Knoop featured in BBC article

David Joyce Professor of Economics and Business Todd Knoop was featured in a BBC article for correctly predicting how the economy would react when the pandemic began.

Todd KnoopThe article reads:

When the BBC spoke with Mr. Knoop last June, he was hopeful government spending and monetary policy would keep the economy from totally collapsing.

So what actually happened?

Mr Knoop’s prediction was right on the money. Congress passed a series of aid packages worth trillions of dollars. He believes these supports, which included direct payments to Americans and extended unemployment benefits, helped keep many people afloat even when they were out of work.

“In almost every factor, things have turned out better than worst-case scenario, and that’s great,” says Mr Knoop now.

The GDP has rebounded, 6.4% in the first three months of the year.

The article also points out that he correctly predicted how some industries would fare better than others. 

Knoop, who has taught at Cornell College since 1998, studies the history of recessions and economic inequality and has written several books: “The Traveling Economist: Using Economics to Think about What Makes Us All So Different and the Same,” “Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust,” “ Global Finance in Emerging Market Economies,” “Recessions and Depressions: Understanding Business Cycles,” and “Modern Financial Macroeconomics.”  His most recent book is “Bigger Pies and Just Deserts: Understanding Economic Inequality.”