Vita Faychuk


Schnell Family Endowed Chair in Economics-Capital Systems and Assistant Professor in Economics and Management

If there is a study into the existence of an "economics" gene, they should get me tested!

Economics is all about choices. How to make those choices the best possible! It offers a unified framework of thinking to make all sorts of choices better and people happier.  Economics is applicable to the broadest range of problems that overlap all sorts of disciplines: gender and race discrimination, inequality, poverty, crime, health care, philantropy, education, religion, innovation, teenage pregnancy, immigration, artificial intelligence, urban planning, climate change, designing rules and principles that govern different institutions (from central banks, taxation, political campaigns, colleges, all sorts of contracts to local parking rules) in a way that maximizes benefits for the society. Just to get you a flavor of the topics covered,  check the program of the ASSA latest annual meeting. It is one of the top and largest (over 13,000 participants last year) conferences in the world held by the American Economic Association in conjunction with 61 associations in related disciplines (which is probably the best indicator of the multidisciplinary nature of economics). Another good illustration is the list of economics journals.

Major in Economics: what can you do with it?  

Economics reading list (updated with newest titles as of 5/07/2020)

Women in Economics: 

  • Esther Duflo (economics of poverty, using randomized experiments to devise policies to save lives and get kids out of poverty, one of only tow women with Nobel in Economics)
  • Marianne Bertrand (economics of gender and inequality, bias in the job market)
  • Claudia Goldin (economic historian and labor economist, she was a pioneer in the study of gender discrimination and broad women's role in the U.S. economy)
  • Elinor Ostrom (economics of common resources, she studied how the government can set the rules for the collective use of a limited common resource such as parks and lakes, which will prevent selfish overuse and devastation, but result in renewal and preservation of those resources; she is the first woman of only two with Nobel in Economics; I was fortunate to meet her as a doctoral student at Indiana, I remember her being very intelligent and even more humble as a person).
  • Janet Yellen ( monetary economics - how the government can change various interest rates to help economy and people; the first women Chair of the Federal Reserve, and the most likely next Treasury Secretary)
  • Anna Schwartz (one of most influential monetary economists of the 20th century)
  • Christina Romer (macroeconomic historian and former chair of the Council of Economic Advisers 
  • Gita Gopinath (economic growth, Chief Economist at IMF)
  • Paola Sapienza (studies the impact of culture on economic outcomes)
  • Ekaterina Zhuravskaya (studies how peoples’ beliefs and prejudices towards different ethnic groups and how these can lead to ethnic conflicts or wars)
  • Maureen O'Hara (financial economics - market microstructure, bitcoins, financial technology innovation)


Bio:  As a doctoral student at IU, I pursuit two fields: Econometrics and Finance (at the Kelley School of Business). Additionally, I obtained two minors in Game Theory and Industrial Organizations. Doctoral level classes in Econometrics taken at IU Economics Department: Theory of Statistics, Time Series Analysis, Non-Linear and Simultaneous Models, Macroeconometrics, Microeconometrics, Seminar in Econometrics, Seminar in Advanced Econometrics, and half-semester seminar in Treatment Analysis. Doctoral level classes in Finance: Asset Pricing, Corporate Finance, Market Microstructure, Empirical Finance, Selected Topics. 

Pre-Gustavus teaching experience:  "Money and Banking" , "International Economic Relations", "Principles of Macroeconomics" at Miami University (Oxford, OH), "Introduction to Microeconomics", "Introduction to Macroeconomics", "Statistical Analysis for Business and Economics", "Survey of Calculus" at Indiana University (Bloomington, IN).

Pre-Gustavus non-academic work experience: Manager (Quantitative Analysis) at NЕСА (NJ), Management Consultant at ZAR Group (NJ), Junior Economist (Ministry of Finance, Ukraine).

Selected recent conference presentations: ASSA Annual Meeting, Chicago, IL, Jan. 6-8, 2017 (American Economic Association, Financial Economics session). Southern Finance Association, Annual Meeting, Key West FL, Nov. 17-20, 2017. Midwest Finance Association, Annual Meeting, Atlanta GA, March 2-5, 2016.


Ph.D. in Economics (Econometrics, Finance), Indiana University (Bloomington,). MA in Economics, Kyiv School of Economics. BSc in Finance, National University Ostroh Academy.

Courses Taught

Synonym Title Times Taught Terms Taught
E/M-270 Business Finance 12 2021/SP, 2020/FA, 2020/SP, 2019/FA, 2019/SP, 2018/SP, and 2017/FA
E/M-388 Econometrics 8 2021/SP, 2020/FA, 2020/SP, 2019/FA, 2019/SP, 2018/FA, 2018/SP, and 2017/FA
E/M-109 Principles of Macroeconomics 4 2020/FA, 2020/SP, and 2018/FA