The University of Wisconsin's Department of Economics now has funds to establish a new professorship thanks to a $1 million donation announced Monday.

Richard Meese, an economist and expert on foreign currency exchange rates, donated what UW Department of Economics Chair Kenneth West called "as generous a donation as this department has ever gotten" for a new position in applied econometrics at the university.

"The university laid the foundation for my success," Meese, who earned both his master's in 1976 and doctorate in 1978 from UW-Madison, said in a release.

After graduation, Meese took a position in the international finance division of the Federal Reserve Board as a staff economist, where he worked for four years. He then left for the Haas School of Business at the University of California-Berkeley, working as a professor of economic analysis. Since 1998, he has managed research and strategy on global currency products for Barclays Global Investors.

"I had an endowed professorship at UC-Berkeley that supported my research, so I know how important these funds are," Meese noted.

West echoed these sentiments, saying the generous gift will allow the department to hire or retain someone "we'd ordinarily not be able to have or keep here."

The new applied econometrics professorship will benefit students who will take classes taught by a leading expert in the field, West said. Additionally, post-graduate faculty will profit from added insight to collaborative research projects.

Meese said in a release the professorship is meant to be adaptable, so the economics department has the flexibility to "reward faculty members in any subfield of economics who have done noteworthy empirical work."

West said he appreciates Meese's commitment to building a successful program and turning out more well-prepared students.

"This is the sort of gift that's required to maintain our margin of excellence," West said.

Meese will also speak today at 4 p.m. in room 8417 of the Social Science Building.

His talk, titled "The Option Value of a Degree in Economics," will touch on issues pertinent to undergraduates as well as the economics profession and life after graduation.