CWUEconomics NewsEconomics Newshttp://www.cwu.edu/economics/newsen-usState Economist, Steve Lerch, speaks at CWU Business Economic Outlook Conferencehttp://www.cwu.edu/economics/node/589Wed, 02 Mar 2016 14:50:43<h2 style="text-align: center;">Economic outlook revealed at annual College of Business conference</h2><h5 style="text-align: center;">Global economic growth is slowing, the stock market is declining and there’s mixed consumer confidence. But that doesn’t mean another recession is on its way.<img alt="" src="/economics/sites/cts.cwu.edu.economics/files/IMG_8296.JPG" style="width: 515px; height: 343px;"></h5><h5 style="text-align: center;">The state Economic and Revenue Forecast Council, which provides economic activity and state revenue forecasts that are used to build the state budget, is predicting that</h5><h2 style="text-align: center;">"there will not be a recession "</h2><h5 style="text-align: center;">through the council’s forecasting period, which extends to 2021, said Steve Lerch, the council’s executive director.<img alt="" src="/economics/sites/cts.cwu.edu.economics/files/IMG_8262.JPG" style="width: 515px; height: 289px;"></h5><h5 style="text-align: center;">Lerch told attendees Wednesday at the Economic Outlook Conference at Central Washington University.</h5><h2 style="text-align: center;">“We think the highest probability ... is a slow-growth scenario.”</h2><p style="text-align: center;"><br><a href="http://www.yakimaherald.com/news/local/economic-outlook-slow-but-no-recession-in-the-forecast/article_87242766-d091-11e5-978c-5f2d06aef3ce.html">Read the rest of the story by Mai Hoang in the Yakima Herald-Republic.</a></p><p style="text-align: center;"><a href="http://www.yakimaherald.com/news/local/economic-outlook-slow-but-no-recession-in-the-forecast/article_87242766-d091-11e5-978c-5f2d06aef3ce.html">February 11, 2016</a></p></h2 style="text-align: center;"></h5 style="text-align: center;"></h5 style="text-align: center;"></h2 style="text-align: center;"></h5 style="text-align: center;"></h5 style="text-align: center;"></h2 style="text-align: center;"></p style="text-align: center;"></br></p style="text-align: center;">Economics Major Learns Principles Directly from Uncle Samhttp://www.cwu.edu/economics/node/588Tue, 17 Nov 2015 09:40:43<p><img alt="Image of Jack Johannessen" src="http://www.cwu.edu/sites/default/files/Jack%20Johannessen.jpg" style="width: 500px; height: 300px;"></p><p>Jack Johannessen, a Central Washington University senior, spent a prestigious internship this summer learning the ins and outs of the Federal Reserve System. The agency is the central banking system of the United States and run by a presidentially appointed board.</p><p>The Fed’s Avenues Internship Program offers rare work-experience opportunities at its Washington DC headquarters to outstanding undergraduate and graduate students majoring in economics—like Johannessen—and other academic disciplines.</p><p>“The people there are brilliant—they do so much research and they have a lot of resources available to use,” he states. “I liked the environment. It would be an interesting place to work for an extended period of time.”</p><p>Fed monetary affairs economist John Kandrac, who served as Johannessen’s mentor, explains how the internship works, “The economists have a certain project in mind that they would like an intern for. Every intern usually works on just a single project with one or two economists. Typically, the goal of the project is to develop it into an academic research paper.”</p><p>Johannessen internship responsibilities were specifically focused in the Fed’s Division of Monetary Affairs, which provides banking, finance, and money market analysis.</p><p>“It was a fairly advanced project and certainly challenging,” says Johannessen.</p><p>It centered on the rates of refinancing under the federal Home Affordable Refinancing Program (HARP) to see if the lower interest payments it provided helped homeowners pay off their debts or default less frequently on other loans.</p><p>Johannessen says he appreciated one particular insight from Kandrac. “If I want to be a serious economist, I need to be able to identify a problem, ask the right questions, and then comb through the data and see what’s going on with the numbers and statistics as a way to get to the essence of what’s going on. He emphasized that to me and now I know what to do.”</p><p>Kandrac adds, “He certainly got exposure to the process and what it’s like to work on an academic research paper.”</p><p>Johannessen, from Vashon Island, says the highlights of his experience were his interactions with peers, including some from Ivy League schools, who received the paid internships.</p><p>“All of them were very smart, interesting, and driven individuals,” he adds. “I was able to make lots of great connections with the other interns, some Federal Reserve staff, and members of other federal agencies too. The group that I spent most of my time with—about 10 to 15 people—all wanted to do different things within the [economics] field. I will undoubtedly have lasting friendships with some of them.”</p><p>Johannessen is now in the midst of fall quarter classes at CWU, finishing work on his degree. He will graduate in 2016.</p><p>“I’m certainly more confident in my abilities and I have a deeper understanding of how the field of economics works now—it’s much more data driven than what I thought,” Johannessen acknowledges. “I am going to utilize every lesson—and all that I learned—to its maximum potential. I know this experience will open a lot of doors for me in terms of what I can do and where I will work after I graduate.”</p>Dr. Sipic Discusses Disaster Preparednesshttp://www.cwu.edu/economics/node/587Wed, 09 Apr 2014 08:47:49<p>Be prepared. Unless you are a politician.</p><p>Politicians who try to legislate to prepare for disasters are almost universally punished, while politicians who lobby for money to recover from disasters — which can be an exponentially larger amount of money — are rewarded.</p><p>Central Washington University economics professor <a href="http://www.cwu.edu/business/dr-toni-sipic">Toni Sipic</a> shared his research on this quirk of human nature vs. Mother Nature at a conference on seismic hazards at CWU Friday [April 4].</p><p>Read the <a href="http://www.dailyrecordnews.com/members/cwu-conference-addresses-seismic-hazards-preperation/article_bfc35dba-be84-11e3-8ba2-0019bb2963f4.html">rest of this story</a> in the Daily Record.</p><p>Story by Andy Matarrese</p><p><em>April 8, 2014</em></p>