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Robert Akerlof is the son of Nobel laureate George Akerlof and the first female US Secretary of the Treasury, Janet Yellen. Akerlof went to MIT’s Sloan School of Management, where he was a postdoctoral fellow.

Robert Akerlof went to Yale University where he earned his BA in Economics and Mathematics. Robert received his PhD from Harvard University, where he d research on sociology and economics.

Quick Facts: Is Robert Akerlof Married? Wife And Family Details On Janet Yellen Son

Surname

Robert Akerlöf

Age

36-39

gender

Masculine

nationality

American

profession

economics professor

parents

George Arthur Akerlof, Janet Louise Yellen

education

Yale University

Robert Akerlof, Economics and Sociology Session #AFSE2016 pic.twitter.com/za9HLhriXm

— Julien Grandjean (@Julien_Grdjean) June 28, 2016

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10 Facts You Dn’t Know About Robert Akerlof 

The exact age, date of birth and zodiac sign of Robert Akerlof has not yet been announced. Judging by the pictures, Robert could be in his late 30s. Akerlof was born and raised in the United States of America. His nationality is American and Robert’s ethnicity is Caucasian. Akerlof’s net worth details, along with the details of his salary and income, have not yet been released. Robert Akerlof is the son of George Arthur Akerlof and Janet Louise Yellen. George is an economist who received the 2001 Nobel Prize in Economics. Janet is an economist currently serving as United States Secretary of the Treasury, reports NBC News. Robert Akerlof does not yet have a Wikipedia page dedicated to him. Akerlof’s biography and career details can be read on some wiki biography pages. Is he married? Robert Akerlof’s marriage details have not yet been released to the public. Robert has not revealed his relationship status or the names of his wife or girlfriend. Robert lives a very private life and has not disclosed any details about his family, children, upbringing and background. Akerlof has no siblings as he is the only child of economists George Akerlof and Janet Yellen. He followed the career path of his parents and economics. Robert Akerlof currently works at the University of Warwick and is currently Associate Professor of Economis, reports the Institute of New Economic Thinking. Akerlof is not active on any social media platforms like Instagram, Twitter, Facebook and TikTok.

Does Janet Yellen have a husband?

Yellen is the first woman to hold each of those posts and the first person to have led the White House Council of Economic Advisers, the Federal Reserve, and the Treasury Department.
Janet Yellen
Spouse(s) George Akerlof ​ ( m. 1978)​
Children 1
Education Brown University (AB) Yale University (MA, PhD)
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What nationality is Yellen?

Janet Yellen, in full Janet Louise Yellen, (born August 13, 1946, Brooklyn, New York, U.S.), American economist, chair (2014–18) of the Board of Governors of the Federal Reserve System (“the Fed”), the central bank of the United States, and secretary of the U.S. Department of the Treasury (2021– ).

How tall is Janet Yellen?

Does Janet Yellen have kids?

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How old is Larry Kudlow?

How did Janet Yellen get so rich?

Treasury Secretary Janet Yellen, who is worth an estimated $20 million, built up her small fortune over time, through years in academia and government, cashing in most clearly after she left her position as Fed chair in 2018.

What is Janet Yellen’s salary?

According to a Federal filing released in December 2020, Janet earned $7 million between 2018 and 2020 from roughly 50 speaking engagements.

What does the name Yellen mean?

YELLEN. English (Somerset): probably a variant of Yelland or Yellin . Americanized form of Norwegian Hjellen: from the definite singular form of Old Norse hjallr ‘terrace, ledge’ (see Hjelle ). Americanized form of Polish Jeleń, Slovenian, Czech, and Jewish (Ashkenazic) Jelen , Slovak Jeleň, all meaning ‘(deer) stag’.

Where is Janet Yellen from?

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How much is Jerome Powell worth?

Based on public filings, as of 2019 Powell’s net worth was estimated to be in a range between $20 million and $55 million. Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature …

How can I contact Janet Yellen?

Janet Yellen Democrat
  1. (202) 622-2000.
  2. home.treasury.gov/about/general-information/officials/janet-yellen.
  3. en.wikipedia.org/wiki/Janet_Yellen.
  4. 1500 Pennsylvania, Washington DC 20220.
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Janet Yellen | Women in Economics

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Robert Akerlof is the son of George Arthur Akerlof and Janet Louise Yellen. George is an economist who won Nobel Memorial Prize in Economic Sciences in 2001 …

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Janet Yellen: Family Life and Leading the Fed – TIME

Yellen is married to Nobel laureate George Akerlof, who teaches economics at U.C. Berkeley; their son Robert, 32, is an economics professor …

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Janet Yellen Family Life and Leading the Fed

When my colleague Rana Foroohar returned from her interview with incoming Fed Chair Janet Yellen, I couldn’t decide what to ask her first. How fast will the economy grow this year? Can anyone really write rules to prevent the global financial system from melting again? And how does family life work between a Nobel Prize winner in economics and the world’s most powerful economic politician?

The latter, of course, was particularly intriguing because it is the most unprecedented. Yellen is a brilliant mathematician and was incredibly accurate in her economic forecasts, including predicting the subprime crisis well before 2008. But there are other smart economists and smart forecasters; It’s hard to find a comparable example of a power couple. Yellen is married to Nobel laureate George Akerlof, who majored in economics at U.C. Berkeley; her son Robert, 32, is an economics professor at the University of Warwick in the UK. In her interview with Rana, Yellen described her husband as “a full partner” throughout their marriage, right down to the diapers and the harness. “I think if you count how many hours each of us has logged in, it’s certainly getting more than 50%,” she said. They even wrote a famous work at Berkeley on labor markets and why lower wages don’t always translate to higher employment numbers, which reflects their experience of hiring a babysitter for their son: sometimes an employer is willing to pay more for a job they do highly value – in their case childcare – even when market forces undercut those wages.

(MORE: Everything you need to know about Mr. Janet Yellen)

Hearing Rana speak and then reading her profile of Yellen added a new dynamic to the conversations we’ve had for ages. Anne Marie Slaughter’s “Why Women Still Can’t Have It All” is the most-read article in Atlantic’s 157-year history. Sheryl Sandberg in Lean In explains to women that choosing a spouse is an important career decision and advises them to be sure to find a husband who is willing to be a willing partner at home. Many women have responded that this task is easier said than done. In December, the New York Times profile on stay-at-home fathers holding down high-flying professional wives lit up the Internet like a Christmas tree. Yellen sets a fascinating counterpoint: neither her success nor that of her husband came at the expense of the other. “Academia is very flexible,” she notes, and indeed her life and careers spanned continents from San Francisco to Washington to London, where both taught at the London School of Economics. What she can’t say is that immense talent and a Nobel Prize give a flexibility that mere mortals can’t count on. So does this mean that a man or woman can have it all, an epic career, a lasting marriage and children as long as they are the best on the planet at what they do?

Most professional women I know, myself included, have long since given up looking for a rulebook or roadmap; we invent it as we go on. Every day presents a new choice, a new challenge, which makes long-term career planning seem like a particularly abstract exercise. Sometimes we rationalize what can feel like a lack of ambition by celebrating the possibility of surprise: who knows where this road will lead, but it could be a better place than I ever could have imagined. With every new path blazed, every new glass ceiling shattered – and Yellen shattered a particularly significant one – how many young women are waking up with a new sense of possibility? How far are we from the day we no longer notice these milestones, for the road we travel is wide and well-lit, and many women, both ordinary and extraordinary, have already made the way shown.

We’re posting a selection of responses to our cover story by Janet Yellen on Time.com. Join the conversation by sending your thoughts to [email protected].

Click here to join TIME for just $2.99 ​​and read Rana Foroohar’s exclusive interview with Janet Yellen.

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Janet Yellen

78th United States Secretary of the Treasury

“Yellen” redirects here. For other people with this surname, see Yellen (surname)

Janet Louise Yellen (born August 13, 1946) is an American economist who has served as the 78th US Secretary of the Treasury since January 26, 2021. A member of the Democratic Party, she previously served as the 15th Chairwoman of the Federal Reserve from 2014 to 2018. Yellen is the first woman to hold those offices and the first person to serve on the White House Council of Economic Advisers, the Federal Reserve and the Ministry of Finance.[1][2]

Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and received her doctorate in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 to 1976, when she began working for the Federal Reserve Board as an economist from 1977 to 1978 before joining the faculty of the London School of Economics from 1978 to 1980. Yellen is Professor Emeritus of the Haas School of Business at the University of California, Berkeley, where she has been a faculty member since 1980 and has been the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics.[3]

Yellen served on the Federal Reserve Board of Governors from 1994-1997 and was nominated to the position by President Bill Clinton, who then appointed her Chair of the Council of Economic Advisers from 1997-1999. Yellen later served as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. Thereafter, President Barack Obama named her to succeed Donald Kohn as Vice Chair of the Federal Reserve from 2010 to 2014 before he replaced her from 2014 to 2014 Successor to Ben Bernanke as Chair of the Federal Reserve nominated in 2018. She served one term and was succeeded by Jerome Powell after President Donald Trump opted against her reappointment. After retiring from the Federal Reserve, Yellen served as a Distinguished Fellow in Residence at the Brookings Institution’s Economic Studies Program from 2018 to 2020. She returned to government with appointment as Secretary of the Treasury under President Joe Biden on January 26, 2021. Secretary Yellen has been confirmed by the United States Senate on five separate occasions.[1]

Early life and education[edit]

Yellen was born on August 13, 1946[4] into a family of Polish-Jewish[5] descent in the Bay Ridge, Brooklyn neighborhood of New York City,[6] where she grew up. Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher who gave up teaching to become a housewife, and her father was Julius Yellen (1906–1975), a family doctor who worked out of the ground floor of their home . Janet has an older brother, John (born 1942), Archeology Program Director at the National Science Foundation.[7][8][5][9]

Speaking at the POLIN Museum of the History of Polish Jews, Yellen recounted that her father’s family immigrated to the United States from Sokołów Podlaski, a small town about 50 miles outside of Warsaw. She shared that almost the entire Jewish population, including many of their relatives, was deported or murdered during the Holocaust.[10] [11]

Yellen attended the local Fort Hamilton High School, where she was a member of the honor society, and attended the Boosters Club, the Psychology Club, and the History Club, and was Editor-in-Chief of Pilot, the school newspaper that began its 13-year winning streak by winning the prestigious competition of the Columbia Scholastic Press Association under her direction.[12] She also received a National Merit Commendation Letter and was admitted to a Selective Science Honors Program at Columbia University to study math on Saturday mornings as a volunteer. Yellen was one of 30 students to win state regent scholarships to attend college and one of a select few to receive the mayor’s nomination for a scholarship.[12] She graduated at the top of her class in 1963. In keeping with school tradition, she interviewed herself in the third person so the editor would interview the top of the class.[13][14][8][12]

Yellen enrolled at Pembroke College, Brown University, initially intending to study philosophy. In her freshman year, however, she changed her planned major to economics and was particularly influenced by professors George Herbert Borts and Herschel Grossman.[15] During her studies she was elected to the Phi Beta Kappa Society. Yellen graduated summa cum laude from Brown University in 1967 with a bachelor’s degree in economics[16] and received her master’s and PhD in economics from Yale University in 1971.[17] Her dissertation was entitled “Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach” under the supervision of James Tobin, a well-known economist who later received the Nobel Prize. As a teaching assistant, Yellen took notes so meticulously during Tobin’s macroeconomics class that they ended up as an unofficial textbook circulating among generations of graduate students, known as the “Yellen Notes.”[17][18] Her former professor Joseph Stiglitz, another Nobel laureate, has called her one of his brightest and most memorable students.[19] She later described Yale professors Tobin and William Brainard as “lifelong mentors” who provided the major intellectual basis for her views on economics.[20] Yellen was the only woman among the two dozen economists who received doctorates from Yale in 1971.[19]

Academic career[edit]

After earning her doctorate, Yellen obtained a position as an assistant professor of economics at Harvard University, where she taught from 1971 to 1976.[21] At the time, she was one of only two female faculty members in Harvard’s business school, the other woman being Rachel McCulloch; The two became close friends and wrote several scientific papers together.[19] In 1977, Yellen accepted a position on the Federal Reserve Board of Governors in Washington after failing to gain employment at Harvard. She was recruited by Edwin M. Truman, who knew her from Yale, to serve as staff economist on the Board of Governors. Truman was an associate professor and heard Yellen’s oral exam and then came close to taking over the Fed’s international finance department. She was commissioned to research international currency reform.[22][23]

While at the Fed, she met her husband, George Akerlof, in the bank’s cafeteria; they married in 1978, less than a year later.[22] At the time of their marriage, Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her post at the Fed to join him and was hired as an economics lecturer at the LSE.[24] They stayed in London for two years and then returned to the United States.

In 1980, Yellen joined the faculty at the Haas School of Business at Berkeley to conduct macroeconomic research and teach undergraduate and MBA students for more than two decades. She also held a joint position at the University of California, Berkeley’s Department of Economics from 1999 to 2003. She has twice received the Haas School Outstanding Teaching Award.[25] Prof. Yellen was only the second woman at Berkeley-Haas to receive a tenured position in 1982 and a full professorship in 1985.[26] She was appointed Bernard T. Rocca, Jr. Professor of International Business and Trade in 1992.[27][3][28]

From 1994 to 1999, Yellen took leave from Berkeley to go into public service. Upon her return to university, she resumed teaching and in 1999 became the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics[27] and served until her appointment as President & Chief Executive Officer of the Federal Reserve Bank of San Francisco in 2004.[29] Yellen was awarded the title of Professor Emeritus at UC Berkeley in 2006.[28][3]

During her career, Yellen has served as an advisor to the Congressional Budget Office, the Brookings Panel on Economic Activity, and the National Science Foundation’s Panel on Economics. She was also a research fellow at the National Bureau of Economic Research from 1999 to 2010.[28][30]

Contributions to economics

Yellen has had a distinguished academic career, mainly focused on analyzing the mechanisms of unemployment and labor markets, monetary and fiscal policy, and international trade. She has written a number of widely cited articles, often in research collaboration with her husband, Professor George Akerlof.[31][32]

Efficiency wage models[ edit ]

Since the 1980s, Yellen and Akerlof have explored what is known in the business literature as “efficiency wage theory” – the idea that people who pay more than market wages actually increase their productivity. Her 1990 paper entitled The Fair-Wage Effort Hypothesis and Unemployment, christened “the Fair-Wage Effort Hypothesis,” is considered by economists to be an important contribution to the topic: “is a precursor to the efficiency wage literature,” “It had an impact, although work on the efficiency wage theory had a greater impact.”[33] Akerlof and Yellen introduced the gift exchange game, a model arguing that workers who get paid less than they do believe they are being paid fairly will intentionally work less hard to get revenge on their employer.[33][31]

Reproductive Technology Shock [ edit ]

Another important work, An Analysis of Out-of-Wedlock Childbearing in the United States, co-written with Akerlof and Michael Katz and published in 1996, aims to explain why out-of-wedlock births have become more prevalent in recent decades in the United States United States had increased significantly . A research study led to a theory called the “Reproductive Technology Shock,” which argued that the increasing availability of abortion and contraception in the late 1960s and early 1970s amid the sexual revolution eroded social norms around sex, pregnancy, and marriage resulted in a sharp decline in the stigma of unmarried motherhood. At the same time, this transformation encouraged biological fathers to reject not only the idea of ​​an obligation to marry the mother, but also the idea of ​​a paternal obligation.[34][35][36]

Federal Reserve (1994–1997) [ edit ]

On April 22, 1994, President Bill Clinton announced his intention to appoint Yellen to the Board of Governors of the Federal Reserve alongside Alan Blinder, who was named vice chairman, the first Democratic appointments to the board since 1980; With the announcement, the President praised her as “one of the most prominent economists of her generation at the interface of macroeconomics and labor markets”.[37][38][39] However, President Clinton played no direct role in the selection process, with most responsibility delegated to NEC Director Robert Rubin, Treasury Secretary Lloyd Bentsen and CEA Chair Laura Tyson, who was a colleague of Yellen at Berkeley. The group decided on their candidacy after an exhaustive search that included nearly 50 names at one point.[40] On July 22, 1994, at her confirmation hearing before the Senate Banking Committee, Yellen said that Fed policy should maintain economic growth as much as possible without accelerating inflation, but avoid giving a clear position on the prospect of further rate hikes.[ 41][42] The Senate passed her nomination by a vote of 18 to 1 without much opposition from Republicans. The only dissenting vote came from Sen. Lauch Faircloth (R-NC), who had said her concerns should be confined to “inflation, inflation and…inflation”. The nomination was confirmed in the United States Senate by a vote of 94 to 6. On August 12, 1994, Yellen takes over the seat vacated by Republican Wayne Angell, who was appointed to a full 14-year term.[44] She became the fourth woman inaugurated governor, serving alongside Susan M. Phillips, the first time that two women sat on the Federal Reserve Board.

In July 1996, the Federal Reserve, under Chairman Alan Greenspan, resisted pressure to raise interest rates as unemployment fell. But Yellen mobilized academic research to dissuade Greenspan from committing the Fed to zero inflation and to demonstrate that the central bank should seek to moderate inflation rather than eliminate it.[47][48] The study showed that a small inflation rate in the region of 2 percent was actually a better basis for minimizing unemployment and boosting economic growth than the zero target.[47][49][50]

On February 17, 1997, Yellen left the Federal Reserve to become Chair of the Council of Economic Advisers.

Council of Economic Advisers (1997–1999) [ edit ]

On December 20, 1996, Yellen joined the Clinton administration as chair of President Clinton’s Council of Economic Advisers (CEA), replacing Joseph Stiglitz in office. She was unanimously confirmed by the Senate on February 13, 1997,[54][55] she was the second woman to hold the post after Laura Tyson.[56][19] During her time at the CEA, she also served as Chair of the Economic Policy Committee of the Organization for Economic Co-operation and Development from 1997 to 1999.[2]

While at the Council of Economic Advisers, Yellen led a landmark report, Explaining Trends in the Gender Wage Gap,[57] in June 1998, which focused on the gender pay gap. For this study, the Council analyzed data from 1969 to 1996 to determine why women earn significantly less than men. By observing trends related to issues such as occupation/industry and marital status, it was found that while the Equal Pay Act 1963 was a step forward, there was no explanation as to why there was a 25 per cent difference in average wage of women and men – an improvement from the 40 percent gap two decades earlier. It was concluded that this gap was not correlated with productivity differences and as such was the impact of discrimination within the workforce.[19]

In June 1999, Yellen announced that she was retiring from CEA for personal reasons and would be returning to teaching at UC Berkeley.[58] It has been reported that President Clinton asked her to take over as Vice Chair of the Fed, Alice Rivlin, an offer she declined.[59][60]

Return to the Federal Reserve (2004–2018) [ edit ]

Federal Reserve Bank of San Francisco[edit]

On June 14, 2004, Yellen was installed as President of the Federal Reserve Bank of San Francisco, succeeding Robert T. Parry, the first woman to hold the position.[61][62][19] She was a rotating voting member of the Federal Open Market Committee (FOMC) every three years. During her tenure at the San Francisco Fed, the largest of the 12 Federal Reserve Banks by population and economic output, she spoke publicly and at Fed Monetary Policy Committee meetings about her concerns about the potential impact of the housing boom on prices.[47] She also raised the alarm among Washington colleagues about the banks’ heavy concentration on risky construction and housing loans.[63][64] However, Yellen did not lead the San Francisco Fed to “review the increasingly arbitrary lending by Countrywide Financial, the largest lender in the US”[65]. On June 5, 2009, Yellen said the Federal Reserve should consider an earlier rate hike to prevent another housing bubble. She argued that under certain circumstances, higher short-term interest rates are likely to hinder the expansion of a bubble, such as B. the curbing of demand for housing and risky mortgages.

In July 2009, Yellen was mentioned as a potential successor to Chairman Ben Bernanke when his term expired, before being re-nominated for a second four-year term.[67] On October 4, 2010, she left the San Francisco Fed to accept appointment as vice chair of the Federal Reserve Board of Governors.

Vice Chairman of the Federal Reserve[edit]

Yellen takes the oath of office on October 4, 2010, sworn by Fed Chairman Ben Bernanke

On April 28, 2010, President Barack Obama nominated Yellen to succeed Donald Kohn as Vice Chair of the Federal Reserve.[68][69] In July, the Senate Banking Committee voted 17-6 to confirm her, though the panel’s top Republican, Senator Richard Shelby of Alabama, voted no and said he believed Yellen had an “inflationary bias.” At the same time, following Fed Chair Bernanke’s testimony, FOMC voting member James B. Bullard of the St. Louis Fed said the US economy was “at risk of heading into a deflationary outcome similar to that of Japan entangle”. the next few years.'”[71]

Bullard’s statement has been interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen’s pending confirmation, along with that of Peter Diamond and Sarah Bloom Raskin, to fill vacancies was seen as potentially encouraging such a shift in the FOMC. All three nominations were considered “on the way to Senate confirmation.”[71]

On September 29, 2010, the Senate voted to confirm Yellen, along with Raskin[72], to be both a member of the Board of Governors[73] and Vice Chairman of the Federal Reserve System.[74] On Oct. 4, the two were sworn in as Fed governors, while Yellen also took the oath of office as executive vice president for a four-year term. At the same time, she began a 14-year tenure as a member of the Federal Reserve Board, filling a vacant seat last held by Mark W. Olson. Yellen was the second woman to hold the No. 2 post at the Fed, after Alice Rivlin, who held that role from 1996 to 1999.[76][77]

Yellen, as Vice-Chair, acts more as an independent force within the institution than her predecessors. She has tried to persuade Bernanke and the rest of the committee to adopt her preferred course for monetary policy, advocating more aggressive moves to inject money into the economy to reduce unemployment.[78] In January 2012, the Fed announced its own inflation target of 2 percent per year, after a long campaign by Bernanke and Yellen, who had been an early proponent of the inflation target in the face of Chair Greenspan’s opposition since the 1990s[47][79]. ][80]

Yellen was considered the front runner to succeed Bernanke as Chairman of the Federal Reserve when his second term ended. The other frontrunner for the post was Lawrence Summers, former Secretary of the Treasury under President Clinton and former director of President Obama’s National Economic Council.[83] During the race, Summers was criticized for his support for deregulating parts of the banking sector while serving in the Clinton administration. He also sparked controversy for his comments on the suitability of women in math and science at the time of the Harvard presidency in 2005. [84] In July 2013, Senate Democrats circulated a letter signed by about a third of the 54 Democratic and allied senators, largely representing the liberal wing of the Senate Democratic caucus, urging President Obama to appoint Yellen as Fed Chair to appoint. [85] In addition, more than 500 professional economists from more than 200 colleges and universities in the United States signed and mailed an open letter to the White House in support of their candidacy for Fed chairmanship.[86] On September 15, 2013, Summers withdrew his name from consideration for the position after weeks of opposition to his possible nomination.

Federal Reserve Chair[edit]

Official portrait as Chairman of the Federal Reserve, 2015

Yellen in conversation with IMF Managing Director Christine Lagarde, July 2, 2014

On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve, the first Vice Chair to be promoted to the post. in an announcement, President Obama called her “one of the nation’s leading economists and policymakers” who was “extraordinarily well qualified for this role.”[89][90][91][76][92] During the November 14, 2013 nomination hearings, Yellen defended the more than $3 trillion in stimulus funds the central bank injected into the US economy. She also said that it is important for the Fed to try to identify asset bubbles and that if it sees one, it will work to address it.[93][94]

On December 20, 2013, the United States Senate voted 59–34 to close Yellen’s nomination. On January 6, 2014, she was confirmed as chair of the Federal Reserve by a vote of 56 to 26,[96] the narrowest majority ever for that position.[97] Aside from being a pioneer as the first woman to run the Federal Reserve or any other major central bank, Yellen was also the first Democratic nominee to hold the office since Paul Volcker became chairman in 1979 (via President Jimmy Carter). [98] She is also notable for being arguably the most liberal Fed chair since Marriner S. Eccles, who was appointed by President Franklin D. Roosevelt during the Great Depression.[7] Prior to her appointment, there was only one female central bank governor in the history of the Group of Eight (“G8”) countries—Russian Elvira Nabiullina.[99] After being unanimously elected Chair of the Federal Open Market Committee on January 30, 2014,[100] she took office on February 3, 2014.[101][102] In its 2014 semi-annual monetary policy statement, Yellen said that while real estate, equity and corporate bond prices “have risen noticeably and valuation metrics have increased,” they have been “generally consistent with historical norms”; Yellen noted some concerns about valuations of “low-rated corporate bonds” (i.e., junk bonds), noting that she and the Fed monitored trends but did not believe a so-called “everything bubble” was forming[103 ]

With Yellen as chairman, the Federal Reserve raised interest rates on December 16, 2015. This was the first time interest rates had been raised since 2006.[104] This move was widely expected as extraordinarily low interest rates for an extremely long period of time can contribute to financial instability and pose a threat to the economy. It is seen in some ways as a departure from the earlier controversial Fed policy known as the Greenspan put.[105][106][107] During her tenure, the Fed has gradually raised interest rates four more times, keeping interest rates in a still low range of 1.25 percent to 1.5 percent – very low by historical standards. However, Fed policymakers have another opportunity to cut rates to boost growth if the economy slows.[108]

After the 2016 presidential election, Yellen strongly defended the Dodd-Frank Act when testifying before the Joint Economic Committee and opposed new President Donald Trump’s plans to review the landmark law. She argued that it would be inappropriate to weaken or repeal the law intended to prevent a repeat of the 2008 financial crisis.[109][110]

Trump considered nominating Yellen for another term,[111][112] but instead chose Fed Governor Jerome Powell, a Republican, to head the Federal Reserve once her term ended on February 3, 2018. The move broke a decade-long presidential tradition of bipartisan appointments of central bank governors; the last Fed chairman eligible for reappointment but not to be reappointed by a subsequent presidential administration was Arthur Burns in 1978.[113][114][115] Following Trump’s decision, Yellen announced her resignation at the end of her term as chair.[116][117][118] She was the shortest-serving Fed Chair since G. William Miller of 1978-1979 and the first in nearly 40 years not to receive a second term.[119][120]

On February 2, 2018, her last day in office, Chairwoman Yellen enforced unprecedented sanctions on Wells Fargo, the third largest US bank, with a consent order that kept the company from future growth until the organization resolved its internal problems.[121 ] [122] The move came in response to a series of “widespread consumer abuse and compliance breaches” at the company, including a scandal involving fake accounts.[123] It was the first time the Federal Reserve imposed a cap on a financial institution’s total assets.[124]

Yellen has been cited as one of the most successful Federal Reserve System chairmen from a labor markets perspective. During her tenure, the unemployment rate fell from 6.7 percent to 4.1 percent, its lowest level in 17 years.[125][126][108] It was the first time the economy had added jobs every month during a Fed chairmanship.[126] Yellen ended her tenure at the Fed with the lowest unemployment rate of any Fed chair since William McChesney Martin in 1970.[127] Under her leadership, the U.S. unemployment rate fell more than during the tenure of any other Chairman in modern history, compared to the beginning of her term to the end. It fell by 2.6 percentage points, the maximum in the post-WWII period.[127] Meanwhile, inflation remained below the Fed’s annual 2 percent target, which also led to suggestions that the Federal Reserve could have done more to support the economy without the risk of price hikes.[128]

Yellen holds a unique place in Federal Reserve history. Not only was she the first woman to head the institution, she was also the first person ever to serve in the country’s central banking system, with stints as Fed Reserve Chair (from 2014 to 2018) and Vice Chair (from 2010 to 2014). , President of the regional Federal Reserve Bank (from 2004 to 2010 at the San Francisco Fed), Fed Governor (from 1994 to 1997) and Fed Economist (from 1977 to 1978).[129][130]

Post-Federal Reserve (2018–2020) [ edit ]

Yellen delivers her farewell address to Federal Reserve officials on February 1, 2018

On February 2, 2018, the Brookings Institution announced that Yellen would join the think tank as a Distinguished Fellow in Residence with the Economic Studies program, effective February 5, 2018. She is affiliated with the Hutchins Center on Fiscal and Monetary Policy at Brookings.[131][132][133] Within the institution she has provided expertise and commentary on a range of economic issues, her perspective and analysis at Brookings panels, congressional testimonies, presentations in the United States and abroad, and regularly served as a media commentator. As of November 2020, Yellen was on leave as she was selected as a nominee for Treasury Secretary.[134]

On June 27, 2017, Yellen stated that she did not expect another financial crisis “in our lifetimes” and stated that this assumption could be made because of her belief that banks are “a great deal stronger” because of Federal Reserve oversight. 135] However, speaking to Paul Krugman at the City University of New York on December 10, 2018, she warned of the possibility of another financial crisis, citing “gigantic holes in the system” after leaving the Federal Reserve.[136] [137]

On February 25, 2019, Yellen criticized President Trump’s economic policies. When asked if she thinks Trump has “an understanding of economic policy,” Yellen said, “No, I don’t.”[138] In an interview with Marketplace, Yellen stated that she doubts Trump’s stated goals of Federal maximale Beschäftigung und Preisstabilität”.[139] Yellen wies auf Trumps Behauptungen hin, dass die Ziele der Federal Reserve den Handel beinhalten, was sie für objektiv falsch erklärt. Dieses Interview war für Yellen eine Tonänderung, die ihre Differenzen mit Trump traditionell neutral behandelte. [140]

Am 17. Juli 2020 sagten die ehemaligen Fed-Vorsitzenden Bernanke und Yellen bei der Anhörung eines ausgewählten Coronavirus-Unterausschusses, der vom House Committee on Oversight and Reform eingesetzt wurde, vor dem Kongress der Vereinigten Staaten über die wirtschaftspolitische Reaktion auf die negativen Auswirkungen des Coronavirus aus Coronavirus Pandemie. Sie forderten den Gesetzgeber auf, in drei Bereichen aggressiv mit fiskalischen Anreizen zu handeln: Verlängerung der zusätzlichen Arbeitslosenunterstützung; Bereitstellung zusätzlicher finanzieller Unterstützung für schwer betroffene Staaten und Kommunalverwaltungen; und Investitionen in die medizinische Reaktion auf die Pandemie.[141][142] Sie drückte dieses Engagement für Impulse auch in einem Kommentar für die New York Times mit Jared Bernstein, einem Senior Fellow am Center on Budget and Policy Priorities, aus.[143]

Am 13. August 2020 wurde berichtet, dass Yellen zu einer Handvoll Ökonomen gehörte, die den ehemaligen Vizepräsidenten Joe Biden, den mutmaßlichen demokratischen Kandidaten für das Präsidentenamt, und seine gewählte Mitstreiterin, Sen. Kamala Harris, über Wirtschaftsfragen informierten, aber sie tat es nicht offiziell Nehmen Sie an der Präsidentschaftskampagne teil.[144][145][146] Das Treffen machte Schlagzeilen, weil es eines der ersten Male war, dass die Biden-Kampagne bekannt gab, an wen sie sich um wirtschaftliches Fachwissen wenden würde. Aber nur wenige sagten damals Yellen für einen der Kabinettsposten des Präsidenten voraus.[147]

Zwischen 2018 und 2020 hatte Yellen über 7 Millionen Dollar an Vortragshonoraren von Finanzunternehmen wie Barclays, Citigroup, Goldman Sachs und dem Hedgefonds Citadel erhalten, nachdem sie die Federal Reserve verlassen hatte.[148][149] Mit ihrer Rückkehr in die Regierung hat sie zugesagt, die offizielle Erlaubnis des Office of Government Ethics einzuholen, sich an wesentlichen Angelegenheiten zu beteiligen, die solche Firmen betreffen, um Interessenkonflikte zu vermeiden.[150][149]

Finanzminister (seit 2021) [ bearbeiten ]

Nomination and Confirmation[ edit ]

Nach den Präsidentschaftswahlen 2020 wurde Yellen routinemäßig als mögliche Finanzministerin in der neuen Biden-Regierung erwähnt. Sie verdrängte andere Spitzenkandidaten, um die Position zu erhalten, darunter Fed-Vorstandsgouverneurin Lael Brainard und Roger W. Ferguson Jr., ein ehemaliger stellvertretender Vorsitzender der Zentralbank.[151][152][147][153]

Am 30. November 2020 kündigte der damals gewählte Präsident Biden an, er werde Yellen als Finanzministerin in sein Kabinett berufen, und lobte sie als „eine der wichtigsten Wirtschaftsdenkerinnen unserer Zeit“, die „ihre Karriere auf Beschäftigung und Würde konzentriert habe der Arbeit.“[154][155][156][157][158] Obwohl sie eine hoch angesehene Figur im gesamten politischen Spektrum war, von der erwartet wurde, dass sie leicht Bestätigung erhält, wurde sie aufgrund ihres Mangels als ungewöhnliche Wahl für die Position angesehen Erfahrung im politischen Manövrieren. Im Gegensatz zu ihren Vorgängern wird sie eher als akademische Ökonomin denn als traditionelle Politikerin angesehen, die es gewohnt ist, mit Gesetzgebern zu handeln und Geschäfte zu machen, Eigenschaften, die entscheidend sein könnten, um die Ziele von Bidens Wirtschaftsagenda in einem zutiefst parteiischen Kongress zu erreichen.[159][160] [161] Alle lebenden ehemaligen US-Finanzminister von George Shultz bis Jack Lew unterstützten Yellen in einem parteiübergreifenden Brief, in dem sie den Senat aufforderten, sie schnell zu bestätigen.

Der Finanzausschuss des Senats genehmigte Yellens Kandidatur am 22. Januar 2021 einstimmig mit 26 zu 0 Stimmen. Der gesamte US-Senat bestätigte ihre Nominierung am 25. Januar 2021 mit 84 zu 15 Stimmen (bei einer Enthaltung, Marco Rubio, R-FL)[166]. With her oath of office administered by Vice President Harris the next day,[168][169] Yellen became the first woman took office of secretary of the treasury, and the first person in American history to lead the three most powerful economic bodies in the Federal government of the United States: the Treasury Department, the Federal Reserve, and the White House Council of Economic Advisers.[1][167]

Yellen was appointed as the first female treasury secretary of the United States, and only two other women – France’s Christine Lagarde and Canada’s Chrystia Freeland – have held similar positions within the Group of Seven (“G7”) nations.[170]

tenure [edit]

Proposed international tax reform [ edit ]

Yellen meeting with German Finance Minister Olaf Scholz , July 2, 2021

In April 2021, Yellen proposed a global minimum corporate tax rate, to prevent profit shifting used by multinational companies for purposes of tax avoidance.[171][172][173] On June 5, 2021, finance ministers from the Group of Seven (G7) – the major advanced economies – reached a historic agreement to reform the global tax system, agreeing to back a minimum global corporate tax rate of at least 15%; French Finance Minister Bruno Le Maire calling it “a starting point” that could be increased in the future.[174][175][176][177] On June 10, 2021, Treasury Secretary Yellen joined with four foreign counterparts in penning an op-ed for the Washington Post that described the new accord as “a historic opportunity to end the race to the bottom in corporate taxation, restoring government resources at a time when they are most needed”.[178] On July 1, 2021, US-backed negotiations within the Organization for Economic Cooperation and Development (OECD) to create wider global tax parity won support from a group of 130 nations, representing more than 90 percent of global GDP, establishing a new framework for international tax reform.[179][180][181] On July 10, 2021, financial leaders from the G20 countries come to an agreement on plans to put an end to global tax havens and force multinational corporations to pay an appropriate share of tax wherever they operate and create a “more stable and fairer international tax architecture”.[182][183][184]

On October 8, 2021, more than 130 countries, including several low-tax jurisdictions that had resisted the pact, enforced through OECD a landmark agreement to set a global minimum tax rate of 15% starting in 2023 for companies around the world. It said the deal could bring in an extra $150 billion in tax revenues per year. However, implementation of the treaty will need to be ratified via a two-thirds majority in the evenly divided US Senate, as well as needing to pass in domestic legislation in each of the signed countries.[185][186][187]

Debt ceiling crisis [ edit ]

On July 23, 2021, Yellen sent a letter to House Speaker Nancy Pelosi and other congressional leaders, urged lawmakers to increase or suspend the nation’s debt limit as soon as possible before it will hit its statutory limit on Aug. 1, and government will be unable to pay its bills. She warned Congress that failure to meet those obligations would cause “irreparable harm” to the U.S. economy, and Treasury Department would begin taking “extraordinary measures” to prevent the United States from a government shutdown or even a debt default.[188][189]

On September 19, 2021, Yellen, in an op-ed for the Wall Street Journal, called to address debt ceiling with bipartisan support otherwise, sometime in October, Treasury exhausts its cash reserves which would trigger a historic financial crisis and “permanently” weaken America.[190][191] After Congress adopted a short-term debt-ceiling bill to raise the country’s borrowing into early December, Yellen said that it is imperative that lawmakers act with responsibility and provides longer-term certainty for the government.[192] On November 1, 2021, Yellen expresses willingness to consider solutions to debt crisis without GOP support if necessary, using a budget procedure of reconciliation as viable alternative.[193]

On December 16, 2021, President Biden signed a debt ceiling increase into law, preventing the first-ever U.S. default, a day after the Treasury’s previously estimated deadline to address the issue. Congressional legislation expected to allow the government to cover its financial obligations beyond 2022 midterm elections was passed in a nearly party-line vote.[194][195]

Digital Assets Regulation [ edit ]

On April 7, 2022, at American University’s Kogod School of Business Center for Innovation, Yellen addressed for the first time growing impact of digital assets on the American economy, laying out a strategy she said will encourage “responsible innovation” to safeguard national security interests and our planet, and protect vulnerable people. She highlighted the extreme divergence of perceptions about cryptocurrency and other blockchain-based technologies, but arguing that principled approach should be focused on risks, as well as increased government oversight and research on the matter, while remaining wherever possible “tech neutral.” Yellen outlined policy objectives and lessons that apply to the navigation of emerging technologies, which includes “first, U.S. financial system benefits from responsible innovation; second, it’s often society’s vulnerable who suffer most in economic crisis when regulation is not moving at the same pace as innovation; third, regulation should focus on activities and risk and activities, not technology; fourth, sovereign money is the core of a functioning financial system; fifth, it’ll take thoughtful public and private dialogue between various groups to move forward.”[196][197][198][199]

Yellen also announced plans for a government version of a stablecoin; the administration is studying the possibility of issuing a central bank digital currency (CBDC), or digital dollar, while taking into consideration the impact of a CBDC on monetary policy, national security and international trade, as well as its utility for consumers. Solving such problems are “engineering challenge that would require years of development, not months,” she said.[196][200]

On May 10, 2022, during a Senate Banking Committee hearing, Yellen made comments on economic consequences of Roe v. Wade overturning after a leaked draft majority opinion of Dobbs v. Jackson Women’s Health Organization showed the Supreme Court poised to overrule its previous decisions that legalized abortion in the United States. Sen. Bob Menendez (D-NJ) asked what reversing the landmark ruling would mean economically for the country; Yellen responded, “I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades.” She also said that keeping women from accessing abortions “increases their odds of living in poverty or need for public assistance”.[201]

Economic philosophy [ edit ]

Yellen is widely considered to be a “dove” on monetary policy (i.e., more concerned with unemployment than with inflation) and as such generally favoring lower, rather than higher, Federal Reserve interest rates.[202][203][204] However, on fiscal policy, publications often referred to her as “somewhat” of a deficit hawk.[204][205][206] Prior to the COVID-19 recession, she expressed concern about the U.S. fiscal path, especially on U.S. debt;[204] in 2018, Yellen said, “If I had a magic wand, I would raise taxes and cut retirement spending”; the following year, she again suggested that she favored both raising revenue and making changes to the Medicare, Medicaid and Social Security programs to control spending.[204] In September 2021, at a House Financial Services Committee hearing, Yellen lends support to effort for complete removal of the debt ceiling, arguing that the borrowing cap is “very destructive” and poses unnecessary threat to the American economy.[207][208]

She has supported tighter financial regulation[204][209] to reduce systemic risks arising from vulnerabilities in the financial system.[204] As chair of the Group of 30 Working Group on Climate Change and Finance, she addressed climate risks, supporting a phase-in carbon pricing to accelerate a shift to net zero carbon emissions.[204]

Yellen is a Keynesian economist and has been described as a “Keynesian to her fingertips”; during the Great Recession, she “warned against an over-hasty removal of stimulus”; “insisted that the Fed pay as much attention to unemployment as to inflation”; and “believes the state has a duty to tackle poverty and inequality”.[210][209] In April 1999, Yellen presented a speech at a reunion of the Yale graduate economics department that was titled “Yale Economics in Washington,” and described her views on the Keynesian economics in policymaking. She claimed that while most economists “appreciate the role of markets and incentives,” Yalies more often than others can see when they aren’t working properly and greater concern for policies to remedy them, advising policy makers to have the knowledge and ability to improve macroeconomic outcomes.[211][18] When her appointment as treasury secretary was announced in December 2020, Yellen was viewed by Wall Street “as a Treasury secretary who will push hard for expansionary policies aimed at boosting growth, profits and share prices”, although the ability of Yellen to push through her preferred fiscal policies was seen as likely to be constrained by congressional gridlock.[209]

Honors and awards[edit]

Yellen has received numerous honors in recognition of her career in academia and politics. These include:

Scholastic [ edit ]

Memberships and fellowships [ edit ]

Awards[edit]

Rankings [ edit ]

Other recognition [ edit ]

In March 2018, The Janet L. Yellen professorship was endowed by Charles D. Ellis at the Yale School of Management, named in honor of Yellen. Professor Andrew Metrick has been invested as the inaugural Janet L. Yellen Professor of Finance and Management at the School. [269]

was endowed by Charles D. Ellis at the Yale School of Management, named in honor of Yellen. Professor Andrew Metrick has been invested as the inaugural at the School. In December 2018, Federal Reserve Board presented an annual Janet L. Yellen Award for Excellence in Community Development to recognize the exemplary work of Federal Reserve System staff, and intended as honor of former chair Yellen’s commitment to public service.[270] Ariel Cisneros of the Federal Reserve Bank of Kansas City, has been named the first recipient of the newly created Award.[271]

Personal life[edit]

Yellen is married to George Akerlof, an economist who is a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley, as well as 2001 Nobel Memorial Prize in Economic Sciences laureate.[272] Yellen and Akerlof first crossed paths at the Fed in the fall of 1977 and wedded in June 1978, less than a year after meeting.[22] They have one child, a son named Robert, who was born in 1981. Robert Akerlof, an economist by training himself, earned a bachelor degree in economics and mathematics, summa cum laude with special distinction, from Yale in 2003; and received a PhD in economics from Harvard in 2009, where he was a presidential scholar.[273] He is an associate professor of economics at the University of Warwick.[273] Yellen and Akerlof have often collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing.[22] One of their most talked-about papers at Berkeley, on why lower wages do not always lead to higher employment, came from the personal experience of hiring a nanny for the first time.[274] Yellen says Akerlof has been her biggest intellectual influence.[274] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is.[24][22]

Yellen has an estimated net worth of $20 million, accrued from stock holdings, speaking engagements and various government and academic positions. In February 2021, she divested holdings in corporations including Pfizer, ConocoPhillips and AT&T, among others when appointed to public office at U.S. Treasury.[275][276]

Yellen is a philatelist, having reported a collection of postage stamps valued between $15,000 and $50,000 in her OGE financial disclosures released in 2014 and 2021.[277][278][279]

In popular culture[edit]

“Who’s Yellen Now?” is a song[280] by musician Dessa, commissioned by Marketplace,[281] following the joking suggestion by then President-elect Biden that Lin-Manuel Miranda should write a Hamiltonesque musical about Yellen, reflecting the historic nature of her nomination as nation’s first female secretary of the Treasury, on December 1, 2020.[282][283]

On the NBC sketch comedy show Saturday Night Live, Yellen has been parodied by actress Kate McKinnon since 2021.[284][285]

Selected works[ edit ]

books [edit]

Edit article ]

See also[edit]

References[ edit ]

Official [ edit ]

Janet Yellen Biography, the Fed, & Facts

Janet Yellen, fully Janet Louise Yellen, (born August 13, 1946 in Brooklyn, New York, USA), American economist, Chair (2014–18) of the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Reserve Board of the United States and Secretary of the US Treasury (2021–). She was the first woman to hold these offices.

Yellen graduated summa cum laude in economics from Brown University (1967) and received a Ph.D. in economics from Yale University (1971). She was then an assistant professor of economics at Harvard University until 1976. 1977-78 she worked as an economist for the Federal Reserve Board of Governors and 1978-80 as a lecturer at the London School of Economics and Political Science. In 1980, Yellen joined the faculty of the Haas School of Business at the University of California, Berkeley, where she researched and taught macroeconomics at all levels and received numerous teaching awards. She was appointed Bernard T. Rocca, Jr. Professor of International Business and Trade in 1992 and Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics in 1999. She then became professor emeritus at the Haas School of Business.

In 1994, Yellen took a leave of absence from Berkeley to serve as a member of the Board of Governors of the Federal Reserve System, a post she held until 1997. Bill Clinton’s Council of Economic Advisers until 1999. At the same time she was Chair of the Economic Policy Committee of the Organization for Economic Co-operation and Development (OECD).

Yellen returned to Berkeley in 1999 and taught there until 2004, when she was appointed President of the Federal Reserve Bank of San Francisco. In 2010, she was appointed Vice Chair of the Fed’s Board of Governors. Three years later pres. Barack Obama has named her the next head of the Federal Reserve System. There was some controversy surrounding her nomination, mainly because many Republicans believed she would place too much emphasis on reducing unemployment and not enough on controlling inflation. Nonetheless, she was confirmed by the US Senate in January 2014 by a vote of 56 to 26, the smallest confirmation margin for a Federal Reserve System head in history. Her four-year term began on February 3, 2014.

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After taking office, Yellen began reversing some of the measures enacted in response to the 2008 subprime mortgage crisis. In particular, she oversaw a program to sell Treasuries and mortgage bonds that the Fed had bought to stimulate the economy. Her tenure was also noted for job and wage growth, both of which occurred while she maintained low interest rates. Yellen left the Fed in February 2018 after Pres. Donald Trump failed to nominate her for a second term. Her successor was Jerome H. Powell. In 2020, President-elect Joe Biden announced that he would nominate Yellen as Secretary of the US Treasury. She was confirmed by the Senate in January 2021 by a vote of 84 to 15.

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Yellen was an Honorary Doctor of Laws from Brown University and an Honorary Doctor of Humane Letters from Bard College. During her academic career, she has written extensively on a variety of topics, most notably macroeconomics and unemployment dynamics. She is married to George A. Akerlof, a 2001 Nobel Prize winner in Economics.

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