Press Release No. 03/61

Press Release: Economic Counsellor Kenneth Rogoff Notifies IMF Management of Intention to Return to Harvard University in the Autumn

April 29, 2003

Kenneth S. Rogoff, Economic Counsellor and Director of the International Monetary Fund's Research Department, has notified IMF Managing Director Horst Köhler of his intention to return to his professorship at Harvard University in the autumn when his two-year leave of absence expires, and so that he may resume his teaching and research activities. A successor to Mr. Rogoff, who was named to his current post in June 2001 (see Press Release No. 01/27), will be named in due course.

"For reasons having largely to do with a desire to devote more of my time to research and teaching, I have decided to return to Harvard University next fall, after the Fund's Annual Meetings in Dubai," Mr. Rogoff stated. "I take this difficult decision with mixed emotion, as I am deeply saddened to leave the Fund, where I am fortunate to be surrounded by so many outstanding colleagues. I am grateful to them for teaching me so much, and for their always challenging and creative perspectives on the many difficult problems the IMF faces. I am grateful to the Executive Board of the IMF for their strong endorsement of forward-looking research at the Fund, and of my role as Economic Counsellor in assessing global economic policy. Last but not least, I am grateful to the Managing Director, Horst Köhler, for offering me the opportunity to serve this institution, and for his unflagging trust, confidence and support."

The Managing Director issued the following statement to the Executive Board regarding Mr. Rogoff's decision:

"Ken Rogoff has informed me of his decision to return to Harvard University in the Fall of 2003. While we will have many private and public occasions to express our appreciation of Ken's outstanding service to the IMF and the international community, I would like to say some personal words. Ken has led the World Economic Outlook team during the last few years in an environment of heightened global economic uncertainty and his insights have demonstrated a steadfast and mature approach to international economic policy making. These attributes have contributed to the high stature of the WEO both within the institution and outside. As Director of the Research Department, Ken Rogoff has made important progress in carrying forward a broad research program on topics related to international finance and macroeconomic policy in industrialized and developing economies.

"In this context, I would like to note his efforts to further the intellectual foundation of policies geared towards crisis prevention and sustained growth by broadening the research agenda on capital and trade integration as well as the importance of sound institutions to economic well being. In his role as the Economic Counsellor, Ken has been an integral part of the core economic team at the Fund, providing sound and balanced judgment on the wide range of policy and operational issues facing the institution. Ken Rogoff has also found time to be a forceful interlocutor with the outside world which has helped the Fund become a more transparent institution and also ensured that its activities are depicted and understood with clarity. Ken's departure is a big loss for me," Mr. Köhler stated.