He taught at Brown University while writing his doctoral dissertation, "Cycles of Prosperity and Depression". Upon completion of the dissertation in 1918 (published in 1921), he moved back west to the University of Minnesota in 1919, where he rose quickly through the ranks of a full teacher in 1923. Subsequently, his Business Cycle Theory (1927) and his introductory text Principle of Economics (1928, with Frederic Garver) brought him to the attention of the wider economics profession. His Economic Stabilization in an Unbalanced World (1932), written with the help of a Guggenheim grant that funded travel in Europe during 1928-1929, established Hansen in the broader circle of public affairs. He was elected as a Fellow of the American Statistical Association in 1932.[2]