Dr. John B. Carlson of Federal Reserve Bank of Cleveland Delivers Smith Lecture
April 10, 2003
Dr. John B. Carlson, economic advisor in the research department of the Federal Reserve Bank of Cleveland, delivered the C. Richard Smith Lecture in Business at Mount Union College on April 9.
Speaking to the Mount Union College business faculty and students, as well as community business leaders, Carlson discussed the current state of the economy and the stock market.
"There are good reasons to be optimistic about the underlying strength of the economy," said Carlson.
Carlson's main research areas are in monetary policy/demand and asset pricing. He has been published extensively within the Federal Reserve System and in external journals including the "Journal of Portfolio Management," "Journal of Financial Services Research," "Journal of Economics and Business" and "Journal of Monetary Economics." He joined the Federal Reserve Bank of Cleveland after earning his Ph.D. in Economics from Michigan State University in 1978.
Carlson pointed to the increase in technology as one indicator that productivity will continue to increase. He stated that with computer technology and innovations continuing to increase at a rapid rate, productivity levels will continue to rise to keep up with the consumer demand.
"Productivity is the key to economic well-being," said Carlson.
Citing the current world issues, Carlson said that there are many investors just "waiting on the sidelines."
"What happens really depends on how quickly investors become more confident," said Carlson. "Returns on stocks are pretty durable, though, if you look at the long-term. If some of the cloud of uncertainty can be eliminated, the economy could really take off."
The Smith Lectureship in Business was established in 2001 by C. Richard Smith, a 1953 graduate of Mount Union College. The purpose of this Lectureship is to bring business professionals to the Mount Union College campus to share their knowledge and experience with business students, faculty and others from the campus and local community.