Paul T. Prentice, Ph.D. President
Dr. Prentice has over thirty years of experience in macroeconomic forecasting, policy analysis, and linkages to agriculture. He is considered a leading expert on general economic conditions and their impact on agriculture.
Dr. Prentice successfully guided USDA's Economic Research Service through cycles of recession-recovery and inflation-deflation. He provided expert advice to commodity specialists in interpreting the macroeconomic environment as it affects agricultural supply, demand, and prices. Dr. Prentice was instrumental in integrating international economic developments, the domestic economy, and farm financial conditions into a coherent overview. While at USDA, he provided regular briefings to the Office of the Secretary, and produced numerous congressional testimonies.
Dr. Prentice has obtained national recognition for the importance of macroeconomic developments and policies to the entire agricultural sector. His work has resulted in numerous publications on macroeconomic issues of interest to agriculture.
As president of Farm Sector Economics, Dr. Prentice's area of responsibility is in-depth analysis of macroeconomic developments and their implications for agriculture. His analysis includes a broad range of financial and labor market indicators and major National Income and Product Account variables, including the foreign trade sector.
Dr. Prentice is regarded as one of the most popular writers in the field. His clear, concise analysis is widely distributed and quoted in the agricultural and business press -- from the Wall Street Journal to the Farm Journal. He has been interviewed on national TV (NBC, CNN), and was noted in Newsweek as "a respected consultant". As president of Farm Sector Economics and macroeconomics editor of Farm Financial Conditions Review, Dr. Prentice is a valuable addition to any symposium or conference.
- 1985 to present: Founder and President, Farm Sector Economics, Inc., a consulting firm specializing in farm sector financial analysis and macroeconomic linkages to agriculture.
- Developed original business plan, raised outside venture capital, planned and implemented marketing strategy, and created new products and services for the company. Managed the company through a first-year loss, a second-year break-even, and a third-year profit.
- 1999 to present: Adjunct Lecturer, College of Business and Administration, University of Colorado at Colorado Springs.
- Teach a course in Principles of Economics to MBA students.
- 1978 to 1985: Economist for the Economic Research Service, U.S. Department of Agriculture. Specialized in macroeconomic forecasting, policy analysis, and linkages to agriculture.
- Managed a small Project with a staff of 3 and a budget of $200,000. Built it into a full Section with a staff of 7 and a budget of $500,000.
- Initiated The General Economic Outlook, a monthly briefing paper for the Office of the Secretary, USDA. Provided forecasts and analysis of the macroeconomic environment and related it to the agricultural sector. Assisted commodity analysts in interpreting the macroeconomic outlook for their supply, demand, and price analysis. Prepared the General Economy section of Agricultural Outlook, a monthly USDA periodical.
- Prepared numerous background briefings and congressional testimonies. Developed a working knowledge of the forecasting and structural properties of the Wharton, Chase, and DRI econometric macromodels and agricultural models.
- 1972 to 1978: Graduate student, the University of Connecticut. Held several graduate student positions, including Research Assistant and Graduate Assistant. Instructor of Record for a course in Agricultural Marketing.
- Developed a 105 equation nonlinear econometric macromodel with an endogenous agricultural sector. The model captures the major two-way linkages between the general economy and the farm sector. Model estimation was by Kelejian's nonlinear two-stage least squares with Cochrane-Orcutt adjustments for autocorrelation. Model solution is by a Gauss-Seidel iterative procedure.
- Prior to 1972: Assortment of farming, construction jobs, factory jobs, self-employment and undergraduate studies.