Williams Professor Receives Grant to Investigate Effects of Risky Pensions

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WILLIAMSTOWN - 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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Williamstown Board Opts to Negotiate with College on Water St. Lot

By Stephen DravisiBerkshires Staff

Newly elected board member Nate Budington, far left, participates in his first in-person meeting along with, from left, Matt Neely, Stephanie Boyd, Peter Beck, Shana Dixon and Town Manager Robert Menicocci.
WILLIAMSTOWN, Mass. — The Select Board on Monday decided to enter into negotiations with Williams College on the sale of the vacant town-owned lot at 59 Water St.
 
But the board members made it clear that the college's proposal to acquire the lot is a starting point, not a final deal that the elected officials would accept.
 
"For the sake of continued conversation, I'm in favor of [awarding Williams the site], but if this process wasn't continued with the opportunity for further negotiation, I wouldn't vote to continue this," Peter Beck said. "I think that next step is necessary for us to get to a yes on this."
 
"I think there's wide agreement on that," Matthew Neely said just before the 5-0 vote to enter talks with the college.
 
Williams was the sole respondent to a town-issued request for proposals to develop the former town garage site, currently a dirt lot.
 
The college's stated intent is to build a new Facilities office and create up to 170 parking spaces at 59 Water Street. That use will allow the college to redevelop the current Facilities building site and parking lot as part of a reconception of the school's indoor athletic and recreation facilities.
 
Under the terms of the RFP, the college's proposal was subjected to review by an ad hoc advisory committee to the town manager, who brought the question to the Select Board. That board will have the final say on any purchase and sales agreement.
 
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