University of St. Thomas - Department of Economics

05/27/2026

The Opus College of Business Aristotle Fund is a real-world, student-managed investment fund with over $11 million and a unique learning vehicle for the University of St. Thomas students. This spring, Aristotle Fund students presented their work to the Investment Committee of the Board of Trustees and, more recently, at the Fund’s Annual Meeting. There, they shared insights into the challenges they faced while navigating this past year’s market uncertainties.

This year, four students represented the Economics Department. Natalie Larson ‘26 (B.A. Economics, B.S. Finance), Noah MacDonald ‘26 (B.A. Economics, B.S. Finance, B.S. Accounting), Henry Pike ‘26 (B.A. Economics, B.S. Finance), and Joseph Schlitz ‘26 (B.A. Economics, B.S. Finance).

Thank you to Mary Daugherty, CFA, PhD, Deepak Chaulagai, CFA, and the mentors who provided guidance and support, making this experience possible.

We asked them each what the experience meant to them, and this is what they said:
• Natalie Larson “The Aristotle Fund helped me see how applicable economics is to real-world investing and decision making. Through the fund, I learned how economic trends, market dynamics, and industry conditions all influence how a company operates and is valued. The experience pushed me to think more critically and holistically, and it showed me how valuable my economics background was in building and understanding a strong investment thesis.”
• Noah MacDonald “Being part of the Aristotle Fund has been an incredible opportunity, and my economics education at St. Thomas has been foundational to my role. In today’s dynamic markets, where macro trends can quickly shift outcomes, the perspective and analytical skills I developed in class have been essential in shaping how I evaluate investments and manage risk.”
• Henry Pike “I appreciated the opportunity to apply skills learned in economics and finance classes over the past four years to evaluating individual companies and expressing broader market convictions in equities selected. Understanding macroeconomic systems and trends was critical throughout the experience, and the class provided an excellent chance to sharpen my own world views on all manner of industries. Working to understand how various sector allocations interact is critical to good portfolio construction.”
• Joseph Joseph Schlitz "As a student manager of the Aristotle Fund, I was able to apply both analytical and creative thinking skills learned through trial and error. Working with the other student managers has been quite an enjoyable and unique time, especially during contested debates over the selection of securities."

05/26/2026

Congratulations to Orion Breitenfeldt, Elliot Daschner, and Jack Hartman on their great presentation at this year’s DataCom! Their work was titled “The Impact of Television on Sleep”.

Dr. Tyler Schipper, their faculty mentor, said, "I was stoked to have Jack, Elliot, and Orion participate in DataCom this year. They discovered what many teams do: that there is always more to explore when it comes to data. I hope to see them back at it next year!"

05/22/2026

Congratulations to Elizabeth Marceille for achieving Summa Cum Laude! Elizabeth will graduate in May with a B.S. in Economic Public Policy and a B.A. in Political Science.

The title of her oral exam was “Policy, Inequality, and Famine in 18th & 19th Century Ireland: An Ancestral History Interrogated Through Interdisciplinary Analysis”, which she presented to an Honors Oral Examination Committee made up of faculty members David Gardiner (Irish Studies), Matthew Kim (Economics), and Tim Lynch (Political Science).

Matthew Kim said, “I was honored to participate in Elizabeth’s summa exam. Elizabeth is a thoughtful and intellectually curious student who takes great pride in her work. I am so proud of what she has accomplished at St. Thomas, and I know she will continue this excellence in law school and beyond.”

Congratulations on earning this honor!

05/21/2026

We are so excited to celebrate Carly Pffefer, our incredible Economics student worker, as she prepares to begin Georgetown University’s Master’s in Financial Economics program this fall. She has been such a joy to have in our department. We have had the pleasure of working with her since her freshman year, giving us more time with her than we often get with our student workers. She is an impressive young woman; hardworking, eager to learn, and full of passion. It was no surprise to us when she announced that she would be graduating from UST a year early, with her sights set on grad school.

We asked Carly about how she's feeling about starting this new chapter: "I am excited to attend the Master’s in Financial Economics program at Georgetown University because it offers the perfect combination of rigorous academic training and real-world application. The opportunity to live and learn in Washington, D.C. is something I am super appreciative of, and I know the experience will foster academic, professional, and personal growth. I am also especially drawn to the program’s challenging curriculum and focus on quantitative analysis, financial markets, and economic strategy."

We would also like to thank Tim Spilde and Maria Vitale, who generously took the time to offer advice, encouragement, and mentorship throughout her graduate school journey. Your willingness to support our students and help shape the next generation of economists and leaders means so much to our department and students alike.

We are incredibly proud of Carly. She will be missed, but we cannot wait to see all she accomplishes at Georgetown and beyond!

05/20/2026

Congratulations to Kole Klemme for achieving Summa Cum Laude! Kole will graduate in May with a B.A. in Economics and a B.S. in Actuarial Science.

The title of his oral exam was “Risk, and the breakdown in trust between consumers and insurance companies”, which he presented to an Honors Oral Examination Committee made up of faculty members Kyle Falconbury (Actuarial Science), Matthew Kim (Economics), and Kristina Wenzel Egan (Communication Studies).

Matthew Kim said, “I was fortunate to have Kole in my introductory microeconomics course during his first semester in college; I was even more fortunate to have Kole in two more classes after that. Kole’s summa exam was the perfect culmination of his time at St. Thomas since Kole demonstrated everything we hope to see in our graduates, like analytical thinking, intellectual curiosity, effective communication, and moral integrity.”

Congratulations on the culmination of all your hard work!

05/19/2026

Congratulations to Julian Ocampo (’16 and ’18), Economics alumnus and recipient of the Spirit of St. Thomas Award. I was fortunate to have Julian as a student, and even then it was clear he embodied the very best of St. Thomas, intellectually curious, deeply hardworking, thoughtful, and exceptionally kind. He was the type of student every professor hopes to have in the classroom, and it has been inspiring to watch him continue to live out those values in service to others and the broader community.

My colleague, Patricia Conde-Brooks, shared:
“Julian Ocampo’s impact extends far beyond professional success. As a first-generation St. Thomas graduate, he has consistently used his education, leadership, and resources to uplift both the university community and the broader Twin Cities Latino community. From mentoring Latino students and supporting HOLA programming to helping his family’s business survive and grow during COVID-19, Julian embodies service, resilience, and community leadership. His presence gives students a visible example that success and cultural pride can coexist. Recognizing Julian with the Spirit of St. Thomas Award affirms the university’s commitment to leadership rooted in dignity, service, and community impact.”

Please see the attached video to learn more about Julian. We are so proud of you, deeply inspired by your leadership and commitment to giving back to the community, and so glad to see your work recognized through this award.

The Spirit of St. Thomas Award recognizes the professional and/or personal achievements of an alumnus or alumna under the age of 40. Since 2022, Alumni Engag...

05/18/2026

Congrats to all our graduating majors and minors! We love celebrating our grads, and this year feels extra special. You are an amazing group. We had more than double the usual number of nominations for the Outstanding Senior Award, which is incredible. You have brought so much passion and creativity to everything you do. We will miss you dearly. We know you will go far and make us proud. Congrats and best of luck!

05/15/2026

Please join us in congratulating Anh Bui, Raian Navid, and Katie Nghiem who tied for first place at the UST Econ DataCom 2026 for their work “SNAP Policy and Food Production Time Use”.

Afterward, the team said, “Winning DataCom is a meaningful recognition of the hard work, collaboration, and support that went into this project. This experience gave us the opportunity to apply data analysis to a real policy question and to think more carefully about how programs like SNAP affect everyday life. We are very thankful to Dr. Matthew Kim and the Economics Department for their guidance and for making this competition possible.”

Congratulations!

05/14/2026

Congratulations to Emma Tokle Brobakke, our 2026 Outstanding Senior Economics Major Award Winner!

Since 1960, the Economics faculty have honored one graduating senior whose academic excellence, curiosity, and engagement stand out above the rest. Emma ticks every one of those boxes, and then some. Over her time at St. Thomas, she has been an RA, a CAS Ambassador, been on staff with the Newsroom, a student worker and tutor for the Department of Economics, and that is just her work experience! Emma’s curiosity and thirst for knowledge have led her to great places over the last four years, and she has now co-authored a paper with one of our faculty. Her excitement for the study of economics is inspiring.

Dr. Tyler Schipper said, “I’m grateful for Emma’s four years at St. Thomas. Thanks to Emma, her classmates probably know more about Norway than any other country besides the United States. She made me a better instructor by asking the questions I hadn’t thought to ask, and I'll miss her authentic excitement about economics.”

Thank you, Emma, for your enthusiasm, your insights, and your commitment to learning. We’re so proud to celebrate this moment with you, and we can't wait to see where you'll go!

05/13/2026

Congratulations to Aidan Knicely, Collin Pence, and Jack Pence, who tied for first place at the UST Econ DataCom 2026 for their work “How Did the 2008 and 2020 Recessions Affect Leisure Time, Controlling for Income and Education”!

We asked the team about their experience, and they said, "We are extremely grateful for the opportunity to compete against excellent competitors in this year's data competition. We have learned so much throughout the process and are excited to use this as an opportunity to continue to learn and grow in our classes. Our advisor, Dr. Luz Saavedra, was a major asset for our team, and we were extremely lucky to have her guidance throughout the process."

Congratulations on all your hard work!