Was the Fed a Bad Idea?

Wake Forest University will host a two-day conference that considers the relevance and necessity of the Federal Reserve. The program, organized by the Economics Department at Wake Forest University and sponsored by the BB&T Center for the Study of Capitalism, will be held on Feb. 11-12.

The Fed's centennial is approaching and we anticipate much oratory, books, conferences, and papers singing its praises. Perhaps this praise is warranted; perhaps it is not. The purpose of this conference is to examine whether or not such praise is truly warranted. Scholars have been invited to present papers that support and/or contradict the conference title’s assertion by carefully examining the historical record. This conference is being organized by the Economics Department at Wake Forest University and is sponsored by the BB&T Center for the Study of Capitalism.

Click here to register for the conference. Students do not need to register.

Tentative Agenda:

Friday February 11, 2010

11:00 a.m.
J. Daniel Hammond, Wake Forest University
“Milton Friedman and the Federal Reserve: Then and Now”

2:00 p.m.
John A. Allison, Wake Forest University, BB&T Chairman and CEO (retired)
“The Practical Impact of the Federal Reserve on Decision Making in Large Financial Institutions”

4:00 p.m.
John A. James, University of Virginia
David F. Weiman, Barnard College
“Panics and the Disruption of Private Payments Networks: The United States in 1893 and 1907”

7:00 p.m.
Thomas Sargent, New York University
Keynote Address:  “Drawing Lines in U.S. Monetary and Fiscal History”

Saturday, February 12, 2010

8:30 a.m.
Jeffry Miron, Harvard University 
“Has Economic Performance Improved Since the Founding of the Fed?”

10:30 a.m.
George Selgin, University of Georgia
Lawrence H. White, George Mason University 
“Has the Fed Been a Failure?”

1:30 p.m.
Richard Sylla, New York University 
“Bank Failures and Output”

3:30 p.m.
John H. Wood, Wake Forest University
“A Comparison of the Independent Treasury and the Federal Reserve System as Congress’s Agents for ‘The Regulation of the Currency’”

Marketing Summit Pep Rally

Are you looking for an opportunity to be involved with the largest student run event at Wake Forest University?  Stop by to find out about the possibilities. During Marketing Summit weekend (Feb. 3-5), volunteers will have the opportunity to interact with fellow Wake Forest students, faculty and staff, as well as students visiting from other universities, and visiting executives.

Stop by Worrell 3209 on Thurs., Jan. 20, from 4-5 pm to learn about ways to volunteer and get in on the action! Also visit the official website (www.marketingsummitlive.com) for more details. 

Lunch and Learn at Targacept

You are invited to join the Healthcare Club on its next company visit. This is a great opportunity to visit Targacept, a firm that works on the forefront of drug discovery and resides within Winston-Salem. The club will visit Targacept on Wed., Jan. 19, for a “Lunch and Learn” tour of their facilities. 

Attendees will meet at 12:30 pm in the Worrell business lounge and return around 2:30pm. There will be a carpool from the school but it is not an issue if you would need to meet us there. 

Boxed lunches will be provided prior to the facility tour as we receive an overview of the company from Debra Perret, the company’s communications coordinator. The tour and science-focused aspects of our visit will be led by Melissa Joseph, Ph.D. of Targacept's analytical R&D group. Additionally, Targacept is the case sponsor for this year’s Biotechnology Case Competition, which makes this an excellent opportunity to get involved and learn about our sponsor. Also, this is a unique chance to see firsthand, the operations of a firm that is discussed during class.

Please reply to Justin Kistler at kistjt0@wfu.edu by Sun., Jan. 16 at 6 pm if you plan to attend. There are limited spots, so the earlier you respond, the better chance you have of reserving a spot. Feel free to visit Targacept's website for more information and an overview of the products that it is developing to target nervous system diseases and disorders (www.targacept.com).

Lankau Tapped For Diversity Role

I am very pleased to announce that professor Melenie Lankau will assume the role of associate dean of diversity for the Wake Forest University Schools of Business, effective immediately. In her new role, Melenie will work with the leadership of the Schools to further develop our strategy focused on diversity enrichment and inclusiveness, providing direction and support to enhance our faculty and staff recruiting, retention, and development efforts.

Melenie will also work with other areas in the Schools of Business, including student services and admissions, to coordinate and support our diversity efforts in student recruiting and retention, and will serve as the primary liaison with University-wide diversity initiatives. Given the importance of diversity and inclusion as a key pillar in our future success and our ability to provide a rich, multi-cultural learning experience for students, finding the right person to spearhead our efforts was critical.

Melenie brings 14 years experience in teaching and conducting research on diversity-related topics. Over half of her research publications have focused on conceptual and empirical studies relating to diversity and inclusion in the workplace. In addition, she has served as a consultant and trainer to corporations on their multicultural efforts, and her role at the University of Georgia included diversity recruiting and retention of students.

Please join me in congratulating and welcoming Melenie to her new role. We look forward to the vision that she will drive for our Schools.

Best regards,

Steve

Steve Reinemund
Dean of Business
Wake Forest University
Schools of Business

Let’s Be Reasonable

Marshall Schminke, a professor of business ethics at the University of Central Florida, will visit campus on Wed., Feb. 9, to deliver a lecture: The Role of Reason and Emotion in an Ethical Climate. The lecture will take place from 4-6 pm at a location to be determined.

Combining management theory with ethical theory sheds light on today's organizational dynamics, revealing much about contemporary themes such as leadership, corporate character, and corporate social responsibility. Both reason and emotion play an important role in establishing and maintaining an ethical climate.

Welcoming the Brightest Prospects

The Wake Forest University Schools of Business welcomed 29 of the nation’s brightest undergraduate students to campus Jan. 7-9 for the 4th Annual Accounting Diversity Consortium.

Participants were juniors and seniors from 27 different universities throughout the U.S., selected from over 120 applicants. This year’s group has an average GPA of 3.76.

The event, which is produced by the Schools of Business and funded by Ernst & Young, is designed to help students from underrepresented groups find out more about the Wake Forest Master of Science in Accountancy (MSA) program. Students learned about the curriculum, extracurricular activities and internships available through the highly respected Wake Forest MSA program.

The program has one of the highest first-time CPA exam passing rates in the nation, is ranked in the top 5% in the nation by the U.S. News and World Report, and holds the separate AACSB accounting accreditation.

“We have rigorous current curriculum, faculty committed to excellence in education, small class sizes, and an intense review course in preparation of the CPA exam," said Yvonne Hinson, Schools of Business professor and director of the MSA program (right). "Our students also have the opportunity to choose from three tracks and electives in line with their personal passions to create a truly unique experience."

Students who attended the Accounting Diversity Consortium hail from schools such as: Florida State University, Morehouse College, The Ohio State University, and Syracuse University.

"I am very impressed with the Wake Forest MSA program, the campus, and the faculty," said Christopher Johnson, a junior from Fort Valley State University. "I like the ethical approach and the value of student quality versus quantity."

The intimate learning environment that Wake Forest offers prompted Whitney Carter, a Consortium attendee and senior accounting major from the Ohio State University, to apply to the MSA program. "My undergraduate education has been phenomenal, but now I want something that is different and on a smaller scale. I feel I can benefit more from one-on-one learning experiences in graduate school," she said.

Student ambassadors Saida Khan (MSA '11) and Jerome Conley (MSA '11) led the group on a campus tour, followed by a panel discussion with Wake Forest alumni. Joy Clark (MSA '09), Karrah Clay (MSA '08), Brendan Enick (MSA '07), Megan Jones (MSA '09) and Nicole Yembra (MSA '10), who work in various positions at Ernst & Young locations, answered questions about the learning environment at Wake Forest, the difficulty of coursework, and what makes the program stand out from others.

"The case studies, real-world experiences and teamwork will prepare you for what we do now on a daily basis," Enick said.

"I was overwhelmed during my first few months of the program, but my professors were so willing to sit down and work with me and help me understand," Clay said.

"When you earn your MSA from Wake Forest, firms will assume you are a quality professional," Jones added.

Ernst & Young has partnered with the University on the Consortium since its inception and provides the funding for all students to attend the event. "When you think about the focus on diversity of thought and perspective and how valuable that is to Wake Forest and our firm, it only makes sense that we invest in these incredibly bright and diverse students who can enhance the program and ultimately become leaders in the profession," said Ken Bouyer, the Americas Director of Inclusiveness Recruiting for Ernst & Young.

In his closing remarks, Bouyer encouraged the students to seek out mentors, stay focused and ask for help along the way. "Don't be happy just to be here. Push forward, strive farther, and pursue excellence," he said.

Meeting Warren Buffett

A group of students from the Wake Forest University Schools of Business are set to board a plane Thursday, Jan.  13, to travel to Omaha, Neb., where they will spend two days meeting executives from Berkshire Hathaway, including Warren Buffett.

This year, roughly 20 students from the classes of 2010 and 2011 were selected to attend. Matt Clewis (Charlotte MBA 2010) was largely responsible for putting this year’s trip together.

The group will have a busy schedule, and we are going to provide online updates, pictures, etc., as participants share their experiences. More information will be available on the Schools of Business website as well.

Tentatively, our students have the following items lined up for Friday, Jan. 14.

• A Q&A and tour at Berkshire Hathaway subsidiary Nebraska Furniture Mart

• A Q&A session with Warren Buffett in The Kiewit Building. Attendees were required to read The Snowball prior to traveling. They will dine with Buffett after the session.

• A Q&A and tour of Borsheims, another Berkshire Hathaway subsidiary

Congratulations to the students who were selected and safe travel over the next few days!