1.      Purpose and Scope

The name of the organization shall be the Society for Economic Measurement (SEM).

The Society exists to promote research on economic measurement, using the most advanced tools from economic theory, econometrics, aggregation theory, experimental economics, mathematics, and statistics and to facilitate communication among researchers in fields and methods that will enhance the development of economic measurement.  The Society’s long run objectives are to meet the data standards long established for the physical sciences, subject to the inherent limitations of a social science.

To pursue these objectives, the Society will sponsor scientific conferences and workshops.  The conferences shall be structured, to the degree practicable, to include the research interests of all members of the Society and to encourage their participation.  Workshops can have more limited scopes.  The sites of the conferences and workshops shall include, to the degree practicable, diverse locations around the globe to promote international participation.  The frequency with which conferences and workshops are held will be determined by the Executive Committee.

The Society will not lobby or take positions on any partisan issues.  It shall operate as a not-for-profit scientific organization under the laws of the United States of America.  The term for which the Society is organized shall be perpetual.

2.      Business Meetings

The President may call, when deemed necessary, a business meeting as part of a Society conference to consider whatever business shall come before the membership.  The President, or in his or her absence the Secretary-Treasurer, or another member of the Executive Committee or Advisory Council, appointed by the President (in that order), shall preside over the meeting.

3.      Membership

Any individual with interests in economic measurement based on rigorous theoretical and empirical reasoning can become a member and may apply to the Secretary-Treasurer to become a member for the calendar year and shall be duly enrolled on payment of annual dues, if any.  Within the Society’s primary web site, the Secretary-Treasurer shall maintain an online means of registering as a member.

There shall be one class of membership.  Membership dues, if any, shall be set by the President, with Executive Committee approval, at the minimum level required to support the Society’s activities. 

4.      Officers

Officers of the Society shall consist of Members of the Executive Committee and Members of the Advisory Council.

              4.1.   Executive Committee

The Executive Committee is made up of the Vice-Presidents, the President, the current Past-President, the Treasurer, and any At-Large Members.

The Treasurer serves a six year renewable term.  The Executive Committee can appoint a Secretary to a six year renewable term. In the absence of an appointed Secretary, the Treasurer shall serve in the joint role of Secretary-Treasurer.  The Secretary-Treasurer will be responsible to keep membership information, collect membership fees, and oversee the financial accounts of the Society. The President, Vice-Presidents, and Members-at-Large serve for three year renewable terms.  The immediate Past-President’s term in office as current Past-President is the same as the current President’s term in office, after which the Past-President becomes a Vice President, subject to the renewable term in office of a Vice-President. The President serves as Chairman of the Executive Committee.

The Executive Committee is responsible for the daily administration of the Society. Two members of the Executive Committee shall represent the Society in external affairs.

The President shall serve as the chief executive of the Society, responsible for planning and supervising the Society’s activities and selecting the site for conferences and workshops, subject to approval of the Executive Committee.  The President shall be elected by a ballot of the Executive Committee for a term of three calendar years.  The President may be reelected for any number of consecutive or nonconsecutive terms or for single year extensions of term.  The President shall appoint the Program Chair for Society conferences.  The Program Chair and the President together shall choose the remaining members of the Program Committee.

All powers of the Society reside with the Executive Committee, including the power to change these bylaws, to amend these bylaws, to change the membership on the Committee, and to conduct business for the Society directly or through delegation. Any member of the Executive Committee can propose matters to be considered or decided by the Executive Committee by mail or email to the members of the committee. Following a proposal, members of the Executive Committee will submit votes by email to the Secretary-Treasurer, who is charged with counting the votes. The vote shall be deemed complete, following the submission of votes by all Executive Committee members or three weeks following the proposal, whichever comes first. Any proposal that receives 2/3rds or more of those voting is deemed to have passed.

The Vice-Presidents, Members-At-Large of the Executive Committee, and renewal of appointments to the Executive Committee are determined by the Executive Committee under the standard election rules of that Committee. Terms are effective at the beginning of the calendar year, beginning with January 2014.

If the office of the President shall become vacant, the Executive Committee shall appoint a successor to serve the remainder of the term.

              4.2.   The Council

Past members of the Executive Committee and all the Charter Members or the Council, along with members appointed by affiliated journals, will constitute the council. The role of the council is advisory.  Additional Members of the Council can be appointed by the Executive Committee in accordance with its normal voting rules.  The terms of members of the Council shall be three years with no limit on reappointments.  The Council’s primary role shall be to represent the diverse fields of interest and activity within the Society, and to advise the Society’s officers and membership on issues relating to the Society’s conferences and workshops, on the Society’s relations with other scientific organization, governmental bodies, and commercial enterprises, and any other issues related to the purpose of the Society, and any other activities of the Society.

5.      Society Member Voting Rules

              5.1.   Nominations for Officers

Any member of the Society may nominate himself or herself for a seat on the Council or Executive Committee by application to the Secretary-Treasurer.  Any member may place his or her name in nomination for the Presidency, when he or she has the expressed support of ten percent of the membership.  Membership lists shall be made available for such purposes at cost.  Upon successful nominations, decisions about nominees are to be made by the Executive Committee.

              5.2.  Provision for Amendments to Bylaws

Proposed amendments to the bylaws may be submitted by (1) any member of the Society, as long as the proposal includes signatures from 20% of the Society’s membership or 30 members, whichever is less or (2) any Council member.  Proposed amendments meeting these requirements will be voted upon by the Society’s membership.  A two-thirds majority of the votes received is required for the amendment to be passed on to the Executive Committee, which has the final authority on amendments.  Amendments proposed by members of the Executive Committee can be voted on immediately by the Executive Committee without prior approval of the Society’s members.

6.      Fellows of the Society for Economic Measurement

Fellows of the Society for Economic Measurement, SEM Fellows, are selected for their scientific excellence, originality, and leadership; high ethical standards; and scholarly and creative achievements relevant to economic measurement. The contributions of fellows may exist in many areas of theoretical and applied economics, including pure and applied research and government service. The primary qualification for fellowship is substantially to have advanced applied or theoretical economic measurement. This achievement may be evidenced by an outstanding publication record; strong editorial board service on affiliated journal editorial boards; honorary, scientific, educational and professional achievements; and through particularly meritorious training of graduate students.  

        6.1.  Charter Fellows

All members of the Society’s Executive Committee are included among the Society’s Fellows as Charter Fellows. The editor of each of the Society’s official journals, Macroeconomic Dynamics and the Journal of Economic and Social Measurement, are SEM Charter Fellows, along with the Advisory Editors and Co-Editors of Macroeconomic Dynamics and the keynote speakers at the society’s conferences.  In addition, all winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel are SEM Charter Fellows.  Some members of the Society’s Advisory Council can be included among the Charter Fellows by election of the Executive Committee.

              6.2.  The Fellowship Committee and Nominating Subcommittee

The Fellowship Committee is a standing committee of the Society. It consists of the Executive Committee and the Nominating Subcommittee. Nominations for SEM Fellowship may be made by any individual Fellow. The sponsors shall provide such information as is required for election to Fellowship. Confirmation of nomination of a new Fellow requires two thirds of the votes cast by the Fellowship Committee to be positive. Abstentions do not count as positive or negative. The Secretary will organize the voting according to the posted rules.

The Nominating Subcommittee shall consist of a minimum of six (6) Fellows, elected by the Fellows or appointed by the Executive Committee.  At least three (3) members of the Nominating Committee shall be appointed by the Executive Committee using its ordinary procedures. If less than six (6) members are appointed by the Executive Committee, election of additional members will be conducted by the Fellows to raise the membership of the Nominating Subcommittee to at least six (6).  Those elections, if they occur, shall be held under the direction of the Executive Committee; and any Fellow may nominate any other Fellow for membership in the Nominating Subcommittee. The Secretary will organize the voting according to the posted rules. 

Members of the Nominating Subcommittee serve three year terms and can be renewed only for a second term. One member of the Nominating Subcommittee shall be appointed by the Executive Committee as Chair, and will serve both as Chair of the Nominating Subcommittee and of the entire Fellowship Committee for the three year term.

Should a member of the Committee on Elections resign prior to completing a full term, the Executive Committee will appoint a replacement committee member to complete the term of the individual who has resigned.

7.      Meetings

Meetings, conferences, and workshops may take place annually and shall be held at time and place to be designated by the Executive Committee.

8.      Funds Management

The Society’s funds will reside in an account held at JP Morgan Chase under the relationship with the Center for Financial Stability. The financial accounts of the Society are managed by the Society’s Secretary-Treasurer with oversight from the Center for Financial Stability. The Society’s funds are to be in a separate account in the Society’s name.  The Secretary- Treasurer will maintain a spreadsheet of Society revenues, expenses, and cash balances for bi-annual reviews by the Society’s Executive Committee and the Center for Financial Stability.  The Society and the Center for Financial Stability shall incur no liability for any action with respect for funds management in which it did not participate.

9.      Sponsors

The Society will acknowledge on its web site and conference programs any cosponsors of the Society.  Organizations and individuals can become sponsors by providing significant service or funds to the Society, as determined by the Society’s Executive Committee.  The Center for Financial Stability in NY City, Carnegie Mellon University, and the University of Kansas shall be designated to be Charter Sponsors and shall retain that designation in perpetuity.

10.  Affiliated Journals and Monograph Series

Each affiliated journal or monograph series can appoint one representative to the Society’s Council.  Affiliated journals and monograph series will be acknowledged on the web site and shall be viewed as endorsed by the Society in terms of quality, importance, and relevancy to the objectives of the Society. Any journal or monographs series can apply for affiliation.  The application must come from a current Editor of the publication.  Journals or monograph series that apply will be included as affiliated, if they receive 2/3 vote of the Society’s Executive Committee.

Endorsement by and affiliation with this Society do not preclude endorsement by or affiliation with any other societies or associations.While affiliation implies endorsement by this Society, the Society will have no control or influence over the publication.  The affiliated publication will remain under the control of its publisher and its own Editorial Board with no compromise in their authority.  Any affiliated journal or monograph series can terminate its affiliation immediately by email request to the President of the Society.  In that event, the publication’s representative to the Society will be removed from the Council, and the endorsing link to the journal will be removed from the Society’s web site. 

        10.1.   Official Journals of the Society

Affiliated journals that provide free online access to society members are thereby designated to be official journals of the Society.

11.  Society’s Web Sites

So long as the funds of the Society are managed by the Center for Financial Stability, the Center for Financial Stability shall be designated to be the Host for the Society. If the Society’s funds management is moved from the Center for Financial Stability to any other tax-exempt institution/university chosen by the Executive Committee, the Society’s web site can also be moved to the same institution/university at the discretion of the Executive Committee.

12.  Implementation of the By-Laws

These by-laws went into effect September 1, 2013, by which date the Executive Committee had announced the location and date of the Society’s first conference.

13.  Dissolution

The Society may be dissolved only at a special meeting called for the purpose, and in the manner prescribed by the relevant state laws, by vote of two-thirds of the members of the Executive Committee. Subject to compliance with the applicable provisions of such laws, upon any such dissolution of the Society, all its property remaining after satisfaction of all its obligations shall be distributed to its members.