Current Recession Not Over..... 1
CSUSB Model United Nations Team Wins Outstanding Delegation Award..... 2
Professor Nancy Toruno steps in as the New Chair of the Economics Department.... 3
We\u27re on Facebook.....3
Econ Radicals!!.....3
Upcoming Senior Reception and End-of-the-Year Party, June 11, 2010....4
Staying Informed of CSUSB Department of Economics Events and News....4https://scholarworks.lib.csusb.edu/coyote-economist/1004/thumbnail.jp

Coyote Economist

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California State University, San BernardinoCSUSB ScholarWorksCoyote Economist CSUSB ArchivesSpring 2010CE Spring 2010Coyote EconomistFollow this and additional works at: http://scholarworks.lib.csusb.edu/coyote-economistThis Book is brought to you for free and open access by the CSUSB Archives at CSUSB ScholarWorks. It has been accepted for inclusion in CoyoteEconomist by an authorized administrator of CSUSB ScholarWorks. For more information, please contact scholarworks@csusb.edu.Recommended CitationCoyote Economist, "CE Spring 2010" (2010). Coyote Economist. Book 9.http://scholarworks.lib.csusb.edu/coyote-economist/9Coyote Economist News from the CSUSB Department of Economics Volume 14, Issue 3                                                                                                                                     Spring 2010 Current Recession Not Over The recession that started in December of 2007 has not formally ended, according to the National Bureau of Economic Research (NBER).  It’s commonly believed that a recession is defined as a period during which real GDP falls for two consecutive quarters.  But, it’s not that simple.  The NBER’s Business Cycle Dating Committee meets periodically to evaluate the state of the economy and determine when a business expansion has peaked, or a business recession has reached its trough - the bottom of the recession.  The criteria used by the NBER to determine a peak or trough involves more than simply looking at the rate of growth of real GDP, it involves analyzing a host of other indicators beyond real GDP. The most recent meeting of the NBER Business Cycle Dating Committee, which took place on April 10, 2010, determined that even though most indicators have turned up, “the determination of the trough date on the basis of current data would be premature.”  In short, we are not out of the woods yet. By any criteria, this recession has been the most severe since the Great Depression of the 1930s.  The following graph provides a visual image of the severity of the current recession.  It’s an XY diagram with employment measured on the horizontal axis (in thousands of people 16 years and over) and real GDP measured on the vertical axis (in billions of 2005 dollars).  The graph covers the period from the first quarter of 1980 to the first quarter of 2010.     2 In the last twenty years the U.S. economy has experienced five recessions, including the current one.  The area between each pair of vertical lines represents the beginning and end of a recession as determined by the NBER.  Note that the graph shows the beginning of the current recession but does not show the end (since the NBER has not declared the current recession over).  The 1980-82 recessions consisted of two back-to-back recessions and, for ease of presentation, are depicted in the graph as one continuous recession.  Notice that each expansion involves growth in both real GDP and employment while each recession involves a contraction in both real GDP and employment.  The graph underscores the severity of the current recession.  Both real GDP and employment have fallen by a far greater percentage during the current recession than in any of the previous four recessions.  The following table provides information on the percentage change in real GDP and employment, from peak to trough, for each of the five recessions.  Since the current recession hasn’t been formally declared over, I’m using the 3rd quarter of 2009 as the “trough” for the current recession.  It’s important to note, however, that real GDP reached it’s lowest point in the 2nd quarter of 2009, while employment reached its lowest point in December of 2009. Peak to trough % change in real GDP  % change in employment January 1980(I) – July 1980(I) -2.23% -1.08% July 1981(III) – November 1982(IV) -2.64% -1.57% July 1990(III) – March 1991(I) -1.36% -0.97% March 2001(IV) – November 2001(IV) +0.73% -1.12% December 2007(IV) – August 2009 (III) -3.12% -4.61% Source: Business Cycle Dates taken from US Business Cycle Expansions and Contractions, NBER, http://www.nber.org/cycles/cyclesmain.html.  % change in real GDP calculated from data obtained from NIPA Table 1.1.6 of Bureau of Economic Analysis.  % change in employment calculted from Series LNS12000000, Seasonally Adjusted Employment Level, from the Bureau of Labor Statistics.   Clearly, the percentage drop in real real GDP (-3.12%) and employment (-4.61%) has been more severe in the current recession than in any of the previous four.  What’s more, taking into account the fact that employment continued falling until Decembr of 2009, the total drop in employment from December of  2007 until December of 2009 was 5.73%; in absolute terms, employment fell by 8,381,000.  This is a staggering loss of productive effort; and represents more than just lost output and rising unemployment, it also means increased poverty, home foreclosures, homelessness, social dislocation, and the inevitable psychic and social trauma that comes from loosing a job and the wherewithal to sustain a family. CSUSB Model United Nation’s Team Wins Outstanding Delegation Award The 2009-10 CSUSB Model United Nations (MUN) team was awarded the top international prize in Model UN competitions -- the Outstanding Delegation award at the 2010 National Model United Nations Conference held in New York City in April of 2010.  This marks the fourteenth Outstanding Delegation Award for CSUSB in 17 years, making it one of the most successful programs in the world. The Outstanding Delegation Award was only awarded to 15 universities and colleges out of a total of 340 universities and colleges from throughout the world who participated in the conference.  This is the 14th year in which CSUSB placed among the top four percent of all MUN programs in the world.  3 Four students were awarded individual committee awards for their performance in committee.  Ben Palaniuk and Rebecca Salinas were awarded an individual committee award for representing Morocco in the Committee for Development Policy (CDP). Aycan Ebe and James Fukazawa were awarded an individual committee award for representing Morocco in the General Assembly Third Committee. The 2010 MUN Conference Delegation from CSUSB (representing Morocco) were (Economics Majors and Econ Fellow Travelers - those who hang out with economists - are listed in bold):Areej Qasqas (MA in Social Sciences) Sandy Naranjo (Economics) Amanda Meere (Political Science) Frank Rodriguez (MA in Social Sciences) Cari Gagner (Economics) Jaclyn O'Neill (Political Science and Arabic Language & Culture) James Fukazawa (Political Science) Aycan Ebe (History & Econ Fellow Traveler ) Colin Hale (Political Science) Dhekra Toumi (Fulbright Scholar - Arabic Language) Theresa Schneider (MPA Program)  Ben Palaniuk (History) Rebecca Salinas (Political Science) Brian Green (MA in National Security Studies) Niam Al-Azzawi (MA in Theatre Arts - Fulbright Scholar from Iraq) Amarjit Singh (Business Administration) Daniel Velarde (Postbac) Jennifer Tripsea (Criminal Justice & Political Science) Victor Viramontes (Political Science) Thomas Hagen (History)Professor Nancy Rose’s Retirement Luncheon The faculty and students of the CSUSB Economics Department organized a surprise farewell luncheon for Professor Rose on March 15, 2010.  The luncheon surprise took place at the Inland Kabab Restaurant on the corner of University and Kendall.  The restaurant was packed when Professor Rose walked in accompanied by Professor Toruño.  After the initial shock and confusion she sat at the head of the main table and enjoyed the presents and power point presentation of her career.  Professor Rose has opted for the Faculty Early Retirement Program (FERP) and will be returning to teach each Winter Quarter for the next few years. Professor Toruño steps in as the new Chair of the Economics Department With Professor Rose moving on, Professor Mayo Toruño will now be serving as the Chair of the Economics Department.  He is still in the process of transitioning from his old office (SB-207D) to the chair’s office (SB-327D) in the Social and Behvioral Sciences Building.  While his office hours are MWF 9:30-10:30 a.m., he is also available in the afternoons of MWF (unless he’s been forced to attend a meeting!).    We’re on Facebook !! The CSUSB Department of Economics is now on Facebook.  If you haven’t checked us out, now is the time to do so and become a fan of the department.  Joining us on Facebook is an important way of keeping up with departmental news and events as well as information on political economy. Econ Radicals!! A new student club, Econ Radicals, has been formed at CSUSB by economics students and econ fellow travelers. The Econ Radicals take their name from a desire to go to the root of injustice and explore ways to improve the human condition. The purpose and aims of the Econ Radicals are: (1) to promote interest in economics within academia and on a societal level; (2) to provide students an environment in which to explore past, present and future  4 economic issues, beyond the confines of academia; (3) to inform students of career options and upcoming events that may be useful in career planning; (4) to design products, plan guest speaker seminars, and organize field trips; and (5), contribute to the community through volunteerism.  The Econ Radicals are on Facebook.  If you would like to join the Econ Radicals, please email “econradicals@gmail.com” Upcoming Senior’s Reception and End-of-the-Year Party, June 11, 2010. The CSUSB Department of Economics will be hosting the Senior’s Reception on June 11, 2010 at CSUSB in room SB-302B at 4:30 p.m.  All graduating seniors, honor’s students, ODE students, and recipients of economics scholarships, are invited and encouraged to attend.  We encourage you to bring your friends, family, and significant others.  After the reception everyone is invited to join us for pizza and refreshments at Jerseys Pizza for our End-of-the-Year Partay!!!  Jerseys Pizza is located in the Stater Brother’s Shopping Center at 985 Kendall Drive, San Bernardino, CA 92407. Fall 2010 Classes # SEC TITLE HOURS DAYS INSTRUCTOR ECON 200 01 PRIN MICROECON 0920-1030 AM MWF ASHEGHIAN ECON 200 02 PRIN MICROECON 0400-0550 PM MW ASHEGHIAN ECON 200 03 PRIN MICROECON 1000-1150 AM TR STAFF ECON 200 03 PRIN MICROECON 1200-0150 PM TR STAFF ECON 200 03 PRIN MICROECON 600-0750 PM TR STAFF ECON 202 01 PRIN MACROECON 1040-1150 AM MWF NILSSON ECON 202 02 PRIN MACROECON 400-0550 PM MW NILSSON ECON 202 03 PRIN MACROECON 1000-1150 AM TR STAFF ECON 202 04 PRIN MACROECON 0200-0350 PM TR STAFF ECON 302 01 INTER MICROECON 0920-1030 AM MWF TORUNO ECON 335 01 ECON ANALYSIS COMPS 0400-0550 PM TR STAFF ECON 410 01 MONEY & BANKING 1200-0150 PM TR PIERCE ECON 435 01 MULTINATIONAL CORPS 1040-1150 AM MWF ASHEGHIAN ECON 530 01 GOOD ECONOMY 1200-0110 PM MWF NILSSON ECON 571 01 ECON OF SPORTS 1000-1150 AM TR HARRIS ECON 311 01 ECON K-8 0800-0950 AM TR CHARKINS ECON 503 01 ECONOMIC ANALYSIS 0600-0750 PM MW STAFF SSCI 320 01 UNDERSTND CAP 0800-0950 AM TR PIERCE  Note: Econ 302 is required for the B.A. in Economics and the B.A. in Political Economy.  Econ 335 is required for the B.A. in Economics.  Staying Informed of CSUSB Department of Economics Events and News If you’re receiving the Coyote Economist, then you’re on our mailing list and everything is as it should be.  But, if you know of an Economics Major, or an Econ Fellow Traveler, who is not receiving the Coyote Economist through email, then please have him/her inform our Administrative Support Coordinator, Ms. Jacqueline Carrillo, or the Chair of the Economics Department, Professor Mayo Toruño; our phone number is 909-537-5511. You can stay informed by consulting: Our Website - http://economics.csusb.edu/ Our Facebook Page- http://www.facebook.com/pages/CSUSB-Department-of-Economics/109500729082841 Chair of the Economics Department – mtoruno@csusb.edu 

CE Spring 2010

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