In this video, three leading economists discuss fiscal policy, including the Federal Reserve’s dual mandate, the “Taylor Rule,” the 2009 stimulus package, the efficacy of temporary tax rebates and the financial crises in Europe.

Employment in Arizona is expanding faster now than in all but three states, based on year-over-year growth in July. Non-farm jobs are increasing more rapidly only in North Dakota, California and Oklahoma. Last year at this time, the Grand Canyon State ranked 35th.

The U.S. economy added 163,000 non-agricultural jobs in July, the largest monthly gain since February, according to the latest employment report from the U. S. Bureau of Labor Statistics.

Arizona non-agricultural employment increased by 2.4 percent year-over-year in June, advancing the state into fifth place in the monthly job creation rankings. Last year at this time, the Grand Canyon State ranked 32nd.

The "big danger" facing Europe today is not the collapse of the Eurozone, but the drift toward a more centralized fiscal union, according to Nobel Prize Laureate and Regents Professor Edward C. Prescott. He spoke at an executive forum held June 9 at the Shanghai National Accounting Institute.

The key message at the Economic Outlook Luncheon was: Plan for long-term improvement in the economy.

How confident are you that you understand background facts on economic issues? Every year at our Economic Outlook Luncheon, we challenge our guests to test their economic acumen, specifically as it applies to the state of Arizona.

Professor Dennis Hoffman, director of the L. William Seidman Research Institute at the W. P. Carey School, gave an analysis of the state’s budget situation. He says taxes on individuals are relatively low in Arizona, and the public pensions are generally solvent.

Job Growth, Arizona EcoomyArizona is adding jobs at a rate that puts the state in the top 10 for job growth, but full economic recovery is still ahead, according to Lee McPheters, economist and director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business.

U.S. Gross Domestic Product (GDP), the measure of the nation's output of goods and services, grew by 2.2 percent in the first quarter of 2012, according to the latest figures from the U. S. Bureau of Economic Analysis.