Texas A&M Faculty Leads And Inspires Future Macroeconomic Policy Research Thanks To Recent Chair Appointment

Texas A&M University economist Dr. Sarah Zubairy was appointed the inaugural holder of the Luther H. Soules III '61 Endowed Chair for Global Macroeconomics Theory and Policy in Economics. A significant gift from Luther H. "Luke" Soules III ’61 and his wife Andrea, in partnership with the Luke and Merle Soules Family Foundation established the $1 million chair, is the first in its kind for the department and will support future professors in the department whose work focuses on global macroeconomics theory and policy, enabling them to advance teaching, research and service in related disciplines. 

"This chair represents a lasting legacy that will enable top scholars to advance research and teaching related to economic relationships between global economies," Soules explained. "These relationships are more than just transactional; they are crucial links that foster global shared interests and prosperity. They generate public and private capital, which supports public and industrial infrastructure and financial resources essential to economic growth and health and social services, all contributing to sustained growth and welfare."

Zubairy earned her Ph.D. in Economics from Duke University in 2010 before working with the Bank of Canada as a senior economist. She joined the Department of Economics at Texas A&M in 2013 and has since held various honors including appointments as a Chancellor’s EDGES Fellow, as the Private Enterprise Research Center Shirley A. Lynch Fellow, and as a research associate at the prestigious National Bureau of Economic Research. 

“The stars aligned and joining Texas A&M was a homecoming of sorts,” said Zubairy. “My family has deep Aggie connections. My father is a professor in the Physics department, my mother taught at Blinn, and both my siblings are former A&M students, so when I got the opportunity to join the Economics department, it was an easy decision.” 

While macroeconomics, the study of large-scale economic factors like inflation rates and prices and how those factors interact with other economies, can be a broad field of study, Dr. Zubairy’s research focuses on empirical macroeconomics with a particular focus on fiscal policy-related issues. As a graduate student during the Great Recession, Zubairy studied fiscal tools like the American Recovery and Reinvestment Act, which is used to stimulate the economy. She was able to then apply that research in her role at the Bank of Canada in a real policy environment. Her most recent research focuses on considering fiscal policy as a business cycle stabilization tool and understanding the consequences of fiscal sustainability concerns. 

“In recent decades, economies have become increasingly interconnected, making the macroeconomic questions we address globally relevant,” Zubairy said. “The last two recessions — the global financial crisis and the Covid recession — were worldwide events, followed by a global period of high inflation. Countries across the world employed similar policy tools in response. Therefore, the issues we examine extend beyond the U.S. and the present moment, offering broader insights with greater significance.”

With support from Soules’s gift, Zubairy—along with her graduate students, colleagues and collaborators—will be better equipped to address today’s most urgent economic challenges, including fiscal sustainability and the impact of innovation on investment and economic growth.

“I’m grateful to my department and the college for this honor,” she said, “and fortunate to have the great pleasure of getting to know Mr. Soules personally and learning about the vision behind this generous gift. It has helped me find further purpose in my own work in trying to answer important, policy-relevant questions and to get inspired to do so much more.” 

Texas A&M’s Department of Economics is expanding its strengths in macroeconomics, with a recent new faculty hire in international macroeconomics. Other initiatives include developing curriculum to introduce complex global macroeconomic concepts in accessible terms for undergraduate and master's students. Additionally, the department has established the Luther H. Soules III Graduate Fellowship in Global Macroeconomics, which supports a promising Ph.D. student working in the field of macroeconomics, intending to advance our understanding of economic relationships and contribute to societal welfare, cohesion and economic growth.

Dr. Steve Puller, professor and former head of Texas A&M economics, who worked closely with the Soules on the creation of the chair, shares the enthusiasm and potential for the program. “We can develop transformational teaching materials from research on more recent key issues like the effects of trade policies on economic growth, labor market shifts from rising exports, and global supply chain disruptions. This will introduce our students to timely, relevant topics that are not yet part of their standard curriculum.”  

Dr. Dennis Jansen, head of the economics department, praised Zubairy’s leadership, research accomplishments, and mentorship of students and junior faculty alike. “The Soules Chair has been instrumental in retaining Dr. Zubairy on our faculty and in providing direction in pursuit of global macroeconomics research and teaching,” Jansen said. “Professor Zubairy plays a role in the continued growth in stature of our department, and the Luther H. Soules III '61 Endowed Chair for Global Macroeconomics Theory and Policy in Economics is of great importance in helping support that continued growth,” he said. 

“The gift of this faculty chair will significantly advance the impact Texas A&M has on the world, particularly in global economics, long into the future,” said College of Arts and Sciences Dean Dr. Mark J. Zoran, a professor in the Department of Biology and holder of the R.H. Harrison Family Dean’s Chair of Arts and Sciences.

Zubairy’s appointment extends through 2030 and will be formally recognized during the college’s investiture ceremony in November.