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.