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 Planning Board Narrowing in on Subdivision Bylaw Changes

By Stephen DravisiBerkshires Staff
WILLIAMSTOWN, Mass. — The Planning Board late last month discussed specific features of what it plans to pass as a new subdivision control bylaw this year.
 
The board long has discussed the complex set of regulations as being out of date and cumbersome to both potential developers and the board itself, which has needed to hear requests for waivers of outdated rules for the handful of residential subdivisions that have been proposed in town in recent years.
 
This spring, the town engaged consultants from Northampton's Dodson and Flinker Landscape Architecture and Planning to go through the existing bylaw, compare it to more contemporary regulations in other communities and help craft a revised bylaw.
 
Unlike the zoning bylaw, where amendments require approval of town meeting, the subdivision control bylaw is a creation of the Planning Board, which can make changes on its own after a public hearing process it hopes to complete this year.
 
At a special Planning Board meeting on May 26, Dillon Sussman of Dodson and Flinker and his colleagues walked the board through a dozen different decision points that the board must resolve — either by leaving the bylaw as is or making a change — and offered suggestions based on best practices.
 
All of the issues are technical and ranged from the fundamental, like how the bylaw will define types of subdivisions, to the highly specific, like what turning radii will be required in new streets that are constructed to serve planned developments.
 
One example of a topic that came up in the recent approval of a four-home subdivision off Summer Street is stormwater management.
 
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