RESERVE BANK GOVERNOR GLENN STEVENS GIVES THE SCHOOL OF ECONOMICS’ INAUGURAL WARREN HOGAN MEMORIAL LECTURE

19 January 2012

In July 2011 the School of Economics held its inaugural alumni event, with a reception at the New Law School, at which the guest speaker was the distinguished economics graduate of the University, Mr Bill Evans (BEc Hons ’73), Chief Economist at Westpac Bank.

Rounding out its first year of existence, this event has been followed, on 8 December 2011, by the inaugural Warren Hogan Memorial Lecture, sponsored by the School. The Lecture is to be an annual event, in memory of a distinguished and long-serving University of Sydney Professor of Economics (from 1968 to 1998). The 500-seat Eastern Avenue Auditorium was booked out for the event.

Following complimentary drinks and canapés, formal proceedings began with Professor Tony Aspromourgos providing a short commentary on the career of Warren Hogan, concluding with the reflection that his life

may serve as an exemplar of what a School of Economics, as a collective entity, might aim to be: engaged in rigorous and expansive academic research and education, with a view to informing and contributing to public policy, to business decision-making and organization, and to civil society, in particular, via the activities of service organizations.

Then the Memorial Lecture proper was presented by another distinguished economics graduate of the University, Mr Glenn Stevens (BEc Hons ’80), Governor of the Reserve Bank of Australia. Prior to his presentation, Mr Stevens was able to speak with members of the late Warren Hogan’s extended family who were present.

Mr Stevens’ speech focussed on the topic of financial instability and international financial imbalances, with some reference to both the unfolding financial events since 2007 and the current situation within the eurozone. In this context he further offered thoughts on the prospects for global and national financial regulation, and the role, now and into the future, of official capital flows and official foreign currency reserves. He also linked much of this to Warren Hogan’s own research on financial economics, most notably, his 1982 book (with Ivor Pearce), The Incredible Eurodollar (3rd edition, 1984). Following his speech, Mr Stevens also parried ‘questions without notice’ from the audience.

The text of the speech has been published in the Reserve Bank of Australia Bulletin (December, 2011), available from the RBA website (http://www.rba.gov.au). After the lecture, a good number of alumni and other friends of the University present enjoyed drinks at the neighbouring Law School café. Another event for alumni will be held in 2012, either in Autumn or Spring, and the School looks forward to again welcoming many Economics alumni back to campus on that occasion.


The pictures from the events are listed below. Please click on the thumbnail to view the larger images