Founded in 1903, our department is well-known for the excellence of its teaching and advising, with a strong reputation for producing outstanding Ph.D. graduates, as well as rigorous and innovative economic research. We are consistently ranked among the world's leading departments. Berkeley faculty have won four Nobel Prizes and four John Bates Clark Medals. The impact Berkeley faculty have had on economic theory, econometrics, macroeconomics, and various fields of applied research has been enormous. This year we are pleased to add Assistant Professor Yuriy Gorodnichenko, a macroeconomist, to our dynamic and diverse faculty.