2013. Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution and a professor emeritus at the University of California, Berkeley, Haas School of Business. [67], In October 2015, Yellen received an honorary Doctor of Laws degree from the University of Warwick. "[29], On October 4, 2010, Yellen was sworn in for a four-year term that ended on October 4, 2014. [10][7], Yellen graduated summa cum laude from Pembroke College in Brown University with a degree in economics in 1967. [2] President-elect Joe Biden has announced he will nominate Yellen to serve in the Cabinet as the United States Secretary of the Treasury. [33], On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. The articles are written by economists at the St. Louis Fed, and are for a general audience. Robert Akerlof now teaches economics at the University of Warwick. [19], From June 14, 2004, until 2010, Yellen was the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. [56] However, some predicted Yellen could act more as a hawk if economic circumstances dictate. "Is there a J-curve?,", Yellen, Janet L, 1984. This decentralized structure ensures that the economic conditions of all areas of the country are taken into account in the making of monetary policy. [80], Yellen and Akerlof have collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing. She was the first woman to head the Federal Reserve.[1]. Economist (April 2020) All Research Economists Research Fellows Visiting Scholars Emeritus The list below is a selected sample of scholars who have visited the Federal Reserve Bank of St. Louis. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. All three nominations were seen as "on track to be confirmed by the Senate. After receiving her doctorate, Yellen was an assistant professor at Harvard from 1971–76. Notably, she oversaw a program to sell Treasury and mortgage bonds that the Fed had purchased to stimulate the economy. The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. 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[20] She was a voting member of the Federal Open Market Committee (FOMC) in 2009. The Fed slashed interest rates … September 16, 2020: FOMC Projections materials, accessible version Accessible version. “Work of the Past, Work of the Future.” AEA Papers and Proceedings 109(May), pp. Economists Economists at the Federal Reserve Board conduct cutting edge research on a broad range of topics in economics and finance and contribute substantive policy analyses used by the Board of Governors and the Federal Open Market Committee. [71][72][73], Yellen is married to George Akerlof, economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University, and professor emeritus at the University of California, Berkeley. Globalization Institute. In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, "The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support. Yellen explained that this assumption can be made due to her belief that banks are "very much stronger" as a result of Federal Reserve oversight. The Structure and Functions of the Federal Reserve. [49] She will be affiliated with the Hutchins Center on Fiscal and Monetary Policy, joining her predecessor and former Federal Reserve Chair Ben Bernanke. "[43] On December 11, 2018 Yellen later warned of the possibility of a financial crisis by citing "gigantic holes in the system" after her departure from the Federal Reserve. Skip to main content. Autor, David H. 2019. Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution who served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. [13][14] Truman was a junior professor at Yale and heard her oral exam, and had recently taken over the Fed's Division of International Finance. [70], On May 27, 2016, at the Radcliffe Day luncheon during Commencement week, Yellen received an honorary Radcliffe Medal and spoke to guests. This interview was a change in tone for Yellen, who traditionally handled her differences with Trump in a neutral manner. [21] Following her appointment to the Federal Reserve in 2004, she spoke publicly and in meetings of the Fed's monetary policy committee, about her concern about the potential consequences of the boom in housing prices. This page was last edited on 2 December 2020, at 21:32. The Federal Reserve will probably keep interest rates at zero when it meets this week. "[24] In 2010, Yellen told the Financial Crisis Inquiry Commission that she and other San Francisco Fed officials looked for guidance from Washington because "she had not explored the San Francisco Fed's ability to act unilaterally," according to the New York Times. [66] In May 2015, Yellen received an honorary Doctor of Social Science degree from Yale University. Enjoy full access to nearly 760,000 economic data series from 102 regional, national, and international sources. For a newly minted Ph.D. in economics or an experienced economic researcher, an economist position at the Federal Reserve Bank of New York may be the dream job of a lifetime. "[25], In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as chair of the Federal Reserve System, before he was renominated by Barack Obama. [45] After Trump's decision, Yellen announced that she would leave the Federal Reserve Board of Governors at the end of her term as chair.[46][47][48]. Information about becoming a research assistant at the Federal Reserve Bank of Chicago. [32] Additionally, Yellen testified that U.S. monetary policy is to revert towards more traditional monetary policy once the economy is back to normal. She is now a professor emerita at the University of California, Berkeley's Haas School of Business where she was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. [2] Two dozen economists earned their Ph.D from Yale in 1971, including Uri Possen and Gary Smith, but Yellen was the only woman in that doctoral class.[2]. Yellen was one of the signees of a 2018 amici curiae brief that expressed support for Harvard University in the Students for Fair Admissions v. Harvard lawsuit. Bengali, Leila, and Mary Daly. The graphs and supporting data are housed on the St. Louis Fed’s signature database—FRED (Federal Reserve Economic Database). The Regional Economist addresses the regional, national and international economic issues of the day. [17] During her time with the Council of Economic Advisors, Yellen oversaw a landmark study focused on the gender pay divide in June 1998. [65], In 2014, she was named by Forbes as the second most powerful woman in the world after Chancellor Angela Merkel. Econ Ed at the St. Louis Fed has free education resources for consumers and pre-K through college educators to aid in the study of money and banking, economics, personal finance and the Federal Reserve. [11] She received her Ph.D. in economics from Yale University in 1971. She was President of the Federal Reserve Bank of San Francisco from 2004 to 2010. Board of Governors of the Federal Reserve System. McCulloch, Rachel & Yellen, Janet, 1982. Her dissertation was titled "Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach" under the supervision of (later to be) Nobel laureates James Tobin and Joseph Stiglitz, who has called Yellen one of his brightest and most memorable students. In June 1981, their son Robert Akerlof was born. Visiting Scholar Positions in Economics Available The Federal Reserve Bank of Atlanta has several short-term visiting positions available for junior and mid-career scholars during two periods: March–June and September–December 2021. “U.S. Regis Barnichon Macroeconomics, Applied econometrics, Labor Michael Bauer Monetary economics, Asset pricing, Econometrics Jens Christensen Finance, Credit risk, Term structure Vasco Cúrdia Macroeconomics, Monetary economics, Time series econometrics Mary C. Daly Monetary and fiscal policy, Macro-labor economics, Labor market dynamics John G. Fernald Macroeconomics, Productivity growth, China’s economy Andrew Foerster Macroeconomics, Monetary economics, Econometrics Reuv… [4], Yellen was born in a Polish Jewish[5] family in the Bay Ridge neighborhood of New York City's Brooklyn borough,[6] where she also grew up. This estimate is based upon 85 Federal Reserve Board Economist salary report(s) provided by employees or … e The Federal Reserve System (also known as "the Fed") has faced various criticisms since it was authorized in 1913. [35] In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings. The Federal Reserve Board of Governors in Washington DC. When asked if she believes Trump has "a grasp of economic policy", Yellen said "No, I do not. [13] However, Akerlof had already accepted a teaching position at the The London School of Economics and Political Science, where Yellen would also land a position as a lecturer. Expert insights about economic inclusion and opportunity. [18] Yellen served as president of the Western Economic Association International and is a former vice president of the American Economic Association. The Federal Reserve Board employs just over 400 Ph.D. economists, who represent an exceptionally diverse range of interests and specific areas of expertise. Our economists also produce a wide variety of economic analyses and forecasts for the Board of Governors and the Federal Open Market Committee. Bill Clinton appointed her as a member of the Federal Reserve Board of Governors, where she served from August 12, 1994 to February 17, 1997. The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System. Her tenure was also noted for job and wage growth, both of which occurred while she maintained low interest rates. [13] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is. By observing trends attributable to issues like occupation/industry as well as familial status, it was determined that while the Equal Pay Act of 1963 was a step forward, there was no explanation as to why there was a 75 percent difference between average pay for women and men. Within this study, the Council analyzed data from 1969 to 1996 to determine the cause for women to earn substantially less than men. [64] In 2012, she was elected Distinguished Fellow of the American Economic Association. Review of Monetary Policy Strategy, Tools, and Communications, Banking Applications & Legal Developments, Financial Market Utilities & Infrastructures. Download, graph, and track 767,000 economic time series from 102 sources. 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