October 18, 2001

Contact: Phyllis Siefker, School of Business, (785) 864-4449.

Noted economist's lecture on monetary policy slated for Wednesday at KU

LAWRENCE -- One of the nation's best-known economists, Wayne D. Angell, will return to his alma mater next week to deliver the annual University of Kansas School of Business Chandler Lecture. Angell, chief economist for a leading worldwide investment firm and was a member of the Federal Reserve Board for 14 years, will speak at 7:30 p.m. Wednesday, Oct. 24, in Budig Hall.

While on the Federal Reserve Board, Angell served as chair of its Committee on Federal Reserve Bank Activities and chair of the G-10 Committee on Payment and Settlement Systems in Basel, Switzerland.

In April 1994, Angell became chief economist and senior managing director at Bear, Stearns & Co. Inc. He analyzes U.S. and global economic trends at the investment banking, securities trading and brokerage firm.

"We are excited to have an economist of Dr. Angell's prominence here at a time when the economy is at the forefront of people's attention," said William L. Fuerst, dean of the KU School of Business.

Angell will talk about "the trouble with monetary policy."

"The one and only proper goal of monetary policy is a stable value of money and a stable price level. If monetary policy is consistently pulled in the wrong direction by pursuit of conflicting objectives, no other substitute policy can correct the damage. First do no harm," Angell said.

Angell was born in Liberal. He received a bachelor of arts degree from Ottawa University and master's and doctoral degrees from the University of Kansas. In 1956, Angell began an extended career at Ottawa University, first as an assistant professor of economics. He was promoted to full professor in 1959 and served as department chair and, from 1969 to 1972, as dean of the college. After a three-month sabbatical to study economic development in India, Nepal, Burma, Thailand, the Philippines, Hong Kong and Japan, he returned to teaching from 1975 to 1985.

He continued to broaden his economic interests by completing two terms as a director of the Federal Reserve Bank of Kansas City and by two more study visits to Southeast Asia. He added direct business experience as a bank officer, director and consultant with banks and thrifts in Missouri, Kansas and Colorado.

Angell's appearance is part of the annual Chandler Lecture Series, established in 1997 by Anderson Chandler, president of Fidelity State Bank and Trust Co. of Topeka and a vice president and director of First Bank of Newton. Chandler is an alumnus of the School of Business and established this series to bring nationally and internationally known speakers to KU to give speeches on significant topical subjects.

Budig Hall (old Hoch Auditorium) is on KU's Lawrence campus, across from Strong Hall.