA 84 has begun a "anee PT 8Fam n namal management wth General Electrc n Syracuse NY Gonzalo C Pastor who defended hs PhD thess n August 1984 s workng for the nternatonal Monetary Fund n Washngton DC He s an economst n the MFs Economst Program [N MEMQRAM Tmothy Dean Cox assstant professor of marketng Unversty of KansasLawrence ded September 2 Tmothy a PhD canddate n Us department of economcs successfully presented hs PhD proposal Consumer Decson Behavor and the Learnng of Brand nformaton n anuary Whle at U Tm served as an nstructor n economcs and busness statstcs and marketng He was an outstandng teacher Hs research demonstrated a tremendous desre to brdge the gap between economcs and marketng (Scholars nterested n pursung hs lne of nqury may consult hs PhD proposal whch wll be bound and placed n the departments lbrary on the nnth floor of Ballantne Hall) Tm wll be mssed by hs wfe two chldren colleagues and students

6 Q O NDANA UNVERSTY ALUMN ASSOCATON ndana Memoral Unon M17 Bloomngton ndana NonProft Org US Postage PAD ndana Unversty Alumn Assocaton