Andrew J. Policano

Andrew J. Policano

Professor Emeritus, Dean's Leadership Circle Endowed Chair

SB2 414



PhD, Brown University
MA, Brown University
BS, SUNY at Stony Brook

Research Interest

Financial Institutions and Markets


Monetary Theory

Business School Trends

Andrew J. Policano is the Dean's Leadership Circle Endowed Professor Emeritus of Economics/Public Policy at The Paul Merage School of Business, UC Irvine. Policano served as dean of the Merage School from August 2004 to June 2013 and was the founding Faculty Director of the Center for Investment & Wealth Management.  In his nine years as dean of the Merage School, more than $55 million was pledged to support the School’s vision and mission.  Furthermore, the School hired more than 20 new faculty members, established eleven new chairs/professorships and broke ground on a new business school building in 2013.  Highly recognized, the Merage School consistently ranks among the top 5-10% of accredited business schools in the world. 

Prior to arriving at UC Irvine, Policano was dean of the School of Business at the University of Wisconsin, Madison, for 10 years.  He received his doctorate from Brown University in economics, and his work in macroeconomics has been widely published.  He has also published numerous papers on higher education and media rankings in addition to his book, Public No More: A New Path to Excellence for America’s Public Universities, from Stanford University Press.

Policano serves on the Board of Directors of two public companies, and he is an active member of the community. He is currently a member of the Investment Committee of the Orange County Community Foundation, The Ernst and Young Entrepreneur of the Year Selection Committee, and the Forum for Corporate Directors Board Member of the Year Selection Committee. He is a past Chair of the Board of AACSB International and has served on the Board of Directors of the Graduate Management Admissions Council. Policano was awarded the Dean’s Leadership Circle Professorship at the Merage School for his many contributions to the School and University. In 2011, Policano was inducted into the inaugural Hall of Fame for the PhD Project for his work helping to increase the number of PhD candidates and therefore the number of business school faculty members from underrepresented minority groups by over 400%.


  • Stony Brook Distinguished Alumnus Award, October 1992
  • Robert A. Jerred Distinguished Service Award, School of Business, UW-Madison, 2003
  • Faculty Award for Distinguished Service, The Paul Merage School of Business, 2005
  • University Faculty Scholar Award, The University of Iowa, 1981.
  • Annual teaching award for Professional Excellence in the Training of Economists, The University of Iowa, 1981 and 1985.
  • Excellence in Teaching Award, Executive MBA Program, University of Iowa, 1988.


National Committees and Academic Board Memberships

  • Director, Graduate Management Admissions Council (GMAC), (2005-    )
  • Chair, AACSB New Issues Committee on Rankings (2005-    )

Other Community Involvement

  • Director, Orange County Business Council, (2005-    )
  • Member, Investment Committee, Orange County Community Foundation, (2004-    )


Major Research Publications

  • "Money Balances, Commodity Inventories and Inflationary Expectations,” Journal of Political Economy,  December 1975,  pp. 1093-1112 (with H. Grossman).
  • "A Choice Theoretic Model of the Optimal Use and Issuance of Trade Credit,” Economic Inquiry, April 1977,  pp. 166-182.
  • "The Effects of Relative Price Changes on the Household’s Demand for Money,” Journal of Monetary Economics,  November 1978, pp. 743-753 (with E. K. Choi).
  • "Labor Contracts Informational Discrepancies and the Role of Monetary Policy,” Journal of Macroeconomics, Winter 1979, pp. 1-21 (with G. Fethke).
  • "Macroeconomic Implications of Employment Tax Credit Policy,” Southern Economic Journal, October 1979, pp. 513-527 (with G. Fethke and S. Williamson).
  • "Co-operative Responses by Public and Private Agents to Aggregate Demand and Supply Disturbances,” Economica, May 1981, pp. 155-171 (with G. Fethke).
  • "Long Term Contracts and the Effectiveness of Demand and Supply Policies,” Journal of Money, Credit, and Banking, November 1981, pp. 439-453 (with G. Fethke).
  • "Optimal Policy Strategies in a Two Country Model Under Flexible Exchange Rates,” International Economic Review, February 1982, pp. 155-170 (with D. Heinson).
  • "Cyclical Implications of Indexing the Minimum Wage,” Journal of Macroeconomics, Winter 1984, pp. 1-21 (with G. Fethke).
  • "Market Efficiency Tests for Technical Analysis,” Journal of Futures Markets, 1984 (with S. Neftci).
  • "Wage Contingencies, the Pattern of Negotiation and Aggregate Implications of Alternative Contract Structures,” Journal of Monetary Economics, September 1984, pp. 151-170 (with G. Fethke).
  • "Will Wage Setters Stagger Negotiations?” Quarterly Journal of Economics, November 1986 (with G. Fethke); reprinted in New Keynesian Economics, Mankiw and Romer, eds. 1992.
  • "Monetary Policy and the Timing of Wage Contract Negotiations,” Journal of Monetary Economics, January 1987 (with G. Fethke), reprinted in Boletin de Informacion Espanola, in Spanish, May 1987.
  • "Timing of Negotiations and Efficiency of Employment Contingent Wage Bargains,” International Economic Review (with G. Fethke), 1991.
  • "Sample Path Properties and Efficiency Using Intraday Futures Data,” Review of Economics and Statistics, (with S. Neftci), 1991.

Other Research Publications

  • "The Current State of Macroeconomics:  A View from the Textbooks,” Journal of Monetary Economics, 1985, pp. 389-397.
  • An Investigation of the Quantitative and Qualitative of Employment Tax Credits, Upjohn Institute for Employment Research, Kalamazoo, Michigan, 1978 (with G. Fethke and S. Williamson).
  • "A Review of 'Money, Inflation, and Uncertainty’,” by C. A. E. Goodhart, Journal of Political Economy, February 1977.
  • "A Review of 'The Political Economy of Monetary Reform’,” ed. by R. Z. Aliber, Journal of Money, Credit, and Banking, February 1980.
  • "Banking Structure Regulation:  A Location Theory Approach,” Journal of Economics, Missouri Valley Economics Association, 1977.
  • "Sticky Wages, Rational Expectations and the Time Paths of Output and Employment,” Journal of Economics, Missouri Valley Economics Association, 1978 (with G. Fethke).
  • "The International Transmission of Disturbances Under Flexible Exchange Rates,” Journal of Economics, Missouri Valley Economics Association, 1980 (with D. Heinson).
  • Congressional Testimony, "Selective vs. General Employment Credit Programs,” published in Hearings before the Subcommittee on Administration of the IRS of the Senate Finance Committee and the Senate Select Committee on Small Business, 1978 (with G. Fethke).

Research in Progress

  • “The Optimal Timing of Earnings Announcements,” (with G. Fethke)
  • “Deaning Matters”

Publications on Business School Trends and Strategy

  • "Public No More: A New Path to Excellence for America's Public Universities", Stanford University Press, May, 2012
  • “Rankings: At What Price?” BizEd, November, 2005
  • “The Innovators—The Current Dynamics of the Business School Industry”, Executive MBA Magazine, Winter, 2003
  • “The Critical Nature of Research in a Top Business School” BizEd, AACSB Int’l, 2002

Academic Experience

  • Dean, The Paul Merage School of Business, University of CA, Irvine, 2004-
  • Executive Director, The California Institute for Management Leadership, 2004-
  • Kuechenmeister Professor of Finance, University of Wisconsin-Madison, 2001-2004.
  • Dean, School of Business, University of Wisconsin-Madison, 1991 – 2001.
  • Professor of Finance, School of Business, University of Wisconsin-Madison,  1991-2001.
  • Dean, Division of Social and Behavioral Sciences; Director, Institute for Decision Sciences, and Professor of Economics, Stony Brook University, 1988-1991.
  • Senior Associate Dean, College of Business, University of Iowa, 1987-1988.
  • Professor and Chairman, Department of Economics, University of  Iowa, 1984 - 1987.
  • Guest Professorship, Institute for Advanced Studies, Vienna, Austria, Spring 1985.
  • Assistant Chairman and Director of Graduate Studies, Department of Economics, Fordham University, 1982 - 1983.
  • Research Associate, Center for the Study of Futures Markets, Graduate School of Business, Columbia University, April 1984 - April 1986.
  • Professor, Department of Economics, Fordham University, 1981-1984.
  • Associate Professor, Department of Economics, University of Iowa, 1979-81.
  • Assistant Professor, Department of Economics,  University of Iowa, 1975-1979.


  • Upjohn Research Institute, 6/77-12/77, "An Investigation of the Macroeconomic Effects of Employment Tax Credits,” (with G. Fethke).
  • Center for the Study of Futures Markets, Columbia University, 4/82-4/83, "A Marked Efficiency Test for Technical Analysis,” (with S. Neftci).
  • Center for the Study of Futures Markets, Columbia University, 4/84-4/86, "Sample Path Properties and Efficiency Using Intraday Futures Data,” (with S. Neftci).
  • U.S. Department of Education; The Minority Research Apprentice Program; $93,900, 1989.
  • U.S. Department of Education; Minority Participation in Graduate Education; $56,000, 1992.
  • U.S. Department of Education; Minority Participation in Graduate Education; $72,480, 1993.
  • IBM Total Quality Partnership; $1,000,000; (with the College of Engineering) 1992-1997.
  • University of Wisconsin Graduate School Research Award, 2003.
  • University of Wisconsin World Affairs and the Global Economy, Research Grant, 2003-2004.

Department, College and University Service

Department of Economics, The University of Iowa       

  • Advisor and Founder, Undergraduate Economics Forum (1976-1981)
  • Advisory Committee (1979-1981)
  • Undergraduate Committee (1978)
  • Graduate Committee (1976, 1977, 1979, 1980)
  • Recruiting Committee (1977-1981)
  • Chair (1984-1987)
  • Chair, Recruiting Committee (1984-1987)

Department of Economics, Fordham University

  • Assistant Chair (1982)
  • Recruiting Committee (1981 and 1982)
  • Chair, Graduate Committee (1982)

College of Business Administration, The University of Iowa

  • Member, Elected Faculty Council (1979)
  • Vice-Chair, Elected Faculty Council (1980)
  • Chair, Elected Faculty Council (1981)
  • Recruiting Committee, Associated Dean for External Affairs (1979)
  • Long Run Planning Committee (1981)
  • MBA Committee (1983)
  • Phillips Chair Recruiting Committee (1985)
  • Executive Committee (1984-1988)
  • Chair, PhD Committee (1987-1988)
  • Senior Associate Dean of Academic Affairs (1987 – 1988)

    -oversight of the following activities in consultation with the Dean

  1. promotion and tenure decisions
  2. faculty recruitment and salaries
  3. faculty development
  4. PhD, MBA and undergraduate programs
  5. multidisciplinary programs with the College of Liberal Arts, Law, Medicine and Pharmacy
  6. computer facilities
  7. staff recruiting and restructuring
  8. college budgeting process
  9. review of academic programs, departments and department chairs
  10. fundraising activities for targeted programs

The University of Iowa

  • Member, Steering Committee, Soviet Studies, 1985-1986
  • Member, Steering Committee, Center for Asian and Pacific Studies, 1986-1988
  • Member, Presidential Lecture Selection Committee, 1987
  • Chair, Academic Review Committee, College of Law, 1987
  • Member, Endowment 1000 Campaign Committee, 1987
  • Member, University Selection Committee for Lottery Proposals, 1987-1988
  • Member, Interview Team for Presidential Candidates, 1988

Stony Brook University

  • Faculty Advisor, Sigma Beta Honorary Society (1990-1991)
  • Chair, Summer Session Advisory Committee (1989-1990)
  • Member, Search Committee for Associate Vice President of the Stony Brook Foundation
  • Member, High School Recruitment Open House Committee (1990-1991)
  • Chair, Council of Deans, Arts and Sciences (1990-1991)
  • Chair, Search Committee for Associate Vice Provost for Special Programs

University of Wisconsin-Madison

  • Member, Chancellor’s Committee on International Education (1992-1993)
  • Member, Honorary Degrees Committee   (1992-1993)
  • Member, Dean’s Search Committee, College of Letters and Science (1992)
  • Chair, UW-Madison-Cargill Core School Partnership (Agriculture/Letters&Science/Engineering/Business)(1995-2001)
  • Member, Committee to Review General Education Requirements (1995-96)
  • Chair, Chancellor’s Task Force on Effective Departments (1995-1996)
  • Member, Dean’s Search Committee, School of Education (1995)
  • Member, LEAD Advisory Board, (1997-2001)
  • Member, Chancellor’s Council (1992-2001)
  • Member, UW-TEC Consortium (Engineering/Business) (1998-2001)
  • Chair, Dean’s Review Committee; School of Education (2002-2003)
  • Member, University of Wisconsin Athletic Board (2002 - 2004)
  • Chair, Finance Committee, UW-Madison Athletic Board (2003 - 2004)

University of California, Irvine

  • Chair, Dean’s Search Committee for inaugural dean, School of Law (2007)
  • Co-Chair, Associate Vice Chancellor Search Committee, UCI Foundation (2006)
  • Trustee, UCI Foundation (2005-2007)

Reviews of Business Schools (partial list)

  • Member, Reaccreditation Review Team, Florida State University, (1997-98).
  • Chair, Reaccreditation Review Team, Boston College, (1998).
  • Member, Reaccreditation Review Team, Ohio State University, (1999).
  • Chair, Appeals Committee, UCLA Accreditation, (2000).
  • Chair, Reaccreditation Review Team, University of Texas-Austin, (2000).
  • Member, Reaccreditation Review Team, University of Washington-Seattle, (2000).
  • Member, Reaccreditation Review Team, Haas School of Business, University of
  • California-Berkeley, (2002).
  • Chair, Maintenance of Accreditation Team, University of Arizona, 2002.
  • Member, Initial Accreditation Team, INSEAD, 2003.
  • Member, Initial Accreditation Team, University of British Columbia, 2003.
  • Member, Initial Accreditation Team, University of Auckland, 2004.
  • Chair, Maintenance of Accreditation Team, Korean Advanced Institute of Science and Technology. 2008.

National Committees and Academic Board Memberships

  • Director, Graduate Management Admissions Council (GMAC), (2005-      ).
  • Chair, AACSB New Issues Committee on Rankings (2005-    ).
  • Director, AACSB International (1997-1998 and 2001-2004).
  • Director, Center for Advanced Studies in Business (1998-2001).
  • Chair, National Task Force on Industry Standards, GMAC (1998-2003).
  • Chair, AACSB International, Blue Ribbon Committee on Accreditation, (1999-2003).
  • Member, Reinvention Center, Undergraduates at Research Institutions, (2002-2005).
  • Board Member, Graduate School of Banking (1992-2001).
  • Co-Chair, National Leadership Committee on Total Quality (1996-1998).
  • Board Member, Wisconsin Public Utilities Institute (1992-1997).
  • Co-Chair, Program Committee, National Total Quality Forum (1996-1997).   
  • Member, National Steering Committee Ph.D. Project (1994-1996).
  • Member, AACSB National Committee on Diversity (1992-1994).
  • Member, National Steering Committee, Total Quality Forum (1992-1993).

Corporate Boards

  • Director, National Guardian Life Insurance (1992-2005).
  • Director, Wisconsin Physicians Insurance Company (1995-2007).
  • Director, Badger Meter, Inc. (1997-    ).
  • Director, Rockwell Collins (2007-    ).

Other Community Involvement

  • Director, Orange County Business Council, (2005-
  • Member, Investment Committee, Orange County Community Foundation, (2004-
  • Member, Investment Committee, Madison Community Foundation, (2000-2004).
  • Co-Chair, High School Curriculum and Program Strategy Task Force, Middleton/
  • Cross Plains School District, (1997-1999).   
  • Vice-Chair, Dane County United Way Combined Campaign State Employees (1996-97).
  • Chair, Blue Ribbon Panel/School Financing, Madison School District, (1995-96).
  • Member, Governor Thompson’s Commission on the Glass Ceiling (1996-2000).   
  • Member, Strategic Planning Committee, Middleton/Cross Plains School District (1994-95).
  • Member, High School Task Force, Middleton, Wisconsin (1992-1993).
  • Member, Madison Board of Education Task Force 2000 (1992-1993).