Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
MEDIA RELEASE: CAA Worst Roads Campaign marks 20 Years of Driving Change in Ontario
The annual CAA Worst Roads advocacy campaign is marking its 20th year of influencing change. For the past two decades, the campaign has given decision-makers a snapshot of the roads that the public perceives as not meeting their expectations. “Our research tells us that 85 per cent of Ontarians are concerned about the state of our roads,” says Teresa Di Felice, assistant vice president of government and community relations, CAA SCO. “Due to inflation, consumers are being more mindful of their purchases, and people are opting to hold on to their cars for longer instead of buying a new one. Funding for roadway improvements and proper infrastructure needs to be consistent to ensure that quality and safety are maintained.” CAA’s research also indicates that over half of CAA members (59 per cent) say Ontario’s roads have worsened. Drivers often alter their driving behaviour to accommodate road issues. Many of them – two-thirds (66 per cent) of Ontarians – are slowing down for bad spots on the road or swerving to avoid potholes. We also know that many people are frustrated with Ontario's roads (78 per cent) and often express their dissatisfaction to their loved ones or colleagues instead of government officials. The CAA Worst Roads campaign allows all road users in Ontario to vote for roads that they think need urgent repair. Since 2003, 114 roads in Ontario have appeared on the provincial Top 10 list, of which governments have prioritized some of the roads for repair. In 2022, Barton Street East in Hamilton, Ontario, secured the top spot on the provincial Worst Roads list. Shortly after the 2022 Worst Road reveal, the City of Hamilton announced a multi-year, multi-phase reconstruction of the beleaguered Hamilton route scheduled to begin late last year. Other roads, such as Plank Road in Sarnia, Victoria Road in Prince Edward County, Lauzon Parkway in Windsor, and Bell Farm Road in Barrie, have also undergone significant repairs after appearing on the provincial Top 10 Worst Roads list. “The campaign has demonstrated that decision-makers are paying attention to the results, which has prompted municipal officials to move up infrastructure projects in their communities,” says Di Felice. The CAA Worst Roads campaign calls on all Ontarians to vote for their Worst Road today and join the community of drivers, cyclists, and pedestrians committed to improving Ontario’s roads. Ontarians can vote for their worst road at caaworstroads.com. Watch Teresa Di Felice, Assistant Vice President, Government and Community Relations for CAA SCO answers questions regarding the annual CAA Worst Roads Campaign: https://vimeo.com/user140657252/caawrl2023
Is America's banking system in trouble once again?
Nerves are rattled and many are worried as the markets opened Monday to news of another US bank collapse, making that two large banks shuttered in less than a week. It's news that's rocking the financial world on a massive scale. Federal regulators announced on Sunday that another bank had been closed and that the government would ensure that all depositors of Silicon Valley Bank — which failed Friday — would be paid back in full as Washington rushed to keep fallout from the collapse of the large institution from sweeping through the financial system. The Federal Reserve, Treasury and Federal Deposit Insurance Corporation announced in a joint statement that “depositors will have access to all of their money starting Monday, March 13.” In an attempt to assuage concerns about who would bear the costs, the agencies said that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” March 12 - New York Times With an economy already on edge as Americans feel the grip of inflation and worries of recession - this is frightening news and media are scrambling for answers. What is causing the closures of these big banks and how many more will follow? How much money is lost and how much has been protected? Is this 2008 all over again? Is the federal government doing enough to stop the damage from spreading? What measures need to be put in place by government to assure citizens that their savings, retirement plans and mortgages aren't at risk? And will anyone be held accountable for the billions already lost? There's a lot to explain - and that's where our experts can help. Rebel Cole, Ph.D., a Lynn Eminent Scholar Chaired Professor of Finance, has expertise in global financial institutions, commercial banking and small business finance. He spent 10 years working in the Federal Reserve System and has experience at the the International Monetary Fund and the World Bank. Cole has been interviewed by numerous national media outlets, such as The Wall Street Journal, The New York Times, The Washington Post and Fox Business. Rebel is available to speak to media regarding the current state of banking and what Americans need to watch for or worry about. Simply click on his icon now to arrange an interview today.
MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip
Manitobans love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Manitoba. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA Manitoba (CAA MB) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.
MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip
Ontarians love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Club Group. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA South Central Ontario (CAA SCO) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.
Podcast: UK’s first non-white prime minister is ‘big moment’ – but can Rishi Sunak survive?
Academic focuses on importance of UK having its first prime minister of Indian descent Rishi Sunak’s personal family history could be seen as a testament to the ‘British dream’, as he is also ‘richest man’ ever to sit in the House of Commons But his ability at restoring economic stability and tackling cost-of-living crisis will decide his fate at the polls Having the first non-white leader of the UK is undoubtedly a “big moment” in the history of British politics, according to an academic at Aston University. But, although he may be able to count on the British Asian vote at the next general election, Rishi Sunak faces a major challenge to remain in No 10 due, in part, to the growing number of Conservative MPs intending to stand down. Mr Sunak’s rise to become Britain’s first Asian and first Hindu leader has been discussed by Dr Parveen Akhtar, a senior lecturer and deputy head of politics, history and international relations at Aston University. Dr Akhtar, who has studied across Europe and authored a book on British Muslim politics, was speaking as part of the latest episode in the 'Society matters' podcast series, presented by journalist Steve Dyson. She said Rishi Sunak benefitted from a “privileged upbringing”, but also married into wealth in the form of the daughter of Indian billionaire N R Narayana Murthy, co-founder of information technology company Infosys. With the couple having a combined wealth of £730 million, Parveen said Rishi Sunak can “allegedly lay claim to another title – the richest man to ever sit in the House of Commons”. A “scandal” over his wife’s non-domiciled tax status had even threatened to end Sunak’s career less than a year ago. But she added: “Whatever the mixed feelings are around his personal fortune, this is nevertheless a big moment. Becoming the first non-white leader of the UK is important. It’s important for the country and it’s important for the UK’s ethic minority communities too.” Dr Akhtar, who is currently writing a new book on the politics of Pakistan and Pakistanis abroad, said Rishi Sunak’s paternal grandparents were from Gujranwala, which is in present-day Pakistan. Sunak, himself, was born in Southampton, but his father Yashvir, a family doctor, and mother, Usha, a pharmacist who studied at Aston University, were born and brought up in present-day Kenya and Tanzania respectively.However, they joined an exodus of Asians from East Africa in the second half of the last century, fuelled by Idi Amin’s wholesale expulsion of Asians from Uganda in 1972. Sunak’s “cultural affinity” lies with his Indian roots, Dr Akhtar said, including being a practising Hindu, and he himself had said that ‘British Indian’ is what he ticks on the census. She added: “The Sunaks’ personal family history could be read as a testament to the British dream: the idea that the UK is a land of opportunity where, no matter who you are, if you work hard, you can make it right to the top. The formula for success is simple: head down, hard work perseverance.” While Sunak was privately educated at Winchester, and went on to study at both Oxford University in England and Stanford University in the US, he has spoken about various jobs, including being a waiter in an Indian restaurant. Dr Akhtar said that, in some ways, the Conservative Party has a “lot to be proud of” when it comes to promoting ethnic minority colleagues, as reflected by three key posts in Liz Truss’s short-lived administration, and Suella Braverman as the current Home Secretary. Sunak’s own heritage could prove to be an asset in strengthening ties and negotiating trade deals with other countries, with India’s Prime Minister referring to him as the ‘living bridge’ of UK Indians, and US President Joe Biden describing his success as a ‘ground-breaking milestone’. But can an unelected Sunak win the next election amidst soaring inflation and the cost-of-living crisis? Dr Akhtar replied: “These are challenging times to be at the helm of the ship, a ship which many in his party appear to be jumping off, given the number of Conservative MPs who have announced their intention not to stand at the next general election. “If, in the coming months, people feel further fiscal pain, if there are prolonged strikes by teachers and nurses, firefighters and railway workers, if the NHS is overwhelmed this winter, then no matter how slick Sunak’s PR messaging, he will not be elected come election time.”
Everyone is keeping a close eye on the economy. Whether on a global scale or at the kitchen table - it's a topic that is at the top of everybody's mind these day. Simon Medcalfe, PhD is the Cree Walker Chair in the Hull College of Business at Augusta University and resident expert on the economy, and he shared his thoughts on where the economy stands as the final months of the year approach. Q: The Gross Domestic Product report was up, what should we take out of that? “The GDP was interesting because it was actually up. The first two quarters were negative growth, so the economy had shrank. This time, the growth figure came in at 2.6%, but closer reading suggested it was actually a worse reading then the negative readings we had because consumer spending by firms was essentially flat. The growth was seen in net exports or government spending or things like. Consumers were kind of pulling back a little, which is why earnings were a little lower as well.” Q: The economy needs to slow down a little, doesn’t it? “I mean, yes, if you’re thinking about the Fed, that’s what they are worried about right now, inflation, because the economy is so incredibly hot, particularly with regards to prices. They’re raising interest rates with the aim at slowing down the economy. Unemployment is historically very, very low, if not at record levels in different places, so we could probably sustain a little slowing of the economy without impacting the labor market too much and try to get this general inflation under control.” Q: The economy could use a little unemployment, it’s that kind of counter intuitive? “Some unemployment is not bad. Economist use to suggest in the long run, the natural rate of unemployment is about 5-6%. Now we have unemployment in the 2-3% range in places. We have a little bit of wiggle room to see that increase.” Q: What's the difference between frictional and structural unemployment? "Economist talk about frictional unemployment and structural unemployment. Frictional unemployment is more of a job match or job search problem. So it’s a lack of information. Structural unemployment is because of the changing nature of industry within an economy. An example being people working in textile manufacturing and it’s hard for them to go straight into computer science coding because they don’t have the skills. This is more long term than frictional and in some cases can be quite detrimental to regions and people.” Q: The Fed is likely to raise interest rate by .75%, are there signs of this slowing down? “I think they’ll start slowing that down over time, but I think their projection is about 4.6% and we’re like 3.25% now. They’re looking at all the economic indicators. Not looking at any one or two, but everything. They’re looking at inflation, and have different measure of that. They’re look at the breakdown of inflation like how much of it is due to the war in Ukraine, and what areas of the economy it may be impacting. They’re looking at the labor market, definitely looking at manufacturing output, etc. The one thing they don’t generally look at is financial markets. They would look at the housing market though and different sectors of the real economy, not the financial economy.” Dr. Simon Medcalfe is a highly regarded economics expert in the Hull College of Business at Augusta University. Medcalfe is available to speak with media regarding the economy and its outlook – simply click on his icon now to arrange an interview today.
Deprivation in childhood linked to impulsive behaviour in adulthood – new study
Inflation is running high around the globe, largely fuelled by Russia’s war in Ukraine and the COVID pandemic. As a result, many households are having to choose between eating and heating. Deprivation has a terrible immediate effect on children – as anyone who has experienced real hunger knows – but it can also affect things like impulsive behaviour in later life. “Trait impulsivity”, the preference for immediate gratification, has been linked to spending more on food, especially unhealthy, highly calorific food. Studies have shown that children who experience poverty and food insecurity tend to have a higher body-mass index as adults than those who do not. In a study published in Scientific Reports earlier this year, my colleagues and I showed that children who experience deprivation make more impulsive choices than children who don’t. We studied 146 children, with an average age of eight, living in some of the most deprived areas of England and compared them with children living in some of the most affluent neighbourhoods. Children were given a choice between taking home a small amount of money (for example, £1) or getting £10 a week, or even more a year later. How long a person is willing to wait for the larger amount of money can be used to calculate a “discount rate” that shows how much the waiting time reduces the value of the money. An impulsive person might prefer £1 now because the value of £10 in six months is “discounted” to less than £1 right now. This means that, for them, the £10, is discounted by £9 over the six-month wait. A less impulsive person might be willing to wait six months for £10, but not wait for a whole year for £15. This means that, for them, the value of the £15 is discounted by £5 over the additional six-month wait. This discount rate is a measure of how impulsive someone is. The results showed that children living in the most deprived areas had significantly higher discount rates than children living in the least deprived areas, regardless of age or intelligence, indicating that deprivation was the causal factor in the children’s choice. A stable trait This preference for immediate outcomes is a stable personality trait that remains constant throughout a person’s life. In our most recent study, published by the Royal Society, we investigated impulsivity in over 1,000 older adults aged between 50 and 90. We found that older adults, living in the most deprived areas, show the same preference for smaller-sooner financial outcomes as the children in our first study. We also found that a person’s job predicted the choices they made. Adults working in technical or routine occupations, such as mechanics or cleaners, chose to receive smaller amounts of money than wait for larger amounts compared with people in professional occupations, such as engineers or scientists. These findings are concerning because impulsivity doesn’t just predict obesity. These findings tell us a lot about why people living in poorer areas tend to be unhealthier than people living in wealthy areas. People who experience deprivation as children are more likely to choose to do things that, although they might be pleasurable in the short term, are unhealthy in the long run. This includes overeating, taking drugs, smoking cigarettes and gambling. We know too, that impulsivity can help to explain why some people go on to become addicts, while other people can avoid some of the more harmful effects of drugs and alcohol. Deprivation is one of many factors that can lead to impulsive behaviour throughout a person’s lifetime. Genetics also plays a role in impulsivity. Policymakers can’t do anything about a person’s genes but they can influence the nation’s long-term mental and physical health by minimising child poverty. Failing to do so will have long-term implications for the children living through today’s cost of living crisis.
With inflation rampant, everyone is concerned about money and the economy -- not just the prices on everyday goods and services, but their investments as well. The situation has people on edge. Rick Franza, dean of Hull College of Business at Augusta University, said there are differences between the economy and the markets. “Part of that is in the economy, we worry about now and the stock market is more forward-looking, so there’s always some disconnect between the financial markets and the economic reality," Franza said. "The disconnect seems to be worse than ever. There’s less correlation between the economic news and where the stock market goes.” “We used to think that a good jobs report would make a good economy, and typically it does, but in the last couple of months when the jobs report was good, the market has tanked. People are reading it as the strong job market means inflation is not under control." Franza indicated there is a fear factor when it comes to the stock market and its steady decline over the last nine months. Younger investors in the market haven’t seen many bad times, so they are fearful. He also said people nearing retirement are fleeing the market as well. When it comes to the drop in the stock market, it affects anyone who has investments. “Most of us have some kind of investments, especially in retirement accounts,” Franza added. Inflation though, has been the dominating factor in the market right now. "The impact of inflation will be more on small businesses. The large businesses will find a way to weather the storm. If inflation continues and companies can’t be profitable, they’ll start laying off people. Then we’ll have a recession, which will reduce inflation.” It could also have a rippling affect on consumer choices and ultimately costs. “If more companies go out of business, it’ll give us fewer choices, which means the supply chain will be restricted. Then, you’ll pay higher prices because of fewer options. In the long run, if the Fed sticks to its plan to keep raising rates, it will reduce inflation.” If you're looking to know more about this important topic, then let us help. Franza is available to speak with media about trending issues like inflation, small business and the economy – simply click on his icon now to arrange an interview today.
Inflation: Simple Causes But a Complicated Cure JULY 2022 We face a wave of strikes, intended to restore the purchasing power of wages in face of inflation. But strikes cannot succeed in restoring everyone’s purchasing power. In the near term, inflation’s impact on living standards can be significantly mitigated only by importing more and so increasing our trade deficit, financed by foreign borrowing. Unwillingness to do that means we are likely to prolong the wave of strikes and so suffer a bruising recession created by restrictive monetary policy. This will cause yet more damage to living standards. However, debt-funded importing of consumption items in order to maintain living standards is poor policy longer-term. It can’t stop the harmful redistribution effects of inflation that are already emerging. Most important, it doesn’t address the longstanding source of our lagging living standards – too little economic growth and economic resilience due to our failure to grow productivity. Without increased productivity, debt-funded consumption repair will cumulate to tomorrow’s fiscal crisis. Therefore, we face a very difficult policy challenge. We must act to support living standards over the next year or two, mitigate the social problems that inflation is already causing and, simultaneously, divert our priorities (and our continuing borrowing) to foster much improved productivity growth. Causes This is a simple story. Today’s inflation demonstrates that we are poorer than we were three years ago. The value of what we, collectively, produce and earn, has shrunk, relative to the cost of the things that we seek to consume. Inflation constricts our consumption options to what we can now afford. We are poorer for two reasons. First, because we produce and earn less domestically, and second, because the things that we don’t produce but import have become scarcer, forcing us to pay more to get them. • Brexit caused an immediate and seemingly permanent devaluation of Sterling, raising the costs of everything that we import. It also seemingly permanently reduced our exports to the EU, our largest trading partner. No new trade possibilities are similar in scale, so there is a long-term loss of income. Moreover, increased non-tariff barriers have raised the cost of imports from the EU beyond the exchange rate effect. • The pandemic has reduced the worldwide supply of all sorts of goods, therefore raising their prices. This is due to supply chain problems, the zero-Covid China lockdown, the reduction in UK output because a significant portion of the population is out with Covid at any time. Crops are left rotting in the fields because there aren’t enough domestic agricultural workers and, of course, no more EU farm workers. • The war in Ukraine has escalated the costs of energy and food grains. In the future it will propel redirection of domestic resources to the production of war material, which is not edible. Consequences Inflation not only makes us, collectively, poorer, it differentially distributes the pain. • Everyone in the UK could go on strike to try to raise their wages enough to maintain their real consumption. But as the pie has shrunk, that is impossible. The extra money people get will simply chase the same, smaller amount available and the prices of goods and services will rise further. If the ensuing price rises provoke further wage increases, we chase our tails. This is the wage/price spiral that the Bank of England fears. • Some groups have more wage bargaining power than others. Perhaps the railway unions can indeed hold the country to ransom and regain their purchasing power. But then others, less empowered than railway workers, will become greater losers. • Inflation causes a flight to real assets – houses, commodities – whose values float up with the price level. Because ownership of real assets is very unequally distributed, the asset-rich minority is likely to come out better than before while the asset-poor majority lose even more. The purchasing power of people living on fixed-return assets such as retirement annuities would be devastated by a wage/price spiral. Similarly, as interest rates rise with the price level (or even faster if the Bank of England has its way), debtors on floating rate loans will be hit hard. • Different geographic areas have different mixes of people who would be gainers and losers from a wage/price spiral, exacerbating our substantial regional inequalities. Cure Part 1: Near-Term Mitigation How is it possible to offset the fall in current consumption which is provoking the wage/price spiral? People can consume more than they earn only by borrowing. The key is how that borrowing is undertaken. Households could borrow from private UK lenders, or the state could sell bonds to UK citizens and give the proceeds to other UK citizens to spend. But if all they can spend it on is the total value of UK output, that pie is shrinking. More money from borrowing would only raise prices, that is, add to inflation. Total UK consumption can exceed the value of UK output only if the extra is imported. Because the imports are paid for in another currency, borrowing to pay for those imports must be borrowing from foreign sources. The debt (public and private) that the UK owes others must rise by the value of the excess consumption. However, consuming more today by adding to our overseas debt isn’t a miracle cure. • Not everything can be imported. Domestic services of all types are provided, well, domestically. GP visits and houses and hotel rooms and haircuts will cost more as a result of wage inflation, no matter the amount of net foreign borrowing. These price increases will continue to provide some impetus to a wage/price spiral and make it more likely that the Bank of England will end up pushing the economy into recession to stop it. • The problem with debt is that you have to pay it back, and in the meantime, you pay interest on it. More consumption today means surrendering a greater amount of potential consumption in the future. Only if there is strong UK productivity growth will this foreign debt repayment not cause significant future trouble. Sadly, the UK has lagged in productivity growth among advanced economies for many years. Cure Part 2: A More Productive Economy The policy most likely to maintain social cohesion in the near term, and greater prosperity in the longer term, is a tricky two-step. We need to borrow to defend most people’s consumption in the next year or two, but then switch the budget to support growth and productivity-enhancing investment. Unless we do this, our debt repayment obligations will grow to unmanageable levels and meanwhile our level of consumption will continue to shrink relative to that of our peers. Our political system has not been good at tricky two-steps. It can manage short-term stimulus, funded by debt. But for decades the UK has failed to invest sufficiently in physical, technological and human capital to create productivity comparable to our peers. The inflation crisis is a call to action. Not only to mitigate current deterioration in living standards but to build a modern economy that sustains rising living standards into the future.
Expert Sources for Federal Reserve interest rate increase: UCI faculty members available to comment
On June 15, the Federal Reserve announced its largest interest rate hike in 28 years to try to regain control over elevated consumer prices. The Fed raised its benchmark interest rate by three-quarters of a percentage point – the biggest increase since 1994 – following a quarter-point jump in March and a half-point increase in May. “We’re strongly committed to bringing inflation back down and we’re moving expeditiously to do so,” said Federal Reserve Chairman Jerome Powell. Eric Swanson – professor of economics. Swanson’s research focuses on monetary policy, interest rates and the effects on economy, including output, unemployment and inflation. Swanson previously worked at the Federal Reserve Board and Federal Reserve Bank of San Francisco from 1998-2014 as an economist and research advisor. Email: eric.swanson@uci.edu Aaron James – professor of philosophy. James co-authored the book Money from Nothing: Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve, which explains the nature of money and a number of alternatives the Federal Reserve can legally employ to curb inflation other than increasing interest rates. Email: aaron.james@uci.edu Jack Liebersohn – assistant professor of economics. Liebersohn’s research focuses on banking, banking risk taking, mortgages and the housing market and he can speak to how increasing the Federal Reserve interest rate affects any of those elements of the economy. Email: cjlieber@uci.edu Christopher Schwarz – associate professor of finance and faculty director of the Center for Investment and Wealth Management. Schwarz can discuss how far the Federal Reserve will have to go and its impact on the economy and financial markets moving forward. Email: cschwarz@uci.edu Media Contact: Cara Capuano, Communications Officer, UCI | 949-501-9192 | ccapuano@uci.edu
