UMN Economics

Gary Hanson smiles sitting down with a wall of books behind him.

Congrats to PhD alum Gary Hansen on his election to the NBER Board of Directors!

Gary earned his PhD from UMN in '86 under Edward Prescott, developing his groundbreaking theory of indivisible labor. Now a leading macroeconomist at UCLA, he continues shaping the field.

From Seminar Room to Healthcare Markets: Professor Anran Li's Journey to Minnesota A chance encounter with policy research sparked a journey across continents. Meet new Associate Professor Anran Li and her quest to fix healthcare markets.

A chance encounter with policy research sparked a journey across continents. Meet our newest Associate Professor Anran Li and her quest to fix healthcare markets.

cla.umn.edu/economics/ne...

Highlighting outstanding work by UMN Economics professors Ellen McGrattan and Anmol Bhandari! Their analysis challenges common assumptions about entrepreneurial earnings. We are proud to have such impactful researchers in our department.

The Fed is keeping a close eye on inflation numbers out later this week The expectation is that the Fed will cut rates — but what if inflation spiked in August?

www.marketplace.org/story/2025/0...
July inflation hit 2.7%
But UMN economist V.V. Chari says it would take a HUGE jump in August data to change the Fed's mind about cutting rates next week.
"If they saw something like 3.5%, 4% inflation... that might raise alarm bells."

US Debt-to-GDP of 250% Won’t Push Up Rates: Jackson Hole Paper US government debt could reach 250% of gross domestic product without putting upward pressure on interest rates, according to a paper presented at the Federal Reserve’s Jackson Hole conference.

www.bloomberg.com/news/article...
UMN Prof. Hannes Malmberg co-authored research presented at the Fed's Jackson Hole conference showing US debt could reach 250% of GDP without raising interest rates—but only with major fiscal adjustments. #EconSky #FiscalPolicy

New study compares economic experiences of China and Mexico after they opened to international trade and foreign investment by Xing Xu, PhD student at UMN Econ ‪
@umn-econ.bsky.social‬ and research analyst at Minneapolis Fed @minneapolisfed.bsky.social and me:
www.minneapolisfed.org/research/sta...

From Brexit to Sustainability: Economics Study Abroad Program Adapts to Global Changes Economics students discover how three weeks in London transforms their understanding of global markets and shapes international career dreams.

What do you gain when you travel abroad? University of Minnesota economics students discovered the answer in London. Read how three weeks transformed their understanding of global economics.

#EconSky #economics

cla.umn.edu/economics/ne...

'This one freaks me out as an economist': Experts alarmed by Trump's firing of BLS leader Economists say firing a top official for revisions to a jobs report sends a bad message and could destroy trust in data that's central to the economy.

Did you catch UMN Professor V.V. Chari on @kare11.bsky.social ?
"'Rigged?' This is about the most outrageous accusation that anybody can make about the way the statistics are developed by these professionals. These are not statistics produced by a single person sitting at her desk."
z.umn.edu/alqx

New research from UMN professor Kyle Herkenhoff challenges common narratives about private equity’s impact on workers. Tracking 2.5M workers at 3,600 PE-backed firms, they find wages fall 18% after 3 years but only for workers who leave the firm.

#EconSky #LaborEconomics

cepr.org/voxeu/column...

What do you think? Should taxpayers fund arenas?

Wolves, Lynx new owners pledge to stay in the state, arena upgrade Marc Lore said in a video posted by the team on Wednesday, “We are not moving the team ever." Alex Rodriguez also suggested an arena upgrade is ahead.

UMN economics professor Art Rolnick spoke to ‪@kstptv.bsky.social‬ on the Target Center funding debate: “I think the only argument that’s going to hold any weight is to threaten to move. Once they say they’re not moving, the game's over.”

#Timberwolves #EconSky
kstp.com/kstp-news/to...

Season preview- Trade wars, tradeoffs, and turbulence: Examining economics in the Trump-era The four-episode series delves into the policy priorities of Trump's second term, from Federal Reserve independence to inflation, foreign trade, and the U.S. relationship with China.

As uncertainty about the U.S.' economic outlook grows, this season's Office Hours podcast explores the impact of the Trump administration's policies. Tune in for insights on some of the most pressing economic issues from leading Minnesota economists.
#Economics #EconSky #EconPolicy

One of the Best Reasons to be an Econ Major: Inside UMN's Economics Community Discover how Economics at Minnesota, in partnership with the Federal Reserve, offers students unique opportunities that set them up with real-world experiences.

What sets UMN Economics apart? Our exceptional community and partnerships, including unique collaboration with the Federal Reserve Bank of Minneapolis.

With multiple degree pathways and real-world learning opportunities, we’re preparing the next generation of economics professionals. #EconSky

The fiscal impact of the bill will be big, but it won’t be beautiful Trillions estimated to be added to a federal debt that’s already unsustainable.

Professor VV Chari in the @startribune.com on the legislation that recently passed the U.S. House: “We’re now out of the pandemic. This is a time for us to pursue perhaps a more responsible fiscal policy, but we seem to be going in exactly the wrong direction.”
www.startribune.com/the-fiscal-i...

S3E1: The Economics of Trump Tariffs and U.S. Trade Policy Heller-Hurwicz Office Hours · Episode

The turn away from free trade has been a major shift. In this episode of the Office Hours Podcast, economists Tim Kehoe and Chris Phelan share differing perspectives on how the President’s approach to trade policy is playing out for the United States.
open.spotify.com/episode/6eBS...

Things To Do in Minneapolis and around the Twin Cities Find things to do in Minneapolis and the Twin Cities, from theater performances at the Orpheum to events at Xcel Energy Center and Target Center.

Catch highlights from Federal Reserve Governor Adriana Kugler’s 2025 Heller-Hurwicz Roundtable address in this recent Star Tribune feature: strib.gift/6hMmAFp

Fed’s Kugler Says Tariff Impact Likely Larger Than Expected Federal Reserve Governor Adriana Kugler said tariffs will likely put upward pressure on prices and have a bigger economic effect than previously expected.

Read more about Federal Reserve Governor Adriana Kugler's address at the 2025 Heller-Hurwicz Economics Institute Roundtable event with this latest piece from Bloomberg. www.bloomberg.com/news/article...

Fed's Kugler, citing inflation risks, supports steady policy rate Federal Reserve Governor Adriana Kugler said on Tuesday that with U.S. import tariffs significantly larger than expected and likely to put upward pressure on prices, the central bank ought to keep short-term borrowing costs unchanged until inflation risks recede.

Federal Reserve Governor Adriana Kugler addressed UMN's Heller-Hurwicz Economics Institute at its annual roundtable event, discussing the transmission of monetary policy and the economic outlook. Learn about her viewpoints with this piece from Reuters: www.reuters.com/business/fed...

Prof. Hannes Malmberg of UMN Economics is featured in Inside Story, discussing his research on the economic outcomes of trade wars. insidestory.org.au/donald-trump...

Remembering Patrick L. Bajari (1969-2025) Patrick L. Bajari was a pioneer spanning the academic and business worlds.

We are sad to announce that former faculty member and Minnesota Econ Ph.D. alum Patrick Bajari passed away on Monday.

cla.umn.edu/economics/ne...

Registration is still open for the HHEI Spring Roundtable Event on April 22 from 5:00 PM to 6:30 PM at Cowles Auditorium!

You can register and read more about the event here: cla.umn.edu/economics/ne...

​U of M Economics PhD alumna Ina Simonovska is featured in Yahoo Finance, expressing concerns over the White House's use of her research to justify new tariffs. ​ finance.yahoo.com/news/the-whi...

University of Minnesota Economics Professor Tim Kehoe discusses the impact of new tariffs on consumers and the economy in the Star Tribune. www.google.com/url?rct=j&sa...

Why haven't higher interest rates slowed the job market? - Marketplace A Dallas Fed report shows that job growth has been strong in areas like health care, which is less sensitive to interest rate changes.

​University of Minnesota Economics Professor V.V. Chari provides insights in Marketplace on why the job market remains strong despite rising interest rates. www.marketplace.org/2025/04/03/w...

Trump’s tariffs will likely raise inflation, Federal Reserve chair says In his first public remarks since the latest trade war salvo, Jerome Powell said it’s too soon to know how the central bank might respond.

​University of Minnesota's Professor V.V. Chari provides insights on the Fed's inflation challenges amid new tariffs in the Star Tribune.
www.startribune.com/federal-rese...

Mark your calendar for the HHEI Spring Roundtable Event on April 22 from 5:00 PM to 6:30 PM at Cowles Auditorium!

You can register and read more about the event here: cla.umn.edu/economics/ne...

New York Career Trip a “Once in a Lifetime Experience” for Econ Undergrads The week-long excursion, hosted by the Department of Economics, took current University of Minnesota students to visit the New York Stock Exchange, Houlihan Lokey, BlackRock, and Goldman Sachs.

Our undergrads had a "once in a lifetime experience" on the department's inaugural NYC Career Exploration Trip, visiting top firms and the NYSE. Read more about their journey in our latest article! cla.umn.edu/economics/ne...

Bård Harstad on "The Economics of Conservation" 2025 Jon Goldstein Memorial Lecture: Bård Harstad on "The Economics of Conservation"

Register today for the 2025 Jon Goldstein Memorial Lecture on Economics & Environmental Policy, Feb. 20th at 5:00pm, featuring Bård Harstad (Stanford) on "The Economics of Conservation." cla.umn.edu/economics/ne...

Bård Harstad on "The Economics of Conservation" 2025 Jon Goldstein Memorial Lecture: Bård Harstad on "The Economics of Conservation"

Join us Feb. 20th at 5:00pm for the 2025 Jon Goldstein Memorial Lecture on Economics & Environmental Policy, featuring Bård Harstad (Stanford) on "The Economics of Conservation." Register today! cla.umn.edu/economics/ne...

UW–Madison economics professor Kim Ruhl appointed as member of President’s Council of Economic Advisers Established by Congress in 1946, the CEA comprises three economists who advise the U.S. president on a wide range of economic policy issues based on data, research and evidence.

UMN Economics congratulates Minnesota PhD Kim Ruhl, now at UW-Madison, on his appointment to the President's Council of Economic Advisers. Congratulations, Kim! news.wisc.edu/uw-madison-e...