Researchers at the Federal Reserve Bank of Minneapolis and throughout the economics profession lost a friend, a colleague and a careful, prolific scholar when S. Rao Aiyagari
Between 1986 and 1996, Aiyagari was a research economist and officer at the Minneapolis Fed. Before joining the Fed, he taught economics at the University of Wisconsin, Madison, and Carnegie-Mellon University, Pittsburgh. Last fall he fulfilled a dream of returning to academia when he accepted a position as a full professor at the University of Rochester, New York.
Aiyagari made significant contributions to the economics literature,
primarily in the areas of macroeconomics, monetary theory and intertemporal
general equilibrium theory. He published a large number of papers
in professional academic journals and was a major contributor to
the Minneapolis Fed's Quarterly Review. From 1992 to
1996 he was an associate editor of that publication.
The idea for the Minneapolis Fed's 1995 conference to honor the work
of Robert E. Lucas, Jr.before Lucas won the Nobel Prize in economics
later that yearwas Aiyagari's (The
Region, December 1995). Lucas has said that the conference
Aiyagari organized "ranks high among the professional pleasures and
honors I have received."
Aiyagari held a doctorate in economics from the University of
Minnesota and master's degrees in economics and physics from Jawaharlal
Nehru University and the Indian Institute of Technology, New Delhi,