Second IMF stint won't figure into economist's plans

The International Monetary Fund's chief economist since 2003announced on Tuesday that he will step down and return to theUniversity of Chicago early next year.

Raghuram Rajan said he was asked by the lending institution tostay for a second, three-year term, but the university, where he hadworked as a professor, indicated that it wouldn't be able to extendhis leave of absence.

"It is with regret, therefore, that I have told the [IMF's]managing director that I would like to return to the University ofChicago by early next year. I don't use the

word 'regret' lightly because I have enjoyed every minute that Ihave spent here," Rajan said.

The IMF's …