Wharton Econometric Forecasting Associates
| Industry | Economic forecasting and consulting |
|---|---|
| Founded | 1969 |
| Headquarters | Philadelphia, Pennsylvania, United States |
|
Key people
|
Dr. Lawrence R. Klein, Dr. Michael D. McCarthy |
Wharton Econometric Forecasting Associates, Inc (WEFA Inc) was a world-leading economics forecasting and consulting organisation founded by Nobel Prize winner Dr. Lawrence R. Klein.
WEFA Inc was a spinoff of the Wharton School of the University of Pennsylvania, where Klein taught. WEFA Inc traced an interesting path (see below for full details) from its predecessor in 1961 (the Economic Research Unit, discussed below), its initial launch in 1969 (as Wharton Econometric Forecasting Associates Inc), to its ultimate merger with DRI (formerly Data Resources Inc.) forming Global Insight in 2001, and subsequent to that, Global Insight's acquisition in 2008 by IHS Inc.
Incorporated in 1969 by the Trustees of the University of Pennsylvania as a "not for profit" organization, WEFA Inc was an outgrowth of the Economics Research Unit (ERU) located in the economics department of the University of Pennsylvania. The ERU, a research unit devoted to graduate economics education, was originally sponsored [in 1961] by grants from five US corporations including, IBM, Bethlehem Steel, John Deere, Exxon and Sunoco.
Among other things, the ERU was originally charged with the maintenance and use of the Wharton Quarterly Model [WQM] and the Wharton Index of Capacity Utilization. Between 1961 and 1969 the number of sponsors increased to the point where a more efficient organization was needed [WEFA Inc] to manage the many projects that grew out of the operation of the Wharton Quarterly Model.
In June 1969, when WEFA Inc was incorporated, Dr. Lawrence R. Klein was appointed board chairman, Dr. Michael D. McCarthy was appointed executive director, and the then Director of the ERU, Dr. F. G. Adams, was appointed secretary-treasurer. Other members of the Board were: The Dean of the Wharton School of Finance and Commerce at the University of Pennsylvania, ex officio, The Chairman of the Department of Economics of the University of Pennsylvania, ex officio, Paul F. Miller, (Board of Trustees of the University of Pennsylvania), Dr. Michael K. Evans (University of Pennsylvania, economics department), Dr. Paul Taubman (University of Pennsylvania, economics department), and Dr. Richard J. Kruizenga,(Chief Economist and Manager, Corporate and Environmental Economics, Standard Oil Co. of New Jersey).
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