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Robert Akerlof is the son of veteran American economist Janet Yellen. Just like his mother, he chose the same path. In fact, he also works as an economist. Professionally, Robert is Associate Professor of Economics at the University of Warwick. He is also a research affiliate for the Center for Economic Policy Research (CEPR).
With a major research interest in sociology and economics, he mainly focuses on social interaction. Find out all about his professional life (job), age and family below!
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Surname
Robert Akerlöf
birthday
June 1981
Age
39
gender
Masculine
nationality
American
profession
economist, prof
parents
George Akerlof and Janet Yellen
education
PhD degrees from Harvard
10 Facts On Robert Akerlof
Robert was born in June 1981 and as of 2020 he is 39 years old. His nationality is American. He is the son of George Akerlof and Janet Yellen. His parents married in June 1978 after a year of their relationship. Robert’s father, George, is also an economist and is currently a professor at Georgetown University. He was honored with the Nobel Memorial Prize in Economics. Likewise, his mother, Janet, is a famous economist who works at the Brookings Institution. She is also Professor Emeritus at the University of California, Berkeley. Most recently, she was appointed US Secretary of the Treasury in November 2020, chaired by Joe Ben, UD’s recently elected Present. He has yet to confirm the true number of his income and net worth to the media. However, he actually enjoys a luxurious life. His mother, Janet, has earned a net worth of about $13 million through her career as an economist, which was confirmed by Celebrity Net Worth. Just like his parents, Robert is an economist. He is currently Associate Professor of Economics at the University of Warwick. He is also a research partner of the CEPR. He is Ph.D. Graduate from Harvard. During his studies at Harvard he was a Presential Scholar. Robert’s areas of interest are sociology and economics, applied microeconomics and organizational economics. He hasn’t sa anything about his love life. Until now it is still a mystery whether he is married or not. Robert has yet to secure his name in Wikipedia. However, its exclusive details can be found in this article.
Who is Janet Yellan?
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– ).
Is Janet Yellen married?
How old is Yellen?
Where is Janet Yellen from?
Does Janet Yellen have kids?
How much money does Janet Yellen have?
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.
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 …
Who is Janet Yellen’s husband?
How can I contact Janet Yellen?
- (202) 622-2000.
- home.treasury.gov/about/general-information/officials/janet-yellen.
- en.wikipedia.org/wiki/Janet_Yellen.
- 1500 Pennsylvania, Washington DC 20220.
- – Show less.
How old is Larry Kudlow?
How tall is Janet Yellen?
Where did Janet Yellen go to college?
Who owns the Federal Reserve?
The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
How many reserve banks are there?
The 12 Federal Reserve Banks and their 24 Branches are the operating arms of the Federal Reserve System. Each Reserve Bank operates within its own particular geographic area, or district, of the United States.
Who is the current Fed chair?
Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022.
Here’s How Much Treasury Secretary Janet Yellen Is Worth | Forbes
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Robert Akerlof Wife, Age, Wikipedia, Net Worth: Janet Yellen …
10 Facts On Robert Akerlof. Robert was born in June 1981 and As of 2020, his age is 39. His nationality is American.He is the son of George Akerlof …
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Janet Yellen – Wikipedia
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021.
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Date Published: 3/27/2021
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Robert Akerlof Wife, Age, Wiki, Biography, Net Worth – 650.org
Robert Akerlof Wife, Age, Wiki, Biography, Net Worth: Janet Yellen Son. Robert Akerloff is the son of Janet Yellen, chief economist in the United States.
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Robert Akerlof Wife, Age, Wiki, Biography, Net Worth: Janet …
Robert Akerloff is the son of Janet Yellen, chief economist in the United States. Like his mother, he walked the same path.
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Date Published: 9/18/2022
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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 maximum employment and price stability”.[139] Yellen pointed to Trump’s claims that the Federal Reserve’s goals include trade, which she finds objectively wrong. This interview was a change of tone for Yellen, who has traditionally been neutral about her differences with Trump. [140]
On July 17, 2020, at the hearing of a select coronavirus subcommittee established by the House Committee on Oversight and Reform, former Fed Chairmen Bernanke and Yellen testified before the United States Congress on the economic policy response to the negative impact of the coronavirus from coronavirus pandemic. They called on lawmakers to act aggressively with fiscal stimulus in three areas: extending supplementary unemployment benefits; providing additional financial support to hard-hit states and local governments; and investing in the medical response to the pandemic.[141][142] She also expressed this commitment to stimulus in an op-ed for The New York Times with Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities.[143]
On August 13, 2020, it was reported that Yellen was among a handful of economists who briefed former Vice President Joe Biden, the presumptive Democratic nominee for president, and his running mate, Sen. Kamala Harris, on economic issues, but she did not official Participate in the presidential campaign.[144][145][146] The meeting made headlines because it was one of the first times the Biden campaign announced where it would turn to for economic expertise. But few then predicted Yellen for one of the President’s cabinet posts.[147]
Between 2018 and 2020, Yellen had received over $7 million in speaking fees from financial firms including Barclays, Citigroup, Goldman Sachs and hedge fund Citadel after leaving the Federal Reserve.[148][149] Upon her return to government, she has pledged to seek official approval from the Office of Government Ethics to become involved in material matters involving such companies to avoid any conflict of interest.[150][149]
Minister of Finance (since 2021) [ edit ]
Nomination and Confirmation[ edit ]
After the 2020 presidential election, Yellen was routinely mentioned as a potential Treasury secretary in the incoming Biden administration. She edged out other frontrunners to hold the position, including Fed Executive Governor Lael Brainard and Roger W. Ferguson Jr., a former Fed Vice Chairman.[151][152][147][153]
On November 30, 2020, then-President-Elect Biden announced he would nominate Yellen to his cabinet as Treasury Secretary, praising her as “one of the most important economic thinkers of our time” who “has focused her career on employment and the dignity of work.” [154][155][156][157][158] Although she was a highly respected figure across the political spectrum who was expected to gain endorsement easily, her lack made her seen as an unusual choice for the position Experience in political maneuvering. Unlike her predecessors, she is viewed more as an academic economist than a traditional politician, used to dealing and doing business with lawmakers, qualities that could be crucial in advancing the goals of Biden’s economic agenda in a deeply partisan Congress achieve.[159][160] [161] Every living former US Treasury secretary from George Shultz to Jack Lew endorsed Yellen in a bipartisan letter urging the Senate to quickly confirm her.
The Senate Finance Committee unanimously approved Yellen’s candidacy on January 22, 2021, by a vote of 26 to 0. The full US Senate confirmed her nomination on January 25, 2021 by a vote of 84 to 15 (with one abstention, Marco Rubio, R-FL)[166]. With her oath of office taken by Vice President Harris the next day, Yellen became the first woman to take office as Secretary of the Treasury and the first person in American history to head the three most powerful economic bodies of the United States federal government: the Treasury Department, the Federal Reserve and the White House Council of Economic Advisers.[1][167]
Yellen was appointed the United States’ first female Secretary of the Treasury, and only two other women – France’s Christine Lagarde and Canada’s Chrystia Freeland – have held similar positions within the Group of Seven (“G7”) countries.[170]
tenure [edit]
Proposed international tax reform[ edit ]
Meeting Yellen with Federal Minister of Finance 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 tax avoidance purposes.[171][172][173] On June 5, 2021, finance ministers of the Group of Seven (G7) – the major advanced economies – reached a historic deal to reform the global tax system, agreeing to support a global minimum tax rate of at least 15%; French Finance Minister Bruno Le Maire called it “a starting point” that could be increased in the future.[174][175][176][177] On June 10, 2021, Treasury Secretary Yellen, along with four foreign counterparts, co-authored an op-ed for The Washington Post, calling the new deal “a historic opportunity to end the race to the bottom on corporate taxation and free up government resources at a time when they.” are most urgently needed”.[178] On July 1, 2021, US-backed negotiations within the Organization for Economic Co-operation and Development (OECD) to create broader global tax parity won the support of a group of 130 nations representing more than 90 percent of global GDP, and created a new framework for international tax reform.[179][180][181] On July 10, 2021, G20 finance leaders agreed on plans to end global tax havens and multinational corporations to force them to pay their fair share of taxes wherever they operate; and to create a “more stable and equitable international tax architecture”.[182][183][184]
On October 8, 2021, more than 130 countries, including several low-tax jurisdictions that had opposed the pact, pushed through a landmark agreement through the OECD to set a global minimum tax rate of 15% for companies around the world from 2023. It said the deal could generate $150 billion in additional tax revenue annually. However, implementation of the treaty must be ratified by a two-thirds majority in the evenly distributed US Senate, as must passage of national legislation in each of the signatory countries.[185][186][187]
Debt ceiling crisis
On July 23, 2021, Yellen sent a letter to House Speaker Nancy Pelosi and other congressional leaders, urging lawmakers to raise or suspend the nation’s debt limit as soon as possible before it meets its legal limit on August 1 reached, and the government will be unable to pay its bills. She warned Congress that failure to meet these commitments would do “irreparable damage” to the US economy and the Treasury Department would begin taking “extraordinary measures” to save the United States from government shutdown or even default. [188][189] ]
On September 19, 2021, in an op-ed for The Wall Street Journal, Yellen called for addressing the debt ceiling with bipartisan support, lest the Treasury deplete its cash reserves sometime in October, triggering a historic financial crisis and “permanently” weakening America.[190 ][191] After Congress passed a short-term debt ceiling bill to increase the country’s borrowing through early December, Yellen said it was imperative that lawmakers act responsibly and provide longer-term security for the government.[192] On November 1, 2021, Yellen indicated its willingness to consider solutions to the debt crisis without the support of the GOP if necessary, using a budget adjustment process as a viable alternative.[193]
On December 16, 2021, a day after the Treasury Department’s previously estimated deadline to resolve the issue, President Biden signed into law a debt ceiling increase that averted the first-ever U.S. default. Congressional legislation, which is expected to allow the administration to meet its financial obligations beyond the midterm elections in 2022, passed in a near-bipartisan 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 the growing impact of digital assets on the American economy and laid out a strategy that she described as “responsible innovation” to protect national security interests and our planet and protect vulnerable people. She emphasized the extreme divergence of perceptions about cryptocurrency and other blockchain-based technologies, but argued that a principled approach should focus on risk and increased government oversight and research on the issue, while remaining “technology-neutral” whenever possible. Yellen outlined policy goals and lessons for dealing with new technologies, including “first, the US financial system benefits from responsible innovation; second, it is often the most vulnerable in society who suffer most from economic crises when regulation does not advance at the same pace as innovation; third, regulation should focus on activities and risks and activities, not technology; fourth, sovereign money is the core of a functioning financial system; fifth, it requires a thoughtful public and private dialogue between diverse 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, considering the impact of a CBDC on monetary policy, national security and international trade, and its benefits to consumers. Solving such problems is a “technical challenge that would require years of development, not months,” she said.[196][200]
On May 10, 2022, during a Senate Banking Committee hearing, Yellen commented on the economic fallout from the Roe v. Wade, after a leaked draft majority opinion by Dobbs v. Jackson Women’s Health Organization had shown that the Supreme Court was willing to overturn its previous decisions on legalized abortion in the United States. Sen. Bob Menendez (D-NJ) asked what the overturning of the landmark ruling would mean economically for the country; Yellen replied, “I believe that taking away women’s right to choose when and if they have children would have a very detrimental impact on the economy and would set women back decades.” She also said that women would lose access to Abortions are discouraged “increases their likelihood of living in poverty or needing public assistance.”[201]
Economic philosophy[edit]
Yellen is widely seen as a “dove” on monetary policy (i.e. more concerned about unemployment than inflation) and as such generally prefers lower rather than higher Federal Reserve interest rates.[202][203][204] When it comes to fiscal policy, however, publications often labeled them as “something” of a deficit hawk. Before the COVID-19 recession, she expressed concern about the US fiscal path, particularly US debt;[204] In 2018, Yellen said, “If I had a magic wand, I would raise taxes and cut pension spending”; The following year, she again proposed that she would both increase revenue and make changes to the Medicare, Medicaid, and Social Security programs to control spending.[204] In September 2021, at a House Financial Services Committee hearing, Yellen supported efforts for a complete lifting of the debt ceiling, arguing that the credit limit is “very destructive” and poses an unnecessary threat to the American economy.[207][208]
She has advocated for stricter financial regulation[204][209] to reduce systemic risk 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 and supported a phasing-in of carbon pricing to accelerate the transition to net-zero carbon emissions.[204]
Yellen is a Keynesian economist and has been described as “Keynesian to the core”; during the Great Recession “it warned against a hasty withdrawal of stimulus”; “insisted that the Fed pay as much attention to unemployment as it does to inflation”; and “believes that the state has a duty to combat poverty and inequality”.[210][209] In April 1999, Yellen gave a speech at a Yale economics faculty reunion entitled “Yale Economics in Washington” and described her views on Keynesian economics in policy making. She claimed that while most economists “appreciate the role of markets and incentives,” they see Yalies more often than others when they aren’t working properly, and are more concerned with policies to fix them and the political one Advise decision 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 strongly advocate expansionary policies aimed at boosting growth, profits and share prices,” despite Yellen’s ability Favorable fiscal policies were seen as likely to be constrained by the Congressional deadlock.[209]
Honors and awards[edit]
Yellen has received numerous awards in recognition of her career in science and politics. These include:
Scholastic [ edit ]
Memberships and grants[ edit ]
Awards[edit]
Ranking [ 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 Yellen’s honor. Professor Andrew Metrick was appointed the school’s first Janet L. Yellen Professor of Finance and Management. [269]
was donated by Charles D. Ellis to the Yale School of Management, named in honor of Yellen. Professor Andrew Metrick was installed as a founding member of the school. In December 2018, the 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 to serve as a tribute to former Chairwoman Yellen’s commitment to public service.[ 270] Ariel Cisneros of the Federal Reserve Bank of Kansas City was named the first recipient of the newly created award.[271]
Personal life[edit]
Yellen is married to George Akerlof, an economist who is an associate professor at Georgetown University’s McCourt School of Public Policy and Koshland Professor Emeritus of Economics at the University of California, Berkeley, and a 2001 Nobel Memorial Prize winner in economics. [272] Yellen and Akerlof first crossed paths at the Fed in the fall of 1977 and were married in June 1978, less than a year after they met.[22] They have one child, a son named Robert who was born in 1981. Robert Akerlof, himself a trained economist, received a bachelor’s degree in economics and mathematics from Yale in 2003, summa cum laude with honors; and received his PhD in Economics from Harvard University in 2009, where he was the Presidential Scholar.[273] He is 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 cost of birth outside marriage.[22] One of her most discussed essays at Berkeley on why lower wages don’t always translate to higher employment came from her personal experience of hiring a nanny for the first time.[274] Yellen says Akerlof was her greatest intellectual influence.[274] Both often state that their only disagreement is that she supports free trade a little more than he does.[24][22]
Yellen has an estimated net worth of $20 million from stock holdings, speaking, and various government and academic positions. In February 2021, she divested holdings in companies including Pfizer, ConocoPhillips, and AT&T, including when she was appointed to a public office at the US Treasury Department.[275][276]
Yellen is a philatelist and reported a collection of stamps ranging from $15,000 to $50,000 in her OGE financial information released in 2014 and 2021.
In popular culture[edit]
“Who is Yellen now?” is a song[280] by musician Dessa, commissioned by Marketplace[281] and following the joking suggestion of then President-elect Biden that Lin-Manuel Miranda should write a Hamilton-style musical about Yellen that would reflect the historical nature reflecting her nomination as the nation’s first Secretary of the Treasury, on December 1, 2020.[282][283]
Yellen has been parodied by actress Kate McKinnon on the NBC sketch comedy show Saturday Night Live since 2021.
Selected works[ edit ]
books [edit]
Edit article ]
See also[edit]
References[edit]
Official[edit]
Robert Akerlof Wife, Age, Wiki, Biography, Net Worth Janet Yellen Son
Robert Akerloff is the son of Janet Yellen, Chief Economist in the United States. Like his mother, he went the same way. In fact, he also worked as an economist. Robert is Associate Professor of Economics at the University of Warwick. He is also a research fellow at the Center for Economic Policy Research (CEPR).
He has a major research interest in sociology and economics, focusing on social interactions.
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Name Robert Akerlof Birthday June 1981 Age 39 Gender Male Nationality American Occupation Economist, Professor Parents George Akerlof and Janet Yellen Education Ph.D. degrees from Harvard
Janet Yellen Wiki, Biography, Age, Husband, Height, Family, Parents, Net Worth & More
Janet Yellen Wiki:-
Janet Yellen is an American economist. She has served as the 78th US Secretary of the Treasury and Educator since January 26, 2021. She works. She is a member of the Democratic Party. She also served as the 15th Chairman of the Federal Reserve from 2014 to 2018. She is the first woman to hold these positions and the first to head the White House economic adviser, the Federal Reserve and the Treasury Department.
Janet Yellen is Secretary of the Treasury. She took part in one of the most politically charged US debates on Tuesday, saying the economy would suffer if the Supreme Court significantly restricted women’s access to abortions.
Janet Yellen Wiki, Biography, Age
Janet Yellen is an American economist. Her full name is Janet Louise Yellen. She was born on August 13, 1946 in Brooklyn, New York City, USA. She completed her high school and college education at Fort Hamilton High School and Yale University, Pembroke College, Brown University.
She will be 75 years old in 2022. Her zodiac sign is Leo. Her nationality is American.
Real/Full Name Janet Louise Yellen Famous for American Economist Nickname Janet Age 75 Date of Birth/Birthday August 13, 1946 Religion/Caste N/A Zodiac/Sun Sign Leo Nationality American Birthplace Brooklyn, New York City, US Residence Brooklyn, New York City , USA Marital Status Married Wife George Akerlof Children 1 School Name Fort Hamilton High School College Name
University of Brown
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Janet Yellen is a married woman. She married George Akerlof. She and her husband George Akerlof have one child named Robert Akerlof.
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