Cecilia Rouse
Cecilia Elena Rouse is the Katzman-Ernst Professor in Economics and Education and professor of economics and public affairs at The Princeton School of Public and International Affairs. She served for the first two years of the Biden-Harris Administration as Chair of the Council of Economic Advisers (CEA). Rouse is the first Black American to fill the role (confirmed with 95 votes in the U.S. Senate) in the CEA's 75-year history. It was her third White House tour of duty, serving her third President. She is the former dean of the Princeton School of Public and International Affairs. A labor economist with a focus on the economics of education, Rouse is the founding director of the Princeton Education Research Section and a member of the American Philosophical Society and the National Academy of Education. She has served as senior editor of The Future of Children, a policy journal published by the School and the Brookings Institution, co-editor of the Journal of Labor Economics, on the editorial boards of the American Economic Journal: Economic Policy and other journals. She previously served on the boards of the Council of Foreign Relations, University of Rhode Island and the National Bureau of Economic Research, and was an independent director of the T. Rowe Price Funds. From 2009 to 2011, Rouse served as a member of President Barack Obama’s Council of Economic Advisers. She worked at the National Economic Council in the Clinton administration as a Special Assistant to the President from 1998 to 1999. Rouse joined the Princeton faculty in 1992 after earning her Ph.D. in economics from Harvard University, where she also completed her undergraduate work.
Commentary
Claudia Goldin: A Master at Breaking New Ground In Economics by Unearthing Unusual Data
Cecilia Rouse, a colleague and former student of Claudia Goldin, explains Goldin’s perseverance in unearthing datasets that allowed her to document trends in labor and education, particularly with respect to women. Rouse also praises Goldin’s courage to prioritize the study of women and discusses what it was like to work with the recent Nobel Prize- winning economist on seminal work.
Latest news
Income Inequality
Uninhibited Campaign Donations Risks Creating Oligarchy
In new research, Valentino Larcinese and Alberto Parmigiani find that the 1986 Reagan tax cuts led to greater campaign spending from wealthy individuals, who benefited the most from this policy. The authors argue that a very permissive system of political finance, combined with the erosion of tax progressivity, created the conditions for the mutual reinforcement of economic and political disparities. The result was an inequality spiral hardly compatible with democratic ideals.
ESG, Corporate Governance & Future of the Firm
Did the Meme Stock Revolution Actually Change Anything?
Many financial commentators thought that the surge of retail investors participating in the stock market, the most notable of whom boosted “meme stocks” like GameStop, would democratize corporate governance and improve prosocial firm behavior, including the promotion of environmental, social, and governance (ESG) goals. In new research, Dhruv Aggarwal, Albert H. Choi, and Yoon-Ho Alex Lee find evidence that the exact opposite took place.
Antitrust and Competition
The Kroger-Albertsons Merger Will Not Help Grocery Competition
Kroger and Albertsons say they need to merge to compete with Walmart. Claire Kelloway argues that what they really want is Walmart’s monopsony power, and permitting mergers on these grounds will only harm suppliers, workers, and consumers.
Research
Innovators Respond to Their Presidential Candidate Winning With More Innovation
Does an inventor’s political identity influence their productivity? In a new paper, Joseph Engelberg, Runjing Lu, William Mullins, and Richard Townsend examine the impacts of the 2008 and 2016 United States presidential elections on Democrat and Republican inventors, with a particular focus on the quantity and quality of patents after the country elects a new president.
Antitrust and Competition
Letter to the Editor: Former FTC and DOJ Chief Economists Urge Separation of Economic and Legal Analysis in Merger Guidelines
Seventeen former chief economists of the Federal Trade Commission and the Department of Justice Antitrust Division urge current Agency heads to separate the legal and economic analysis in the draft Merger Guidelines to strengthen the role of the latter in merger review.
Antitrust and Competition
Why the Kroger-Albertsons Merger Is a Mess for Consumers
Grocers Kroger and Albertsons want to merge, which would make them the second biggest retail food chain and, according to them, enhance their ability to compete with Walmart and Costco and offer lower prices to consumers. Christine P. Bartholomew writes that the promises of more competition and lower prices for consumers are unlikely to manifest, and thus the Federal Trade Commission should block the deal.
Book Excerpts
After Neoliberalism
The following is an excerpt from Martin Daunton's new book, "The Economic Government of the World: 1933-2023," out November 14.
