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Contact Information: Tanya Klein Public Relations 973-596-3433

NJIT Business Professor Forecasts 2014 Economic Outlook at Chicago Fed Board Symposium

William V. Rapp, Henry J. Leir Chair in International Trade & Business and Research Professor, NJIT School of Management

Economic growth will rise to 3.1 percent in 2014, while unemployment will fall to 6.9 percent by December of 2014, NJIT Leir Research Professor William V. Rapp, PhD told economists and others last week at the 27th Annual Economic Outlook Symposium sponsored by the Federal Reserve Bank of Chicago.

“My predictions last year were 3 percent real growth, 2 percent inflation and 7.3 percent unemployment, considered optimistic at the time, but turned out to be close to the mark though on the low side,” Rapp explained.

The first Henry J. Leir Professor of International Trade and Business in the NJIT School of Management, Rapp was again invited to participate in the annual event, which draws the nation’s top business minds. Rapp is well-regarded worldwide for his research on international business, information technology strategy and financial institutions, especially those using technology to gain a competitive advantage.

Before joining NJIT in 2000, Rapp enjoyed an extensive international career in academia, business and government. He arrived at NJIT following a year in Japan as a Fulbright Scholar and APSIA Visiting Professor at Ritsumeikan University in Kyoto. While there, he assessed the political economic impact of Japan’s rapidly aging population while lecturing on the Asian financial crisis and the history of investment banking.

More recently, Rapp has directed the Leir Financial Bubble Research Center at NJIT’s School of Management funded by Ridgefield Foundation. He developed an undergraduate distance learning course on international business under a NJ-I Tower grant and a graduate distance learning Capstone course on strategic management.  He finished a project on Japanese convenience stores and has begun another project on the globalization of major US law firms.  He is currently leading a real-time online case study initiative that includes studies on UPS, Dendrite, Pfizer, Toyota and Apple.

Rapp has written upwards of 90 individual and joint publications on aspects of trade, international business, and corporate strategy plus presented papers, given congressional testimony and public speeches on these topics. His major fields of policy, economic and business research include product cycles, trade and investment strategies, industrial policy, international finance, intellectual property, information technology, US-Japan competitive interaction and Japanese economy and business. With support from the Sloan Foundation, he wrote Information Technology Strategies (Oxford Press, 2002, 2004) which was translated into Japanese and published there in 2003. More recently he edited and contributed to a book on Bubbles through Kindle Publishing Boil, Bubble, Toil And Trouble.

Rapp received his doctorate from Yale University in economics as a National Science Foundation Fellow. His master’s degrees in economics and Japanese Studies are from Yale and Stanford Universities, the later as a Ford Foundation Fellow. His bachelor's degree in economics is from Amherst College, magna cum laude and Phi Beta Kappa. He also recently completed a JD with Honors from Pace and a LLM in tax from NYU.

One of the nation's leading public technological universities, New Jersey Institute of Technology (NJIT) is a top-tier research university that prepares students to become leaders in the technology-dependent economy of the 21st century. NJIT's multidisciplinary curriculum and computing-intensive approach to education provide technological proficiency, business acumen and leadership skills. With an enrollment of more than 10,000 graduate and undergraduate students, NJIT offers small-campus intimacy with the resources of a major public research university. NJIT is a global leader in such fields as solar research, nanotechnology, resilient design, tissue engineering, and cyber-security, in addition to others. NJIT ranks 5th among U.S. polytechnic universities in research expenditures, topping $110 million, and is among the top 1 percent of public colleges and universities in return on educational investment, according to PayScale.com.