Past Preview Speaker

Dr. Stephen Miller

Director, Center for Business and Economic Research at the Lee Business School

Stephen M. Miller is Professor of Economics at the University of Nevada, Las Vegas. He received higher education training at Purdue University, receiving his bachelor's degree with distinction in Engineering Sciences Engineering (a part of the Aeronautical Engineering School), and at the State University of New York at Buffalo, receiving his M.A. and Ph.D. degrees in Economics.

He previously was a faculty member at the University of Connecticut from September 1970 to June 2001, advancing from Instructor to Assistant Professor to Associate Professor to Professor in 1982. He served as Department Head from July 1, 1989 through June 30, 2001. He has held visiting positions with the Federal Reserve Bank of Boston for 5 months in 1978 and with the Congressional Budget Office for 12 months in 1987-88. He retired from the University of Connecticut on June 1, 2001.

He came to the University of Nevada, Las Vegas as Department Chair, a position that he held from July 1, 2001 through June 30, 2012. He guided ten (10) graduate students to completion of their MA degrees and served as an external examiner of three (3) PhD degrees at the University of Pretoria and one (1) PhD degree at the Univesity of Johannesburg. While at the University of Connecticut, he guided eighteen (18) graduate students to completion of their Ph.D. degrees and two (2) students to completion of their MA degrees, former students who now work around the world in academia, international and government agencies, and the private sector. In addition, he served as an associate advisor on numerous other Ph.D. committees. Further, he continued to conduct research with many students beyond their dissertation (PhD) and professional-paper (MA) research.

His research interests span monetary, macroeconomic, and international finance theory and policy; economic growth empirics; financial institutions; and real estate lending. The author of over 130 journal articles and several books and research monographs, his research has appeared in a variety of journals, including the Annals of Regional Science, Contemporary Economic Policy, Contemporary Policy Issues, Economic Inquiry, Economic Modelling, Empirical Economics, the European Economic Review, the International Economic Review, the International Monetary Fund Staff Papers, the Journal of Banking and Finance, the Journal of Development Economics, the Journal of Economics and Business, the Journal of Finance, the Journal of Financial Services Research, the Journal of Forecasting, the Journal of Housing Research, the Journal of International Money and Finance, the Journal of Macroeconomics, the Journal of Monetary Economics, the Journal of Money Credit and Banking, the Journal of Public Economics, the Journal of Real Estate Finance and Economics, Kyklos, the Quarterly Journal of Economics, the Quarterly Review of Economics and Business, the Quarterly Review of Economics and Finance, Regional Science and Urban Economics, the Review of Economics and Statistics, the Scottish Journal of Political Economy, the Southern Economic Journal, Urban Studies, and Weltwirtschaftliches Archiv. His working papers can be accessed at this home page under Current Research Papers or at Research Papers in Economics (RePEc) at http://ideas.repec.org/e/pmi16.html or at the Social Science Research Network (SSRN) at http://ssrn.com/author=48097.

He appears in Who?s Who in Economics, 4th edition, Edward Elgar Publishers Ltd., 2003 and Who?s Who in Business Higher Education, AcademicKeys, 2003. He currently serves as a co-editor of Ekonomia (Journal of the Cyprus Economic Society) and on the Editorial Boards of the Eastern Economic Journal and the Global Economic Review. Moreover, he refereed nearly 600 papers for over 90 different journals, with double-digit reviews for Applied Economics, the Eastern Economic Journal, Economic Modelling, Ekonomia, the Journal of Banking and Finance, the Journal of Economics and Business, the Journal of International Economic Integration, the Journal of International Money and Finance, the Journal of Macroeconomics, the Journal of Money, Credit and Banking, the Journal of Regional Science, the Review of Economics and Statistics, and the Southern Economic Journal.

He founded and chaired the Executive Committee of The Connecticut Economy: A University of Connecticut Quarterly Review, and founded and initially directed of the Connecticut Center for Economic Analysis, which runs an input-output computer model of Connecticut and several of its counties. The Center performs economic impact studies for the Connecticut Department of Economic Community Development, the original purchaser of the model, and others.

Finally, the Speaker of the Connecticut House of Representatives appointed Professor Miller to the Connecticut Economic Conference Board in September 1991, a position he held until his retirement from the University of Connecticut.

2016 Business Voice Interview

Q: What are you most looking forward to in 2016?

A: I look forward to 2016 as the year that we bury the Great Recession and look "Future.Forward" to a better national economy, whose benefits will spill over onto the local economy. For many economic series that the Center for Business and Economic Research follows for the Southern Nevada economy, 2016 will be the year for which these data series surpass the prior peaks reached before the Great Recession. We also note acceleration in the changes in many of these economic series in 2015. Will 2016 see continued pick up in the changes in key fundamental economic data series? Unless the Federal Reserve makes a mistake in its policy decisions or a terrorist event occurs in Las Vegas, we anticipate faster improvement in the Southern Nevada economy.

Q: What is Southern Nevada’s greatest strength, as we transition into 2016?

A: Southern Nevada’s character of independence and innovation provides our economy with the entrepreneurial spirit that can move our "Future. Forward." That entrepreneurial spirit coupled with regulatory and financial support of the government can

lead to a more diversified Southern Nevada economy.

Q: What keeps you up at night?

A: Several things could upset the apple cart of recovery in Southern Nevada. At the national level, any miscalculation by the Federal Reserve could lead to rising inflation or a return to recession. Either of those outcomes could harm the hospitality industry as visitors may think twice before committing to a Las Vegas vacation. The risk of a recession, however, probably presents a larger headache for us in Southern Nevada than rising inflation. At the local level, potentially more harmful, however, is a terrorist event in Las Vegas that would cast a pall over the tourism industry and lead to a downturn in the hospitality sector. People, however, generally overreact to small-probability risks. Thus, a terrorist attack would significantly affect the local economy in the short run, but these effects should dissipate in the longer term.

Q: Where is our community capitalizing on opportunities? Where are we missing out and why?

A: With the interaction of our entrepreneurial spirit and regulatory and financial support of the government, Southern Nevada attempts to diversify its economy. The hospitality industry already diversified its revenue stream into shopping, entertainment, dining, and so on, although those revenue streams still depend on visitors coming to Las Vegas. Southern Nevada misses the boat in preparing the workforce for "Future.Forward" by not doing enough for K-12 and higher education. In addition, as Southern Nevada attracts more retirees, we also miss the boat in not providing a world-class health care system to support those retirees.

Q: Keeping in mind the theme of Preview Las Vegas 2016 is "Future.Forward" and how Southern Nevada can collectively work towards advancing our economy and creating new opportunities for our region, how would you encourage the business community to move "future forward?"

A: The Governor’s focus on education and diversifying the economy are on target. A more diversified economy will make our economy less prone to swings in the business cycle caused by national economic cycles. Moreover, to develop a diversified economy, we need an improved and healthy K-12 and higher education systems that can produce the quality workforce that we need in the "Future.Forward". In addition, as housing affordability improved after the Great Recession, the locational characteristics of Southern Nevada makes us a likely home to new retirees from the baby-boomer generation. After closing the shortage of medical personnel, we need to ensure that the medical capabilities of Southern Nevada can provide world-class health care to our expanding population base. And, relying on our entrepreneurial spirit, we can capitalize on a world-class health care system by making Las Vegas a medical destination and tourism site.

Download the January 2016 Business Voice