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Zaman Zamanian

Chairperson, Economics

School of Business
BA, National University of Iran
MA, St. Mary's University
PhD, Indiana University
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In the last seven years, the transformation of the Department of Economics has been dramatic under the leadership of Dr. Zamanian. From the number of majors, minors, class offerings, and student-led outlets, the Department has become prominent within the Feliciano School of Business. This has happened as a result of innovation in curriculum and teaching, and initiatives aimed at more efficient use of resources.

Dr. Zamanian has been very active in his department activities and school of business. He has developed a real estate concentration along with courses such as Principal of real estate and commercial real estate. Dr. Zamanian is responsible for students who are taking the real estate internship and State of New Jersey salesperson licensing program as curriculum credits.

Expansion of BA in Economics to the graduate level by adding combined 4+1 such as:
BA Economics/ MBA, BA Economics/MA Social Research and Analysis, and two programs in the progress, BA/MSBA (MS in Business Analytics) and BA/ MPH (Master’s in Public Health)


Real Estate Investment
Real Estate Finance, Mortgages
Business Forecasting


Office Hours


2:00 pm - 3:00 pm
2:00 pm - 3:00 pm

Research Projects

Berisha, E., Dubey, R. S., Zamanian, Z. (2021). Recent dynamics in racial wage gap in the United States. Applied Economics Letters, 6.

Using weekly earnings data from the Current Population Survey for Black and White Americans employed full time, we compared disparities between different ethnicities to disparities between classes. We concluded that there were significant income disparities between socioeconomic classes, not race, that explains overall wage inequality among Blacks and Whites in the United States. Results indicate that wage compensation packages offered by firms and businesses to their full-time employees with similar status have been somewhat homogenous between races (Blacks and Whites) over the last two decades.

Gharehgozli, O., Nayebvali, P., Gharehgozli, A., Zamanian, Z. (2020). Impact of COVID-19 on the Economic Output of the US Outbreak’s Epicenter. Economics of Disasters and Climate Change, 4, pages561–573.

In this paper, we used a two-step Vector Auto Regressive (VAR) model to forecast the effect of the virus outbreak on the economic output of New York state. In our model, we forecast the effect of the shutdown on New York’s Gross Domestic Product (GDP) working with Unemployment Insurance Claim series representing a workforce factor, as well as the Metropolitan Transportation Authority (MTA) ridership data indicating economic activity. We predict annualized quarterly growth rate of real GDP to be between -3.99 to -4.299% for the first quarter and between -19.79 to -21.67% for the second quarter of 2020.

Berisha, E., Meszaros, J., Zamanian, Z. (2019). Quantitative Easing and Median Income: A State-Level Analysis. Applied Economics.

Due to the Great Recession, the Federal Reserve engaged in unconventional monetary policy (QE) to fight the effects of the economic downturn. Literature asserts that QE did have impacts on economic growth and helped alleviate the effects of the recession. Recently, critics have asserted that the benefits of QE may not have been equally distributed across households. In this paper, we build a state-level dataset to investigate the dynamics of QE measures and median income across the U.S states. The findings indicate that, for the period 2008 to 2014, there is statistical evidence that increases in the Federal Reserve’s balance sheet correspond with higher median income. However, the magnitude of the association is very small.


  • Demand and Supply of Housng sctor and Business Cycle
  • Monetary Policy and Housing Market
  • the relationship between the immigration and wages.
  • the U.S. Housing market impacts on employment.


  • Litigation Expert Consultant/Support, Dynamic Financial. (January 2010 - Present). Expert Witness
  • Management Consulting, PCHA (Persian cultural and Humanatetarian Association). (May 1998 - December 2018). A non profi organization to promote education, culture to the second Iranian generations.
  • Management Consulting, Safas Corp. (March 2010 - August 2018). Formulate the expansion of international facility in Europe.

Honors & Awards

  • , Indiana University (December 1982)

Refereed Published Articles

  • Z. Zamanian (1989). Key Export Industries and Economic Development. Southern Economic Jpirnal
  • Z. Zamanian (1987). Government Policy and the Brain Drain. Atlantic Economic Journal
  • E. Berisha, J. Meszaros, Z. Zamanian (2019). Quantitative Easing and Median Income: A State-Level Analysis. Applied Economics
  • F. Rezvani (2016). Renewable Energey- A 21 st Century Challange.
  • , D. Kim, M. Son, Z. Zamanian (2007). Is Managerial Discretion Higher in Multinational Firms?. Global Business and Finance Review
  • D. Ozenbas, Z. Zamanian (2006). Day of the Week Effects in Intra-Day Volatility Patterns of Equity Markets: A Study of US and European Stock Markets. International Business & Economics Research Journal
  • O. Gharehgozli, P. Nayebvali, A. Gharehgozli, Z. Zamanian (2020). Impact of COVID-19 on the Economic Output of the US Outbreak’s Epicenter. Economics of Disasters and Climate Change
  • E. Berisha, R. Dubey, Z. Zamanian (2021). Recent dynamics in racial wage gap in the United States. Applied Economics Letters

Published Proceedings

  • R. Lord, Z. Zamanian (5s). 2009. The Interrelationship of Carbon Dioxide Emissions with Technological and Economics Development 11th International Conference of the Society for Global Business and Economic Development