Department of Economics


Ohio Capital Journal: Ohio Economists: Child Tax Credit Would Be a BoonDr. Kevin Egan, professor of economics, talks about how reducing child poverty would be an effective approach to grow the state economy.


Ohio Capital Journal: Is Big Split Between Rich and Poor Making Us All Poorer? MaybeDr. Kevin Egan, a professor of economics, talks about inequality and its impact on economic growth in Ohio.


Congrats to our graduates!






Dr. Kevin Egan, professor of economics, discusses high gas prices in an interview to ABC13.

Ohio Capital Journal: Economists pan stadium construction as economic development
Dr. Kevin Egan, professor of economics, discusses the importance of building stadiums for the local economy.

 Drs. Black and Dowd give a Rocket Talk on inflation

Ohio Capital Journal: Experts Overwhelmingly Agree Rural Broadband Will Grow Ohio’s Economy, Reduce Inequality. Senate Leaders Don’t
Dr. Kevin Egan, professor of economics, discusses the importance of reliable and fast internet connection.

Congratulations to our “Outstanding Economics Majors” - Spring 2021


Ohio Capital Journal: Loosened Zoning Could Cut Housing Costs, Economists Say
Dr. Kevin Egan, associate professor of economics, discusses how more permissive residential zoning standards could make housing more affordable.


13 ABC: Biden Seeks to Raise Taxes on Wealthy, Large Companies to Fund Infrastructure Plan
Dr. Kevin Egan, associate professor of economics, discusses President Biden’s infrastructure plan.


The Blade: Companies Struggle to Hire Employees
Dr. Kevin Egan, associate professor of economics, discusses raising the minimum wage to $15.


Dr. Kevin Egan gave an interview to the local news on the new Child Tax Credit under pandemic relief package

 UToledo News: Clean Energy is a Win-Win: Save the Planet and Grow the Economy

Dr. Gbenga Ajilore is taking a position in the Biden Administration. He has been named a senior adviser in the U.S. Department of Agriculture.


University of Toledo economist Kevin Egan did a short interview last week with the local news What impact could a $15 minimum wage have on everyday workers?


Ohio Capital Journal:COVID-19 lawsuit immunity won’t help economy, might increase spread, poll of economists says

“The pandemic IS the cause of the recession,” University of Toledo economist Kevin Egan said in the comment section of the survey, which was released Monday. “Bringing the spread of COVID-19 under control IS the solution for quicker economic recovery. Shielding firms from liability is not efficient; gives them incentives to do too little for worker protection.”

September 10, 2020

Local elected officials have announced that $23,668,160.00 in federal funds has been awarded to the Toledo Metropolitan Area Council of Governments (TMACOG) and Toledo Metroparks as a federal contribution for the construction of the planned Glass City Riverwalk. The award is being administered by the U.S. Department of Transportation’s (DOT) Better Utilizing Investments to Leverage Development (BUILD) Transportation Discretionary Grants program.

“TMACOG and our members are very pleased to have submitted a Build Grant for this project and are extremely happy to learn of its funding,” said Tim W. Brown, President of TMACOG. “The Glass City Riverwalk will be a tremendous asset for Toledo and our entire region.”

The Glass City Riverwalk project is a collaborative effort of TMACOG,the City of Toledo, Metroparks Toledo, ConnecToledo, University of Toledo, Toledo Area Regional Transit Authority (TARTA), Toledo-Lucas County Port Authority, Destination Toledo and the Greater Toledo Community Foundation.

UToledo undergraduate economics major, Jory Manis, wrote the benefit-cost analysis report for the federal grant submission. After Mr. Manis completed benefit-cost analysis course work at the University of Toledo as part of his economics degree he was hired as a paid consultant/internship to complete the benefit-cost analysis component of the federal grant submission. Dr. Kevin Egan was his faculty advisor for the paid internship.

Mr. Manis is now in The University of Toledo master's program in Economics. The Department of Economics is proud of the expert work Mr. Manis did in helping secure this large grant for the continued regional development of the Toledo area.

A few more details, the Glass City Riverwalk (GCR) is a transformative project in the heart of Toledo. Taking advantage of the region’s greatest asset, the Maumee River, the GCR seeks to:

  • Support and encourage multi-modal transportation options to and from points of interest
  • Stimulate economic growth with infrastructure that supports a diversity of programming opportunities
  • Implement a shared-use path network that encourages physical and mental health
  • Transform the riverfront with a fresh appearance that connects people to the Maumee River
  • Integrate urban ecology strategies that improves water quality and manages stormwater

Oak Harbor Mayor and Economics major Quinton Babcock gives Daily Yonder an exclusive look at how he’s handled one crisis after another.


Dr. Kevin Egan gives interview to WTOL 11: Worst fall for Dow since 2008; local economist weighs in
wtol UT will offer a bachelor of arts degree in data analytics in the College of Arts and Letters, and a bachelor of science degree in data science in the College of Natural Sciences and Mathematics



Quinton Babcock, our econ major and current econ MA student was interviewed for being Mayor of Oak Harbor.

Dr. Oleg Smirnov shows that the opioid epidemic has caused massive economic losses in northwest Ohio (reported by Toledo Blade, 13 ABC, WTOL 11)



Department of Economics outstanding alumnus, Dr. John J. Stevens, Associate Director, Division of Research and Statistics, Board of Governors of the Federal Reserve System presented "BIG DATA AND MACROECONOMICS" on OCTOBER 4, 2019 in the Econ department.



Congrats to Agya Acheampong, Alex Beckman, Alison Kilpatrick, Hannah Williams, and Meaghan Roberts, who graduated with a master of arts in economics. Meaghan Roberts graduated with a Masters of Arts in Economics with an Applied Econometric Specialization and Meaghan has been accepted into Michigan State University’s Ph.D. program in economics and is one of only 20 Ph.D. students at Michigan State University to receive the “Distinguished University Fellowship”.




Dr. Amialchuk, Dr. Ajilore and Dr. Egan have published their paper in Health Economics "The influence of misperceptions about social norms on substance use among school‐aged adolescents"


One great example of Rocket determination is Lovely Forges. Lovely is a senior majoring in economics with a 3.7 GPA. She is originally from Haiti, the youngest of seven children, and while she speaks four languages, her initial interest in coming to the United States was to study English. She first connected with us at the age of 14, when she met our “Learning Through Service” class, led by Dr. Sammy Spann, who travels to Haiti each year. That class eventually helped support Lovely’s journey to the University, where she took advantage of the American Language Institute in our Center for International Studies and Programs. She has since developed a talent for accounting, completed the Klar Leadership Academy a few weeks ago, and we will be proud to count her among our alumni when she graduates next month.

We are thrilled to see our young alumni capitalize on the success they experienced as students. Quinton Babcock graduated with honors in December and went right to work as mayor of the Village of Oak Harbor, Ohio. Quinton brings two bachelor’s degrees to his civic leadership — one in economics and disability studies, and one in mathematics. While in office, he is determined to improve the transparency, accessibility and responsiveness of the village government.

We recognize the devastating impact of the opioid crisis and have accepted the challenge to address this local and national health emergency on a number of fronts. Later this week, we’ll host a day of community impact providing resources to fight this epidemic. To help fuel a sense of urgency to find solutions, we are zeroing in on the financial cost of this issue to society. A team of economists led by Dr. Oleg Smirnov is preparing to release an economic impact analysis of the opioid crisis in our region that shows in one year alone, the cost of the opioid epidemic to the Toledo area is $1.52 billion! This crisis is so costly to so many people. That is why it is vitally important that the University’s leadership, resources and unique role in the community are dedicated to finding solutions.

UT econ minor, Rebecca Dangler, was selected as one of 40 women for the 2019 NEW Leadership Ohio program

Dr. Kevin Egan did another local news interview about the Ohio governor’s proposed 18 cent state gasoline tax.

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Our econ majors, Lovely Forges and Anna Wagenhauser, were accepted into and graduated from the UT Klar Leadership Academy.

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Dr. Kevin Egan says gas taxes pay for roads and gas taxes are essentially a user fee in an interview for ABC 13.

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Dr. Dave Black discusses impact of partial government shutdown in an interview for WTOL 11

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UT Economics student Quinton Babcock to graduate Dec. 15, start job as mayor of Oak Harbor in 2019



Dr. Onur Sapci talks to ABC 13 about the recent climate change report.



Dr. Gbenga Ajilore, who is a faculty at Econ department and a senior economist at the Center for American Progress, gives interview to WNYC News on Life After 'I Can't Breathe'.



Christopher Hampton, an economics undergraduate student, received a UT Office of Undergraduate Research grant for summer 2018 for his project, “Education and Incarceration,” and he presented in the UT Research Symposium for all recipients.

Christopher Hampton



Our department secretary Jeannie Stambaugh won the 2018 Outstanding Staff Award.

University of Toledo economics professor Gbenga Ajilore gave an invited talk in Normal, OK about school safety and harassment, as well mental health.

Olugbenga Ajilore, an associate economics professor from the University of Toledo, joined the Norman Citizens for Racial Justice group in a discussion on April 19.

Mr. Quinton Babcock presented his research with Dr. James Bland in the department seminar series "The use of local substitutes in a new payment card methodology, and A Reasonable Assumption? Homoskedastic Decision Errors in Estimations of Risk Aversion."


Economist Olugbenga Ajilore shows the high cost of the American government’s arming of local police with military weapons, which has exacerbated lethal use of force against black communities

Faculty member Dr. Ajilore becomes president of National Economic Association

Economics M.A. degree earns $68,000 in early career median pay and $134,000 in mid-career median pay!

In The Blade: U.S. needs to transform transit system.

UT economics professor, Dr. Gbenga Ajilore, talks about why drivers can expect to pay more for gas in 2017, 01/5/2017:

UT economics professor, Dr. Kevin Egan says the best way to battle algae is via phosphorus tax - at Lake Erie algae conference

Dr. Gbenga Ajilore and Dr. Oleg Smirnov find that UT has $3.3 billion impact on Toledo economy the study, YouTube video, The Blade, WTOL 11)

Dr. Aliaksandr Amialchuk and co-authors (Gretchen Tietjen and Monita Karmakar) found that emotional abuse is linked to migraines in young adults (news coverage in Neurology Advisor, news coverage in MedPage Today)

UT economics professor, Dr. Gbenga Ajilore, discusses his Early Findings on Militarization of Police At the National Economic Association Freedom and Justice conference in D.C., 8/11/2016.

UT economics professor, Dr. Gbenga Ajilore, talks about Brexit, 6/25/2016.

Three UT undergraduate economics majors were inducted into the Blue Key National Honor Society, 4/21/2016.

Jessica Mysyk, Jacob Whitman, Samuel Duling

Three Blue Key Award Winners

Blue Key National Honor Society
Blue Key recognizes students for balanced and all-around excellence in scholarship, leadership, and service.
Activities: Planning of the Annual Edward C. Schmakel Homecoming Parade and Songfest.
Membership Requirements: 3.0 cumulative GPA; 60 credit hours completed, qualities of strong leadership and service experience.

UT economics professor, Dr. Gbenga Ajilore, talks about the economy and the stock market, 1/21/2016: Economics professor, Dr. Gbenga Ajilore, talks about fixing our roads and local economic growth, 12/6/2015:

UT economics professor, Dr. Gbenga Ajilore, talks about distressed city rankings, 11/6/2015:

UT economics professor, Dr. Gbenga Ajilore, talks about the militarization of certain police forces, 4/10/2015:

UT economics graduate student, Chelsea Bloom, presents her research at the 2015 Midwest Economic Association Meetings, "Ascertaining the Mechanism behind the Social Network Spread of Alcohol Consumption among the U.S. Adolescents: Social Multiplier, Social Norm, or Both?", 3/28/2015: Chelsea Bloom, UT undergrad. student presenting her research

UT economics professor, Dr. Gbenga Ajilore, talks about the recent decline in gasoline prices, 11/2/2014:

UT economics professor, Dr. Gbenga Ajilore, writes a guest post for Wonkblog (Washington Post), "What a fake 'viral' story tells us about how we view young African American men", 8/18/2014:

UT economics professor, Dr. Gbenga Ajilore, writes a guest post for Wonkblog (Washington Post), "LeBron's return to Cleveland is about more than basketball: It's about saving the Midwest", 7/11/2014:

UT economics professor, Dr. Gbenga Ajilore, writes a guest post for Wonkblog (Washington Post) and is quoted in the Guardian concerning the controversy surrounding L.A. Clipper's owner Donald Sterling, 4/29/2014:


UT economics professors, David Black and Oleg Smirnov, discuss their latest Toledo revenue projections, 1/30/2014:

2 UT professors predict Toledo's finances will slip this year


UT economics professor, Gbenga Ajilore's, upcoming paper is discussed in the Washington Post:

Great news! We fixed racism. Against white people. In the NBA.

By Jim Tankersley, January 17 at 12:25 pm

There's a persistent wage gap in the American economy. Though they've made great strides over the last half century, minoritiesstill earn less than white men.

But there is at least one corner of the economy where pay sees no color - where a new, detailed economic analysis finds no evidence of wage discrimination of any kind:

The National Basketball Association.

In a paper set to be published in Economics Bulletin, University of Toledo economist Olugbenga Ajilore (a longtime Clippers fan) uses salary data and advanced basketball statistics to argue, convincingly, that white, American-born players aren't discriminated against when it comes to NBA pay.

Yes. White, American-born players.

Backstory: Economists like to study relatively small, contained things, like sports leagues, for clues about big, difficult-to-study things, like the total American economy. This is why there's a whole literature of research about NBA pay. Some of that research has suggested in the past that white American players earn less than African-American players, because team executives might think white players don't remind them of great players. As Ajilore explains:

Statistical discrimination may explain reverse discrimination because traditionally the best players in the NBA are African-American and over the past 25 years there have been few White American athletes to excel in the NBA. While there have been an influx of White international players from European and South American countries, White Americans are generally not considered elite athletes. Thus, White Americans who aspire to the NBA may see lower wages ... relative to African-Americans and international players.

So Ajilore investigated to see if that was true -- if white American players were making less money for the same value they bring to a team. Instead of using standard stats like points, rebounds and assists, he determined that value with two advanced metrics: PER (player efficiency rating) and win shares.

His analysis turned up no evidence that white American players were being paid less, for their value, than anyone else. Why is that? "One explanation," Ajilore writes, "is that with detailed information about athletes at a young age and the resources devoted to scouting not just in the Unites States but overseas, there is no need for teams to statistically discriminate."

In other words, Ajilore thinks discrimination might decline as employers get more and more information on potential employees/point guards. There's certainly more and more employee information coming available in the broader economy today. We'll see if it helps bridge the pay gap.


UT economics professor, Gbenga Ajilore, is quoted in Toledo Blade article, 12/29/2013, "Clerk says data point to rebound in local economy."

UT economics professor explains debt limit deadline.


Professor Kristen Keith is the recipient of the "Outstanding Advisor Award"

Congratulations to our undergraduate advisor, Professor Kristen Keith, for receiving the 2013 UT "Outstanding Advisor Award". More information is provided on page 8 of the April 29, 2013 UT News:

Dr. Kristen Keith, associate professor of economics and undergraduate adviser for the Department of Economics in the College of Languages, Literature and Social    Sciences. She joined the University as an assistant professor in 1994.

"Her availability, commitment and care toward her students have contributed to my success at UT. Dr. Keith always executes professionalism, respect and dedication toward her students. She is approachable, understanding and knows her facts," one nominator wrote. "Dr. Keith has helped me overcome my math fears while helping my analytical skills grow stronger." Another wrote, "Her open-door policy, upbeat personality and nurturing attitude have made my experience at UT rewarding and academically fulfilling. Because of her caring attitude, Dr. Keith forms long-lasting academic relationships; past students regularly stop by her office."


Economics Undergraduate Student, Roseyln Muniz, Creates a News Video Project for the Course Economics of Gender:

Roseyln Muniz News Video Project

Roseyln is a double major in Economics and Communication.

Economics Undergraduate Students Honored

Two economics undergraduate majors graduated this spring with honors: Anthony Russo, summa cum laude, and Constantine Konstandas, magna cum laude. Also, Anthony Russo received the additional honor for Outstanding Student in the Department of Economics. Anthony will be attending Kent State University in its public policy Ph.D. program and Constantine will be attending the University of Toledo master's in economics program. Congratulations to all!



 For more information on faculty's current research please go to the "Faculty & Staff" link on the left, and click on the faculty member's homepage.stevens1

Last Updated: 9/28/23