Wharton Economic Forecasting Associates
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).
Dr. Michael D. McCarthy served as executive director from June 1969 to December 1970. After joining WEFA Inc as Director of Industrial Research in August 1969, Dr. Ross S. Preston was appointed a board member and executive director of WEFA Inc in December 1970.
Preston served as Executive Director until the spring of 1975, at which time he was appointed Secretary-Treasury of WEFA Inc. During Preston's tenure as Executive Director, WEFA Inc not only expanded its sponcership of the Wharton Quarterly Model [WQM], but also developed the Wharton Annual and Industry Forecasting Model [WAIFM] which integrated input-output theory within the structure of a macro-econometric model. The predecessor of WAIFM was the Brookings Quarterly Model, originally funded by the Social Science Research Council.
The LINK project (also housed at WEFA Inc), which produced the world's first global macroeconomic model, was mentioned in Klein's citation for the Economic Sciences in 1980.
The various organization which acquired the rights to distribute WQM and WAIFM include: 1961-69 Economics Research Unit (University of Pennsylvania) distributes the Wharton Quarterly Model; 1969 University of Pennsylvania Board of Trustees (WEFA Inc is incorporated and takes over distribution of the Wharton Quarterly Model); 1969 WEFA Inc begins distribution of the Wharton Annual and Industry Forecasting Model; 1980 Ziff-Davis Publishing Co. acquires WEFA Inc; 1983 Cie International de Services en Informatique acquires WEFA Inc; 1986 WEF Associates AG acquires WEFA Inc; 1987 WEF Associates AG acquires Chase Econometrics, WEFA Inc becomes WEFA-CEIS; 1994 Information Partners (Bain Capital) acquires WEFA-CEIS; 1997 Primark Corporation acquires WEFA-CEIS; 2000 The Thomson Corporation acquires Primark Corporation; 2001 Global Insight acquires WEFA-CEIS from The Thomson Corporation and merges it with DRI; 2008 IHS Inc. acquires Global Insight.

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Jan 17, 2007... with visiting assignments at other universities in the USA and abroad. ... the WEFA Group (formerly Wharton Econometric Forecasting Associates, Inc.), where ... High-frequency forecasting;; The Quarterly National Income and Product ... The high degree of serial correlation in economic data can be used ...
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Books on the term Wharton Economic Forecasting Associates
Managerial Economics [With Access Code]
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Perhaps the most famous early econometric forecasting firm was Wharton Economic Forecasting Associates (WEFA), founded by Nobel Prize winner Lawrence Klein. A spin-off of the Wharton School of the University of Pennsylvania, where ...
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In 1960, Klein set up the Wharton Economic Forecasting Associates which provides econometric forecasts and other services to corporate government and other clients. He was consultant to Canada Government (1947), UNCTAD (1966, 1967 ...
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What would the economic ramifications be if President Obama's "cap and trade" legislation were to become the law of the land?Sen. James Inhofe, R-Okla., attended the Copenhagen, Denmark, global warming conference, and reported on it to the Senate's Environment and Public Works Committee. This meeting was a follow-up to the 1997 Kyoto, Japan, meeting, where goals were set for nations to reduce their carbon dioxide emissions.However, China, India and other smaller "developing nations" would not commit to any binding emission cuts. In addition, China is also opposed to the mandatory verification rule.(Inspectors would be checking to certify that they were reducing emissions, as per their agreement.) A spokesman for China's foreign ministry remarked, "It is not possible to accept a binding or compulsory target."India's environment minister was equally blunt. "India will not accept any emission reduction target — period. This is a non-negotiable stand."When the Kyoto Treaty was completed in July 1997, the Senate told President Clinton not to submit it to them for approval. In 2003, the Byrd-Hagel resolution was approved 95-0, warning President Bush not to even consider presenting it to them; he accepted their judgment.In Copenhagen though, President Obama offered the developing nations $1.3 billion, if they would endeavor to comply with the treaty's limits. He was told that that amount of money was insufficient.Approaching the end of the Copenhagen meeting, China offered to reduce the amount of their CO2 increase by 40-45 percent, and India indicated they would aim for a 20-25 percent decrease of their projected growth. Yet, if China were to successfully cut their expansion 45 percent by 2020, their emissions would still be 250 percent larger than they were in 2009.Even though a Rasmussen poll found that 59 percent of Americans are against any global warming legislation, the House passed and forwarded to the Senate the Waxman-Markey bill. It meets the Kyoto treaty requirements. Further, recent statements by Todd Stern, the special envoy on climate change, suggests that negotiations to commit America to an emission reduction program are planned.However, Senate approval is needed to pass any proposed legislation. Sen. Inhofe, joined by Sen. Jim Webb, D-Va., does not believe any global warming measures will come before them "anytime soon." Their assessment is that the Copenhagen conference failed.If that "turkey" is ever imposed on us though, it would precipitate an economic disaster in our country. Even the government's Energy Information Administration calculated it would eliminate 2.3 million jobs by 2030, and cost every family $1,700 per year. In addition, the Wharton Economic Forecasting Associates found that if the Kyoto Treaty were implemented here, it would lower our GDP by 3.2 percent ($300 billion annually). This is more than the federal government spends on primary and secondary education. Plus, food prices would rise 11 percent, medicine would go up 14 percent, housing would grow about 7 percent, and the average yearly income of a family of four would decline by $2,700 in the first year.In 2009, it was disclosed that a group of climate scientists in a British university, who were providing the United Nations with global warming data, were "cooking" (falsifying) those figures and statistics, to have them prove their preconceived theories: Global warming is a human-caused phenomenon, known as anthropogenic. But other experts have testified that climate changes are natural, not man-made.The Earth's average global temperature may be rising slightly. However, when I was in college 55 years ago, it was declining, and some observers feared a new ice age was coming. Thus, due to the economic damage these proposed regulations would inflict upon us, if they were passed, we must convince our senators to vote "no" if any of these global warming proposals are put forth. 
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