WASHINGTON (AP) — J. Dewey Daane, a noted expert on monetary policy who was nominated to serve on the Federal Reserve board by President John F. Kennedy, has died. He was 98.

His death Tuesday in Nashville was announced by Vanderbilt University where Daane had been a longtime professor at the Vanderbilt Owen Graduate School of Management.

Before joining the faculty at Vanderbilt in 1974, Daane had 35 years of combined government service in the Federal Reserve System and at the U.S. Treasury Department.

He served as head of research at the Federal Reserve Bank of Richmond and deputy undersecretary for monetary affairs at Treasury. He was nominated by Kennedy as one of seven members of the Fed's board in 1963. He remained on the board until 1974.

At Vanderbilt, Daane focused on the evolution of the international monetary system and on monetary and fiscal policy. In a statement, former Fed Chairman Paul Volcker said, "Dewey never retired. Up until his 98th year, he took enormous pride in the Vanderbilt and Nashville communities, where he became a fixture."

Vanderbilt Chancellor Nicholas S. Zeppos said in a statement that Daane's expertise in monetary affairs "established the high standard for our curriculum in finance and financial market research."

Survivors include Barbara McMann Daane, his wife of 53 years, and three daughters.