Glenn Hubbard ’79, chairman of the board of MetLife Inc., and his wife, Constance Pond, gave $1 million to UCF to establish the Kenneth White and James Xander Professorship in Economics. The professorship is in honor of the two faculty members that Hubbard credits for inspiring a career that led him to be one of the most influential economists in the U.S.

Hubbard graduated summa cum laude with a bachelor’s in economics from UCF. He also earned a master’s and doctoral degree from Harvard, served as chairman of the U.S. Council of Economic Advisers under President George W. Bush, and is dean emeritus and Russell L. Carson Professor of Finance and Economics at Columbia Business School.

On the Friday before UCF’s Homecoming weekend, Hubbard and Pond were recognized at the formal investiture of John Solow to the Kenneth White and James Xander Professorship in Economics at the college.

“Today is about love for the experience here [at UCF],â€� Hubbard told the audience. “You know, a great teacher isn’t just somebody who conveys information. Well, it’s not even somebody who’s also a great mentor. Although the two gentleman whose names sit on this chair are both of those; it’s somebody who opens the door to the world for you.â€�

The occasion, led by Provost Elizabeth A. Dooley and College of Business Dean Paul Jarley, marked the first endowed chair investiture ceremony at the college. An investiture is regarded as one of the highest honors to be bestowed in academia and is meant to confer and celebrate the appointment of a distinguished faculty member to an endowed chair or professorship.

“Professorships, such as the one here today, allow us to attract and retain our most outstanding scholars,� Dooley says of the honor. “They also reward faculty members who go above and beyond in their dedication to teaching and learning.�

Solow, who joined UCF earlier this year from the º£½ÇÖ±²¥ of Iowa, is a renowned economist who is published in numerous economic journals and specializes in antitrust, industrial organization, law and sport economics. He obtained his bachelor’s degree in economics at Yale º£½ÇÖ±²¥ and earned his master’s and doctorate at Stanford º£½ÇÖ±²¥.

“Being a university professor is one of the best jobs in the world, up there with Ben and Jerry’s taste tester and referee at the annual Animal Planet Puppy Bowl,� Solow says after receiving a medallion from Dooley. “…With those benefits comes an obligation, I believe, to invest ourselves in our institution, to do more than just ‘do our jobs’ and go beyond to make our colleges and universities better places through service. That service can be done in many ways … Sometimes, as in the case of Dr. Hubbard and Ms. Pond, you are in a position to heed the call to serve by doing something truly transformative, and for that we are truly grateful.�

The two namesakes of the endowed professorship, White and Xander, were also recognized during the ceremony with commemorative keys for opening the door to the economic world for Hubbard and for inspiring him to establish the professorship. Looking back on his own successful career as an economist and academic, Hubbard credits White and Xander for their tutelage during his time at UCF.

“When you talk to our alumni, they may not remember every professor they’ve ever had, but they do remember the one or two who had the biggest impact in their time in school,� Jarley says. “If you ask Glenn Hubbard that question, he would say Drs. Ken White and James Xander.�

“The Rip Van Winkle recovery is finally waking up from eight-plus years of sluggish economic growth that had been slowed by regulatory burden and policy uncertainty,� Snaith says. “Rising employment, stronger balance sheets, high levels of consumer confidence together with faster wage growth create the caffeinated jolt needed to accelerate consumption expenditures.�

The third quarter forecast produced by the expects stronger economic growth and higher inflation from the current administration’s policies will prompt the Federal Reserve to increase interest rates at a faster pace over the next three years. Federal funds rates are expected to hit 4.25 percent by the end of the third quarter of 2021.

Real gross domestic product growth is forecast to accelerate to 3.1 percent in 2018, and then rise to 4.2 percent in 2019, before easing to 3 percent in 2020 and 2.2 percent in 2021.

Snaith says payroll job growth over the next two years will be the strongest that can be expected for an economic recovery in its 10th year. Payroll job growth of 1.6 percent is expected in 2018 before rising to 2 percent in 2019. It is expected to ease to 1.7 percent in 2020 and to 0.8 percent in 2021.

The housing market continues to recover and should slowly improve through 2021 in the face of rising mortgage rates. Housing starts are expected to rise from 1.32 million in 2018 to 1.68 million in 2021.

The headline unemployment rate is expected to decline to 3.2 percent in early 2020, and job growth should keep up with labor force growth through the end of the forecast horizon, Snaith said.

“The economy is closing in on full employment and the faster wage growth that will indicate it has arrived,� Snaith says.

In addition to being a self-proclaimed burger aficionado, Sean Snaith is a national expert in economics, forecasting, market sizing and economic analysis who authors quarterly reports about the state of the economy. Bloomberg News has named Snaith as one of the country’s most accurate forecasters for his predictions about the Federal Reserve’s benchmark interest rate, the Federal Funds rate. Snaith is featured in the recent episode of the new Is This Really a Thing? – which is hosted by College of Business Dean Paul Jarley.

The Institute for Economic Competitiveness strives to deliver complete, accurate and timely national, state and regional forecasts and economic analyses.

In his 2nd Quarter Florida Economic Forecast, Snaith notes that after enduring a recession that was longer and deeper than the national economy’s, Florida has surpassed the national pace of job creation and overall economic growth.

“We are a nation that reveres the underdog and adores a good comeback story. Florida’s economic turnaround fits right into that ethos,� he said.

The housing-market crash and surge in unemployment left Florida in financial ruin as the national economy took a dive. But by 2013, Florida’s economy regained its glow.

Baby Boomers who delayed their retirement plans due to the housing and financial crises are retiring again, and Florida’s housing market is enjoying years of double-digit price appreciation.

Even the weather contributed to Florida’s economic boost.

“The bitter cold of polar vertices that descended upon the northern U.S. this winter helped provide an unanticipated boost in tourism,� said Snaith. “The lure of sunshine and warm temperatures bolstered visitation in the first quarter of 2014.�

Snaith’s forecast this quarter offers long run predictions through 2044 for Florida and its 12 metropolitan regions. Those areas are Daytona Beach-Deltona-Ormond Beach, Gainesville, Jacksonville, Lakeland, Miami-Fort Lauderdale-Miami Beach, Naples-Marco Island, Ocala, Orlando-Kissimmee, Palm Bay-Melbourne-Titusville, Pensacola-Ferry Pass-Brent, Tallahassee and Tampa-St. Petersburg-Clearwater.

Highlights include:

• During the next three years, it is predicted that Florida’s economy will expand at an average annual rate of 3.7 percent and payroll job creation will average an annual pace of 2.6 percent. Both measures are well above the pace expected for the national economy.
• Labor-force growth in Florida will average 2.3 percent from 2014-2017. A faster pace of job creation has been a breath of fresh air in Florida’s labor market. In the four preceding years the average growth of the labor force was just 0.9 percent.
• As of May 2014, 41.7 percent of single-family home transactions were cash sales, down slightly from a year earlier. This is the fourth year running at 40 percent or higher, implying continued investor activity in Florida’s housing-market highs.
• The growing labor force and rising labor-force participation rate will make the lowering of Florida’s unemployment rate more challenging. The pace of decline will slow dramatically and could reverse direction as labor force growth picks up. Despite this headwind, the unemployment rate should fall to 5.6 percent by the end of 2017.
• The sectors expected to have the strongest average job growth during 2014-2017 are construction, professional and business services, trade, transportation and utilities, education and health services, and leisure and hospitality.
• Retail sales will grow at an average pace of 4.9 percent during 2014-2017.

Snaith is a national expert in economics, forecasting, market sizing and economic analysis who authors quarterly reports about the state of the economy. Bloomberg News has named Snaith as one of the country’s most accurate forecasters for his predictions about the Federal Reserve’s benchmark interest rate, the Federal Funds rate.

Snaith also is a member of several national forecasting panels, including The Wall Street Journal Economic Forecasting Survey, CNNMoney.com’s survey of leading economists, the Associated Press Economy Survey, the National Association of Business Economics Quarterly Outlook Survey Panel, the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters, the Livingston Survey, Bloomberg U.S. Economic Indicator Survey, Reuters U.S. Economy Survey, and USA Today Economic Survey Panel.

The strives to provide complete, accurate and timely national, state and regional forecasts and economic analyses. Through these analyses, the institute provides valuable resources to the public and private sectors for informed decision-making.

I write this in tribute to my greatest teacher from a student’s perspective. Maybe you will stop to think of a favorite teacher, mentor or role model, and perhaps even reach out and say hello to them.

Dr. Elbert V. Bowden taught at Appalachian State º£½ÇÖ±²¥, and from a piercing gaze behind large, wired glasses, the wild-haired eccentric professor enthusiastically discussed his economics course assignments, office hours, grading policy and the course’s planned 84 essays in a totally unusual way.  

And he issued this challenge: “If past performance indicates future performance, no student will earn a Bowden ‘A.’�

With no clue of what macroeconomics was, these declarations already waged war within me. Over time, the war became a voyage to take all of his courses and to earn a Bowden ‘A’.

He continued energetically: “I never answer a phone but return answers to machine messages daily starting at 2 a.m., a dull time for me for which I perform routine tasks. Turn on your answering machine if you don’t wish to speak.�

By this point in his life he had authored dozens of publications and his book, Economics, The Science of Common Sense, traveled the globe as a merchant marine during World War II, recorded country songs, earned a Ph.D. from Duke º£½ÇÖ±²¥, and changed the lives of thousands, challenging them to reach their potential. Appalachian State’s student-managed investment fund was named in his honor in 2001.

He said the lack of an ‘A’ in his class resulted from a heavy work load and his grading policy.

We had to study hard, write continuously and prepare for examinations. 

To prepare, I read, wrote, outlined, timed, and answered. I wrote essays on broad subjects in 10-minute segments creating unexpected physical and aesthetic challenges.

Tight pencil gripping brought perspiration that dropped onto the quiz sheets like dew drops on the morning grass. The water made the typical left-handed graphite smudges into puffy, irregularly bordered cloud-like rings of graphite. A soft knot formed on one of my fingers that started to bleed small droplets of blood onto the paper.

The graphite smudges, sweat, and blood mixture cast a watercolor effect upon the handwritten essay, making it an overall mess.

One week as Bowden handed out quizzes, he blasted: “Good news, there was a Bowden A on quiz 7. Is it the student with clutter behind his desk, with dreadful handwriting, who wrote a note apologizing for the blood and sweat on the quiz?�

I was purple-faced as he handed me the paper and said: “Keep it up� and “Keep the clutter to a minimum.�

I will never forget that triumphant moment.

Six courses, several Bowden ‘A’s, and a few years after graduation, I requested a letter of recommendation. He wrote: “Denver may not know his true potential,â€� “is too worried about success to see his potential,â€� ‘’is a hard worker,â€� “earned Bowden ‘A’s, never missed class.â€�

We learned fiscal policy, the multiplier effect, and so much more in these long-lasting lessons he left us with:

During my time with Bowden, I was challenged as never before – and learned that I also had a desire to teach and inspire others.

Here’s to the spirit of lifelong teaching of Dr. Elbert V. Bowden, teaching to infinity and beyond.

UCF Forum columnist Denver Severt is an associate professor with the Rosen College of Hospitality Management at the º£½ÇÖ±²¥. He can be reached at Denver.Severt@ucf.edu.

Economists Alan Blinder and Greg Mankiw will be keynote speakers Thursday and Friday. Binder has been a consultant for the Clinton and Obama administrations, and Mankiw was head of George W. Bush’s economic council and is an economic consultant to Mitt Romney.

Blinder will speak at 4 p.m. Nov. 8, and Mankiw will speak at 1 p.m. Nov. 9.

UCF’s medal winners represent ten sports programs. The women’s rowing team led the way with six student-athletes, followed closely by the women’s soccer and softball teams with five each.

At least 32 Knights have earned medals during three of the last four years.

“Achieving a GPA of 3.75 or higher is a tremendous accomplishment for our student-athletes, who work hard in their classes while balancing the rigorous demands of their sports,” said Vice President and Director of Athletics Todd Stansbury. “The fact that so many of our student-athletes have earned academic recognitions from Conference USA is a testament to their determination and the support of our dedicated faculty members, coaches and academic advisors.”

C-USA announced its academic honor roll (3.0 GPA or better) Tuesday, and 221 Knights were on the list. That total ranked second among all C-USA schools and first among the league’s public institutions.

UCF’s student-athletes have collectively achieved a GPA of at least 3.0 for each of the last eight semesters.

In October, UCF posted a program-best 83 percent Graduation Success Rate, which tied with the º£½ÇÖ±²¥ of Florida for the top rating among Florida’s public universities.

UCF’s academic medal winners are listed below in alphabetical order by sport:

Football: Jacob Bundy (Business Economics) and  (Social Science Education master’s program)

Men’s Golf: Ìı(µş³Ü²õ¾±²Ô±ğ²õ²õ-±è±ğ²Ô»å¾±²Ô²µ)

Women’s Rowing: Jesse Baldwin (Communication Science and Disorders), (Finance), (Elementary Education with a Coaching minor), Kelsey McCreary (Cinema Studies), Beatriz Merino (Pre-Clinical Allied Health with a Spanish minor) and  (Sport and Exercise Science/Psychology)

Men’s Soccer: Augusto Braccialli (Civil Engineering), (Psychology), (Molecular and Microbiology) and Ìı(±Ê²õ²â³¦³ó´Ç±ô´Ç²µ²â)

Women’s Soccer: (Biomedical Sciences), (Public Administration/Nonprofit Management), (Psychology), (Biology) and  (Communication Sciences and Disorders)

Softball: (Early Childhood Education), (Hospitality Management), (Elementary Education), (µş¾±´Ç±ô´Ç²µ²â)Ìı²¹²Ô»å  (Mathematics Education)

Men’s Tennis: (Finance-pending) and  (Interdisciplinary Studies with a Math minor)

Women’s Tennis:  (Communication Sciences and Disorders)

Track and Field: (Undeclared), (Athletic Training), (Elementary Education) and Ìı(±Ê³ó¾±±ô´Ç²õ´Ç±è³ó²â)

Volleyball: (Marketing) and  (Molecular Biology and Microbology)

During his hour-long presentation, Dr. Hubbard discussed the causes of the financial crisis and what to expect in the next year as the economy recovers.

Hubbard acknowledged that there were different schools of thought on why the “Great Recession� had occurred, but that he believed it was partially due to a boom in productivity growth during the mid-1990s, a big imbalance in capital markets, and a lenient Federal Reserve policy during the past decade that put “wind in the sails of the bubble.�

Open Video – “Economic Outlook: The Path Forwardâ€�

Hubbard cautioned that although the economic recovery was well underway, the unemployment rate would take a while to come down. Asked about the policy challenges going forward, Hubbard said that “productivity growth remains the clear policy objective for the U.S. economy� and called for greater transparency in the financial system and ending the notion of “too big to fail.�

Hubbard served as chairman of the White House Council of Economic Advisors from 2001–2003 and was a deputy assistant secretary of the U.S. Treasury Department from 1991–1993. He is currently the Russell L. Carson Professor of Finance and Economics at Columbia, a research associate of the National Bureau of Economic Research, and a co-chair of the nonpartisan Committee on Capital Markets Regulation. He received his Ph.D. in Economics from Harvard º£½ÇÖ±²¥ in 1983 and he graduated summa cum laude from the º£½ÇÖ±²¥ in 1979 with BA and BS degrees in Economics.