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Viewing: ECON-298 : Business and Economic Forecasting

Last approved: Thu, 02 May 2024 23:14:10 GMT

Last edit: Thu, 29 Feb 2024 00:21:20 GMT

Fall 2024
College of Arts and Sciences
Business and Economic Forecasting
Business and Economic Forecast
Comprehensive coverage of contemporary quantitative techniques tailored for business and economic forecasting, providing students with practical, hands-on experiences in forecasting and assessing forecasts using authentic datasets from repositories such as Federal Reserve Economic Data (FRED) and Kaggle. Linear regressions, modeling, and forecasting trends and seasonality; delineating and forecasting cycles. Employment of R, a widely used and freely available language and platform for quantitative analysis and statistical computing to execute forecasting exercises based on simulated and real-world data.
ECON 100 and ECON 103.
Consent of Instructor is always required.
Variable Credit
Fall or Spring
Once Only
Elective for program?

Required for program?

Letter Grade with Credit/No Credit Option
30 - 200 level courses
Is there a course fee?
An adjunct faculty member or instructor

Course Type

Course Type - Major/Minor

Should the course satisfy a major or minor requirement or elective?
Satisfies an elective for the major or minor
Economics elective requirement; Data Science elective requirement
Economics 200-level elective

Course Designations

Is the course being proposed to meet the Connect-Portland designation?

Course Scheduling (Including Lab, Studio and Discussion/Conference Time)

Does your course have a separately scheduled lab, discussion, conference or studio section that is associated with the lecture section?

Is this course being taught on an off-campus or overseas study program?

General Education Courses

Is this course intended to fulfill a General Education requirement?



Adjunct instructor may want to order copies of assigned books for Watzek so they can be placed on reserve. I believe current resources are adequate.
Please explain in detail the reasons for adding or modifying this course. In your response, be sure to respond to the following:
One of the goals of the overall department is to help students develop an analytical toolkit for thinking about complex economic issues. Upon successful completion of this course, students will collect real-world >me series data and apply modern quantitative techniques to conduct economic and business forecasting. They will also stay updated on the latest data analytical tools and economic trends. This course aims to build and enhance students’ statistics and programming skills through hands-on applications and examples using R.
Economic forecasting requires the integration of various disciplines such as statistics, mathematics, and data science, and is crucial in fields such as finance, policy analysis, and business strategy. For instance, this course can equip students minoring in entrepreneurial leadership with the ability to anticipate economic trends, make well-informed decisions, and develop long-term strategic plans. Additionally, the course enhances the analytical capabilities of students interested in policy analysis, providing them with the tools to assess the economic landscape, anticipate future developments, and formulate policies contributing to economic stability and growth. Moreover, economic and business forecasting skills assist in financial planning, budgeting, and cash flow management, thereby enhancing students' prospects for a career in finance.
This course is comparable to ‘Financial Time Series Econometrics’ offered by Whitman College and ‘Introduction to Econometrics and Forecasting’ offered by Willamette University. Reed College and the University of Puget Sound have not offered relevant courses.
Offering this course will require no other curricular changes in the department/program/major/minor.
Offering this course will require no other curricular changes outside the department/program/major/minor or General Education. This new course would add an additional elective option to the data science minor.
Economic and business forecasting will focus on practical applications of economic theories and models. This integration of practical skills enhances the department's curriculum by providing students with hands-on experience in utilizing economic concepts for real-world problem solving. Incorporating the use of R, a popular statistical software and programming language, will prepare students for the data-driven nature of modern economic analysis and help students gain a competitive edge in the job market.
Is this a field placement course?

Does this course require a regularly scheduled class room? (classes that do NOT require a regularly scheduled classroom are for example: field placement only course, thesis, independent study, etc.)

Kat Merck (kmerck) (Thu, 22 Feb 2024 00:04:44 GMT): Edits made to course description to conform to catalog style.
Key: 11