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Williams Professor Receives Grant to Investigate Effects of Risky Pensions
WILLIAMSTOWN, Mass., March 20, 2008 -- The Social Security Administration has awarded Williams College Assistant Professor of Economics David Love a grant of $40,000 in support of work by Love and Federal Reserve economist Paul Smith on the effects of risky pensions on household saving and labor supply decisions.
Recent pension freezes in large firms such as Verizon and IBM, along with terminations of defined benefit plans in the struggling steel and airline industries, demonstrate that even traditional pensions are not risk-free.
A primary goal of this research will be to estimate the welfare implications associated with the recent spate of pension freezes.
Love has been on the Williams faculty since 2003 and teaches several levels of macroeconomics as well as a senior seminar on national savings.
Love has worked as an economist with the Federal Reserve Board and as a visiting assistant professor at Columbia Business School.
His interests focus on macroeconomics, public finance, household savings, and portfolio choice.
His work has published in a number of academic journals including the National Tax Journal, Journal of Monetary Economics, and Journal of Pension Economics and Finance.
He received his B.A. from the University of Michigan in 1996 and his Ph.D. in economics from Yale University in 2003.
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Founded in 1793, Williams College is the second oldest institution of higher learning in Massachusetts. The college's 2,000 students are taught by a faculty noted for the quality of their teaching and research, and the achievement of academic goals includes active participation of students with faculty in their research. Students' educational experience is enriched by the residential campus environment in Williamstown, Mass., which provides a host of opportunities for interaction with one another and with faculty beyond the classroom. Admission decisions are made regardless of a student's financial ability, and the college provides grants and other assistance to meet the demonstrated needs of all who are admitted.
To visit the college on the Internet www.williams.edu
News:Brankley
Recent pension freezes in large firms such as Verizon and IBM, along with terminations of defined benefit plans in the struggling steel and airline industries, demonstrate that even traditional pensions are not risk-free.
A primary goal of this research will be to estimate the welfare implications associated with the recent spate of pension freezes.
Love has been on the Williams faculty since 2003 and teaches several levels of macroeconomics as well as a senior seminar on national savings.
Love has worked as an economist with the Federal Reserve Board and as a visiting assistant professor at Columbia Business School.
His interests focus on macroeconomics, public finance, household savings, and portfolio choice.
His work has published in a number of academic journals including the National Tax Journal, Journal of Monetary Economics, and Journal of Pension Economics and Finance.
He received his B.A. from the University of Michigan in 1996 and his Ph.D. in economics from Yale University in 2003.
END
Founded in 1793, Williams College is the second oldest institution of higher learning in Massachusetts. The college's 2,000 students are taught by a faculty noted for the quality of their teaching and research, and the achievement of academic goals includes active participation of students with faculty in their research. Students' educational experience is enriched by the residential campus environment in Williamstown, Mass., which provides a host of opportunities for interaction with one another and with faculty beyond the classroom. Admission decisions are made regardless of a student's financial ability, and the college provides grants and other assistance to meet the demonstrated needs of all who are admitted.
To visit the college on the Internet www.williams.edu
News:Brankley
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