QED Newsletter for 1995 and 1996

Department of Economics

Once again it is time to recount some of the highlights and events of the past two years at the QED. Foremost on everyone's mind is the impact of provincial funding cuts. These cutbacks have been going on for sometime, and the latest round was not unanticipated. (One would hope for this in a department of economics!) Thus we have had some time to prepare. Nonetheless the Department has had to shrink in size. Professors Bart Lipman, who left in 1995, and Tom McCurdy, who left this year, will not be replaced, and replacements for future retirements are also in doubt. In the end, the Department will likely have about 29 faculty members, down from a high of 38 in 1989. On the staff side, Marie Corriveau has retired and also will not be replaced.

It seems clear that in the future students will be paying more for their education, and will be demanding more from their universities.The Department will respond by focusing its teaching energies on programs that offer real value to students. To this end we are launching several new programs. At the graduate level, we will offer in 1996/97 a new MA area of concentration in Finance. Students will be able to choose from courses in the Economics Department and the School of Business. Private sector employment prospects are excellent.

At the undergraduate level, we will be introducing in 1997/98 a new Honours B.A. program of study called Applied Economics. Currently the Honours B.A. is designed mainly for students who intend to go on to graduate school. This alternate stream will place less emphasis on theory in the third and fourth years, and more on skills such as accounting and applied econometrics and on the many applications of economics. The intent is to serve better those students who intend to find work without cutting off their prospects for graduate study.

We are also forming a partnership with the School of Environmental Studies, along with the Departments of Geography, Biology, Geology, and Chemistry. This is aided by a large grant from the Richard Ivey Foundation to help in hiring an environmental economist who will teach part-time in the School. This is a truly multidisciplinary program that offers students the chance to learn the scientific aspects of environmental issues as well as the social and regulatory side.

As discussed elsewhere in this newsletter, the department is putting all of its donations this year into the Ontario Student Opportunity Trust Fund. This is a fund that will provide fellowships to needy students long into the future.

We were pleased to welcome Patrick Francois to the Department in July of 1995. Patrick is an Australian with a Ph.D. from UBC and interests in development, growth, and applied microeconomics. For 1996/97 we will welcome Gordon Green from Northwestern to a two-year appointment. Gordon's interests are in microeconomic theory. As well, Ian Cromb will be staying on as an Adjunct Assistant Professor and will continue to coordinate the first year program. Visitors this year include Emanuela Cardia from the Universite de Montreal, Axel Lindner from Munich, Neil Swan from Ottawa and Simon van Norden from the Bank of Canada.

Professor Charles Beach continues his duties as Editor of Canadian Public Policy. Under Charlie's direction the business office of the Canadian Economics Association moved to Queen's in 1996. Robin Boadway organized the Canadian Economics Association Meetings at Brock university this year as part of his duties as the incoming President of the Association. One way or another, the QED continues its long association with the CEA.

The Ph.D. program continues to attract and graduate some of the best students in the country. Last year the halls were buzzing when Christine Parlour was offered a job in the Finance group of the Business School at Carnegie-Mellon University in Pittsburgh. Her starting salary was roughly twice that of her thesis supervisor!

Finally, the Department was proud and honoured to learn that James MacKinnon won the Queen's University Excellence in Research Prize for 1995/96. James joined the QED in 1974. Since then his work has brought credit to the Department, the University, and to the study of econometrics in Canada. It is a great honour and richly deserved.

by Lorne Carmichael