A Changing of the Guard for Minnesota State Economist

St. Paul, MN: Minnesota’s state economist provides crucial, non-partisan economic research and analysis that helps drive state budget development and track the state’s financial performance. After 11 years in the job, Dr. Laura Kalambokidis is preparing to turn over the state’s economic forecasting and revenue reporting duties to Dr. Anthony Becker on June 30.

Minnesota’s twice-annual economic forecasts look at many factors that can influence state revenues and expenses. The documents provide predictive data state policymakers and legislators use to guide spending decisions. The integrity of the work requires that it be done based on sound data and economic principles without partisan influence.

In addition to preparing forecasts, the Economic Analysis unit that Dr. Kalambokidis leads at Minnesota Management and Budget (MMB) also provides monthly reports on state revenues, showing how the state is performing compared to the most recent forecast.

“It has been fascinating to pair economic theory with real world data in such an impactful way,” Dr. Kalambokidis said. “There are so many factors to consider in building a forecast: U.S. economic outlook, federal monetary policy, Minnesota’s labor market, tax law changes, and other revenue drivers and risks. Situations can change quickly, and the data we have at the time we develop the forecast isn’t always predictive of what we can expect in the future. I’ve been fortunate to lead a great team of very knowledgeable, dedicated economists at MMB, and I know they will help provide a smooth transition for Dr. Becker.”

Dr. Kalambokidis served in the role throughout the economic uncertainties created by the global COVID-19 pandemic and the U.S. response to it. “There was no modern precedent for the pandemic that we could look at to predict likely economic outcomes and timing,” she said. “While some economic impacts are still being felt across the nation and here at home, our most recent forecast shows Minnesota remains in a healthy financial position.”

Although Dr. Kalambokidis is leaving her post at MMB, she will continue to teach in the Applied Economics Department and to serve as an extension economist at the University of Minnesota.

“Dr. Kalambokidis has done a tremendous job as Minnesota’s state economist for more than a decade,” said MMB Commissioner Erin Campbell. “I thank Dr. Kalambokidis for her service to Minnesota and wish her the very best in her continued work at the University of Minnesota and beyond.”

Before Dr. Kalambokidis leaves MMB, she will be joined by the newly selected state economist, Dr. Anthony Becker.

“I am very pleased to announce Dr. Becker has agreed to become our next state economist,” Commissioner Campbell said. “His many years studying and teaching economics, including nearly 40 years as a professor at St. Olaf College, have provided Dr. Becker with a strong background in economics at the state as well as national and global levels.”

Dr. Becker is a professor of economics at St. Olaf College in Northfield, MN, where he has been on the faculty since 1987. There he has served as the Husby-Johnson Professor of Business and Economics from 2016 to 2019, chair of the Economics Department from 2012 to 2020, and chair of several faculty committees. He has also worked as a consultant in economic analysis and as an expert witness in economic damages.

He has been a visiting professor at the Universidad Nacional in Costa Rica and affiliate faculty at the Universidad Nacional del Litoral in Santa Fe, Argentina. Dr. Becker was also a visiting professor at Middlebury College in Vermont.

Dr. Becker holds a Ph.D. and a master’s degree in economics, both from Duke University, and a bachelor’s with Honors in economics from the University of Maryland at College Park. A published author, he is a member of the American Economic Association, American Society of Hispanic Economists, National Association of Forensic Economists, and Western Economic Association International.

“Economic forecasting has been a passion of mine since my time in graduate school, and it is an honor to use the knowledge and experienced I’ve gained over the years in service to Minnesota,” Dr. Becker said. “Dr. Kalambokidis is highly respected in and out of state government, and it is a great privilege to take over this important work from her. I look forward to continuing her high standards of transparency and objectivity and her commitment to following the data to give the Governor and Legislature the most accurate and meaningful forecasts possible.”

Contact

Patrick Hogan, Enterprise Director of Communications and Marketing
Minnesota Management and Budget
Phone: 651-259-3737
Email: patrick.hogan@state.mn.us