The Department of Economics in the College of Arts and Sciences and the Kelley School of Business were ranked among the “Best Global Universities for Economics and Business” on October 26, 2021, by U.S. News & World Report. Based on academic reputation and faculty research, they jointly earned the ranks of 24th internationally and 14th in the United States. They ranked third overall among economics and business programs in American public universities, and first in the state of Indiana.
Economics receives top rankings
These rankings underscore the contributions made by faculty research and are based in part on the number and impact of research citations earned within the most cited publications.
“Students of Economics in the College of Arts and Sciences have the benefit of connections with the Kelley School of Business, and vice versa,” said Rick Van Kooten, executive dean of the College. “These rankings reflect the contributions of faculty research in economics as well as business theory, strategy, and operations. They also point to the dynamic collaboration between these two prestigious units of our great Research 1 university.”
“Our department prides itself on the quality of its research and education at both the undergraduate and graduate levels,” observed Michael Kaganovich, chair of the Department of Economics. “Our faculty members are internationally recognized for their frontier research in areas such as macro- and monetary economics, financial econometrics, game theory and experimental economics, and international trade.”
“Economics faculty scholarship informs and impacts monetary policy in the U.S. and internationally,” Kaganovich said. “One of our Ph.D. graduates is currently serving as a Federal Reserve bank president, and several others have held these positions in the past. Numerous Ph.D. alumni, as well as former colleagues, are employed in research departments of the Federal Reserve, the Bank of Canada, and other central banks; one has recently become a member of the Federal Reserve Board and another is a senior economist on the President’s Council of Economic Advisors.”
The department’s excellence in research underlies the value of education it provides to its students. It is built on the foundation of analytical thinking, a general skill essential for a lifetime of productive careers and stresses the quantitative competence in using, processing, and analyzing economic data. Capitalizing on the research expertise of the faculty, economics education is both data driven and analytical. It helps students analyze and interpret complex phenomena in modern economies and societies, and inform business and policy decisions.
The department maintains a close relationship with the Business Economics and Public Policy (BEPP) and Finance departments in the Kelley School of Business, capitalizing on synergies between the Ph.D. programs and faculty research.
“The relationship between departments of economics and business programs is synergistic, and never more important than it is today,” said Van Kooten. “Researchers are working to understand large international issues and their financial underpinnings, concerned with both analyzing the past and anticipating the future, while managing resources in relation to human demand. We are honored in the College to note that the Department of Economics has once again earned well-deserved international recognition.”
Story by Ellen Michel