Janet Louise Yellen (born August 13, 1946) is an American economist. He served as Chairman of the Board of Governors of the Federal Reserve System from 2014-2018, previously serving as Vice Chairman from 2010 to 2014. Previously, he was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chairman of the White House Economic Advisory Council under President Bill Clinton; and business professors at the University of California, Berkeley, the Haas School of Business.
Yellen was nominated by President Obama to replace Ben Bernanke as Chairman of the Federal Reserve of the United States. On January 6, 2014, the US Senate confirmed Yellen's nomination. He was sworn in on February 3, 2014, making him the first woman to hold that position.
Video Janet Yellen
Early life and education
Yellen was born in a Polish Jewish family in Brooklyn, New York City, as Anna Ruth's daughter (nÃÆ' Â © e Blumenthal; 1907-1986), an elementary school teacher and Julius Yellen (1906-1975), a family physician, the ground floor of their house. Her mother quit her job to look after Janet and her older brother, John. He graduated from Fort Hamilton High School in Bay Ridge section of Brooklyn as a valedictorian. He graduated summa cum laude from Pembroke College at Brown University with a degree in economics in 1967. At Brown, Yellen has transferred his planned majors from philosophy to economics and was primarily influenced by professors George Borts and Herschel Grossman. He received his Ph.D. in economics from Yale University in 1971. His dissertation was titled "Employment, Output and Capital Accumulation in the Open Economy: Disequilibrium Approach" under the supervision of Nobel laureates James Tobin and Joseph Stiglitz, later called Yellen one of the most intelligent and most disciplined Unforgettable. Two dozen economists earned their PhD from Yale in 1971, but Yellen was the only woman in the doctor's class.
Yellen married George Akerlof, economist, Nobel Prize in Economics, professor at Georgetown University, and professor emeritus at University of California, Berkeley. Their son, Robert Akerlof, teaches Economics at Warwick University.
Maps Janet Yellen
Careers
Academics
Yellen was an assistant professor at Harvard in 1971-1976, an economist at the Federal Reserve Board of Governors in 1977-78, and a lecturer at the London School of Economics and Political Science in 1978-80. Beginning in 1980, Yellen undertook research at Haas School and taught macroeconomics for a full time and part-time MBA and undergraduate students. He is now Professor Emerita at the University of California, Berkeley's Haas School of Business, where he was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. Twice he has been awarded an outstanding teaching award from Haas School.
Public Services
Yellen served as Chairman of President Bill Clinton's Economic Advisory Council from 18 February 1997 until August 3, 1999, and was appointed as a member of the Federal Reserve Board of Governors from August 12, 1994 to February 17, 1997. He presided over the Committee on Economic Policy Organization for Economic Cooperation and Development from 1997 -1999. Yellen served as president of the Western International Economic Association and former vice president of the American Economic Association. He is a colleague of the Yale Company.
Federal Reserve Bank of San Francisco
From June 14, 2004, to 2010, Yellen is President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. He was a voting member of the Federal Open Market Committee (FOMC) in 2009. After his appointment to the Federal Reserve in 2004, he spoke publicly, and in a meeting of the Fed's monetary policy committee, about his concern about the potential consequences of the housing boom. However, Yellen did not lead the San Francisco Fed to "move to check on indiscriminate loans" from Countrywide Financial, the largest lender in the US.
In a 2005 speech in San Francisco, Yellen opposed the rolling of the housing bubble because "arguments against attempts to deflate a bubble bigger than he wanted" and predicted that the housing bubble "could be big enough to feel like a large bump on the road but the economy is likely to be able absorbing surprises. "In 2010, Yellen told the Treasury Commission Investigation Commission that he and other San Francisco Fed officials sought guidance from Washington because" he did not explore the ability of the Fed's San Francisco to act unilaterally, "according to the New York Times
In July 2009, Yellen was mentioned as a possible replacement for Ben Bernanke as chairman of the Federal Reserve System, before he was nominated back by Barack Obama.
Vice chairman of the Federal Reserve
On April 28, 2010, President Obama was nominated Yellen to replace Donald Kohn as vice chairman of the Federal Reserve System. In July, the Senate Banking Committee voted 17 to 6 to confirm it, although the Republican's top panel, Senator Richard C. Shelby of Alabama, voted no, saying he believes Yellen has an "inflation bias". At the same time, on the heels of testimony linked by Fed Chairman Bernanke, FOMC voting member James B. Bullard of St. Louis. Louis Fed made a statement that the US economy "risks being" entangled in Japanese-style deflation results in the next few years ' ".
Bullard's statement is interpreted as a possible shift in the FOMC balance between inflation eagles and pigeons. Yellen's pending confirmation, along with people from Peter A. Diamond and Sarah Bloom Raskin to fill vacancies, is seen as likely to advance the shift in the FOMC. The three nominations were seen as "on the path to be confirmed by the Senate".
On October 4, 2010, Yellen was appointed for a 4-year term which ends on October 4, 2014. Yellen simultaneously commences the 14-year term as a member of the Federal Reserve Board which will end on January 31, 2024.
Federal Reserve Chairman
On October 9, 2013, Yellen was formally nominated to replace Bernanke as Chairman of the Federal Reserve. During the nominating hearing held on November 14, 2013, Yellen defended the more than $ 3 trillion in stimulus funds that the Fed has injected into the US economy. In addition, Yellen testified that US monetary policy will return to more traditional monetary policy after the economy returns to normal.
On December 20, 2013, the US Senate voted 59-34 to get Yellen's candidacy. On January 6, 2014, he was confirmed as Federal Reserve Chairman by a vote of 56-26, the narrowest margin ever for the position. In addition to being the first woman to hold that position, Yellen was also the first Democratic candidate to run the Fed since Paul Volcker became chairman in 1979. After being elected by the Federal Open Market Committee as chairman on January 30, 2014, he took office on February 3.
On December 16, 2015, while Yellen was chairman of the Federal Reserve, the latter raised its main interest rate for the first time since 2006.
After President Donald Trump's election in November 2016, Yellen vowed to protect Dodd-Frank.
On April 12, 2017, amid speculation about whether Yellen will be reappointed for a second term, Trump has the following exchange with a WSJ reporter. Asked if Yellen "toast" when his term ends in 2018, Trump says, "No, do not toast."
On November 2, 2017, Trump nominated Jerome Powell to replace Yellen when his term ended on 3 February 2018, choosing not to revoke Yellen. Yellen then announced he would leave the Board of Governors of the Federal Reserve at the end of his term as chairman.
Yellen generally received high marks from supporters and critics during his tenure. According to research conducted by The Washington Post in December 2017, the unemployment rate showed the biggest increase since 1948 and, in comparing the "Cumulative S & P 500 back to inflation under the four Fed seats Yellen has the highest returns... no other new Fed chair has seen the market climb so far this far under Yellen. "
After the Federal Reserve
On February 2nd, 2018, the Brookings Institution announced that Yellen will join the think-tank as an Honorable Student. He will be affiliated with Hutchins Center in Fiscal and Monetary Policy, joining his predecessor and former Federal Reserve Chairman Ben Bernanke.
Economic philosophy
Yellen is considered by many on Wall Street to be a "dove" (more concerned with unemployment than with inflation) and thus less likely to advocate a Federal Reserve rate hike, than, for example, for William Poole (former St. Louis President) "Eagle". However, some predictions of Yellen may act more as eagles if economic circumstances dictate.
Yellen is a Keynesian economist and supports the use of monetary policy in stabilizing economic activity during the business cycle. He believes in the modern version of the Phillips curve, which was originally an observation of the inverse relationship between unemployment and inflation. In his 2010 nomination hearing for the Vice-Chairman of the Board of Governors of the Federal Reserve, Yellen said, "The modern version of the Phillips curve model - related to inflationary movements to the level of deterioration in the economy - has solid theoretical and empirical support.
At a Federal Open Market Committee meeting in 1995 while working at the Federal Reserve System Board of Governors, Yellen stated that sometimes allowing inflation to rise could be a "wise and humane policy" if it increases output. At the same meeting he also stated that any reduction of percentage points in inflation results in 4.4 percent loss of Gross Domestic Product.
Awards and awards
Yellen received the Wilbur Cross Medal from Yale in 1997, Honorary Law Doctorate degree from Brown in 1998, and Honorary Doctor of Humane Letters from Bard College in 2000. He received an Honorary Doctorate degree from the London School of Economics in May 2015, making him and her husband "first wife and husband team to hold honorary doctorate from School".
In October 2010, he received the Adam Smith Award from the National Association for Business Economics (NABE).
In 2012, he was elected a Distinguished Fellow of the American Economic Association.
In September 2012, it was included in the 50 Most Influential lists of the Bloomberg Markets magazine.
In 2014, it was named by Forbes as the second most powerful woman in the world. He is the highest ranked American in the list.
In May 2015, Yellen received a Doctoral degree in Social Sciences from Yale University.
In October 2015, Yellen received his honorary Doctor of Law degree from Warwick University.
In October 2015, the Sovereign Wealth Fund Institute put Janet Yellen # 1 in the list of 100 Public Investors
Source of the article : Wikipedia
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