Greenspan Will Speak at June Commencement

The man whose every word can move markets, Federal Reserve Chairman Alan Greenspan, will be the keynote speaker at Harvard's Commencement Day ceremonies on June 10.

As chairman of the Federal Reserve's Board of Governors and its Open Market Committee--the nation's principal monetary policymaking body--Greenspan has been widely credited with preserving the strength of the U.S. economy for more than a decade.

He was appointed chairman of the Federal Reserve in 1987 and has been subsequently re-appointed by Presidents George Bush and Bill Clinton. His current term will expire in 2000.

University Spokesperson Alex Huppe said yesterday that Greenspan is "a wonderful choice for a Commencement speaker."

"[He] is a figure of great distinction, and I think America listens to his every word," Huppe said.

Greenspan, who Time magazine once referred to as one of the world's most influential men, served on the Economic Policy Advisory Board of President Ronald Reagan and was chair of the National Commission on Social Security Reform from 1981 to 1983.

Greenspan also chaired the President's Council of Economic Advisors from 1974 to 1977, a position subsequently held by Baker Professor of Economics Martin S. Feldstein '61.

Yesterday, Feldstein called Greenspan's selection by Harvard "very good news," adding "Dr. Greenspan is an outstanding choice."

"[He] has done an outstanding job as chairman of the Federal Reserve," Feldstein said. "As chairman, he has guided the Federal Reserve to eliminate inflation while maintaining economic growth."

Harvard First Class Marshal Baratunde R. Thurston '99 said Greenspan "has been acclaimed as one of the most influential people in the world today."

"I'm excited because I've never heard himspeak, and I want to know what all the hype isabout," said Thurston, who is a former Crimsonexecutive.

Because of the Federal Reserve's power toaffect the economy, investors have long paid closeattention to Greenspan's public statements.

During a 1996 speech at the American EnterpriseInstitute, a Washington-based think tank,Greenspan asked his audience whether stock marketgains might have been due to "irrationalexuberance." The next morning, markets tumbledworld-wide, with the Dow Jones industrial averagefalling 140 points before recovering.

"I hope he doesn't say something too crazy [atCommencement] or the world will go insane--makingthe stock market crash or something," Thurstonsaid.

But Feldstein expects Greenspan's speech to gobeyond markets and finance.

"Greenspan can inform us about a wide range ofthings, from the changing role of the US in theworld economy to the process of policy formationin Washington," Feldstein said.

"He's a man who's had experience in governmentnow over several decades, so he brings a long termview of economic issues and of the way Washingtonworks," he added.

In the past, Greenspan has been appointed tothe President's Foreign Intelligence AdvisoryBoard, the Commission on Financial Structure andRegulation, the Commission on an All-VolunteerArmed Force and the Task Force on Economic Growth.

In 1948, Greenspan graduated summa cum laudewith a bachelor's degree in economics from NewYork University. He received a masters degree ineconomics in 1950, and a Ph.D. in economics in1977, also from NYU. Greenspan has performedadvanced graduate study at Columbia University.

Each year, the Harvard Alumni Associationchooses a speaker for the Commencement Day'safternoon meeting, which occurs after degrees havebeen conferred on Commencement Day. ThisCommencement will be the 348th held by theUniversity.

Recent Commencement speakers include MaryRobinson, U.N High Commissioner for Human Rightsand former President of Ireland, U.S. Secretary ofState Madeleine K. Albright, Harold Varmus,director of the National Institutes of Health,Vaclav Havel, president of the Czech Republic, andVice President Al Gore '69

"I'm excited because I've never heard himspeak, and I want to know what all the hype isabout," said Thurston, who is a former Crimsonexecutive.

Because of the Federal Reserve's power toaffect the economy, investors have long paid closeattention to Greenspan's public statements.

During a 1996 speech at the American EnterpriseInstitute, a Washington-based think tank,Greenspan asked his audience whether stock marketgains might have been due to "irrationalexuberance." The next morning, markets tumbledworld-wide, with the Dow Jones industrial averagefalling 140 points before recovering.

"I hope he doesn't say something too crazy [atCommencement] or the world will go insane--makingthe stock market crash or something," Thurstonsaid.

But Feldstein expects Greenspan's speech to gobeyond markets and finance.

"Greenspan can inform us about a wide range ofthings, from the changing role of the US in theworld economy to the process of policy formationin Washington," Feldstein said.

"He's a man who's had experience in governmentnow over several decades, so he brings a long termview of economic issues and of the way Washingtonworks," he added.

In the past, Greenspan has been appointed tothe President's Foreign Intelligence AdvisoryBoard, the Commission on Financial Structure andRegulation, the Commission on an All-VolunteerArmed Force and the Task Force on Economic Growth.

In 1948, Greenspan graduated summa cum laudewith a bachelor's degree in economics from NewYork University. He received a masters degree ineconomics in 1950, and a Ph.D. in economics in1977, also from NYU. Greenspan has performedadvanced graduate study at Columbia University.

Each year, the Harvard Alumni Associationchooses a speaker for the Commencement Day'safternoon meeting, which occurs after degrees havebeen conferred on Commencement Day. ThisCommencement will be the 348th held by theUniversity.

Recent Commencement speakers include MaryRobinson, U.N High Commissioner for Human Rightsand former President of Ireland, U.S. Secretary ofState Madeleine K. Albright, Harold Varmus,director of the National Institutes of Health,Vaclav Havel, president of the Czech Republic, andVice President Al Gore '69