Economy
Economic Perspective of Maui’s Devastating Wildfires
By James Mak, Paul Brewbaker, and Frank Haas Lahaina is a very special place with so much deep, rich history. Over time, it’s evolved. It’s been many things. It’s been the capital of the Hawaiian Kingdom. It’s been home base for generations of Maui chiefs. It’s been a center of commerce in whaling. It’s been […]
Read MoreJobless claims reveal staggering employment cost of Maui wildfires
By Byron Gangnes Jobless claims for the week ending September 2 have been released. At the national level, new claims ticked down for the fourth straight week, but the four-week trailing average remains in line with claim levels prior to the pandemic. The claims data do not materially change the US labor market picture: Slower […]
Read MoreAfter the Maui wildfires: The road ahead.
By Steven Bond-Smith, Daniela Bond-Smith, Carl Bonham, Leah Bremer, Kim Burnett, Makena Coffman, Peter Fuleky, Byron Gangnes, Rachel Inafuku, Ruben Juarez, Sumner La Croix, Colin Moore, Dylan Moore, Nori Tarui, Justin Tyndall, and Chris Wada The immediate recovery efforts from the devastating Maui wildfires continue, and at UHERO we share our community’s anguish over the […]
Read MoreAre stock investors crazy?
By Byron Gangnes Stock prices are at a very high level, and yet investors have not pulled back. What gives? How should we think about stock market values? In the long run, the price of a share of common stock should depend on the expected future stream of company earnings. Even growth stocks—which tend to […]
Read MoreHow high are interest rates really?
By Byron Gangnes The Federal Reserve has raised interest rates sharply over the past fifteen months, and Fed officials have signaled that perhaps two more quarter point hikes are coming. How high are interest rates compared with past Fed tightening episodes? Are they high considering the state of the US economy? First, a little about […]
Read MorePublication: Diversifying Hawai‘i’s Specialized Economy: A Spatial Economic Perspective
Abstract: Specialization in tourism exposes the economy of Hawai‘i to external shocks that trigger collapses in tourist numbers. Furthermore, Hawai‘i’s economic growth has diminished for decades as the dominance of tourism has not generated productivity growth. In response, policy makers in Hawai‘i increasingly emphasize diversification. This article examines a spatial economics perspective to explain why […]
Read MoreHawaii’s long-term economic recovery after COVID-19
By Steven Bond-Smith The following is adapted from a speech I recently gave at the Western Regional Science Association meetings on the Big Island. My research focuses on the implications of theoretical regional economic models for small and isolated places, like Hawaii. These are places where distance matters such that they are generally unable to […]
Read MoreKaua’i County’s Economic Outlook Unveiled: UHERO Study Highlights Resilience and Future Challenges
The University of Hawai‘i Economic Research Organization (UHERO) is proud to announce the publication of a Kaua‘i County-focused Economic Outlook, providing crucial insights into the economic landscape of the region for the first time since 2019. Commissioned by the County of Kaua‘i’s Office of Economic Development (OED), UHERO’s comprehensive study aimed to illuminate key sectors, […]
Read MoreIs inflation going the Fed’s way? Depends where you’re looking.
By Byron Gangnes The Fed’s war on inflation has been underway for more than a year. Interest rates have been driven up sharply, with consequences for the macroeconomic outlook—will the economy just slow or drop into a steep recession—but also for households and businesses right now. Many families have been priced out of the housing […]
Read More