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Janet Yellen
Official portrait, 2015
Official portrait, 2015
United States Secretary of the Treasury
Designate
Assuming office
TBD
PresidentJoe Biden (elect)
DeputyWally Adeyemo (designate)
SucceedingSteven Mnuchin
15th Chair of the Federal Reserve
In office
February 3, 2014 – February 3, 2018
PresidentBarack Obama
Donald Trump
DeputyStanley Fischer
Preceded byBen Bernanke
Succeeded byJerome Powell
19th Vice Chair of the Federal Reserve
In office
October 4, 2010 – February 3, 2014
PresidentBarack Obama
Preceded byDonald Kohn
Succeeded byStanley Fischer
Member of the Federal Reserve Board of Governors
In office
October 4, 2010 – February 3, 2018
PresidentBarack Obama
Donald Trump
Preceded byMark W. Olson
Succeeded byVacant
In office
August 12, 1994 – February 17, 1997
PresidentBill Clinton
Preceded byWayne Angell
Succeeded byEdward Gramlich
11th President of the Federal Reserve Bank of San Francisco
In office
June 14, 2004 – October 4, 2010
Preceded byRobert Parry
Succeeded byJohn Williams
18th Chair of the Council of Economic Advisers
In office
February 18, 1997 – August 3, 1999
PresidentBill Clinton
Preceded byJoseph Stiglitz
Succeeded byMartin Baily
Personal details
Born
Janet Louise Yellen

(1946-08-13) August 13, 1946 (age 77)
Brooklyn, New York City, U.S.
Political partyDemocratic
Spouse
​
(m. 1978)​
Children1
EducationBrown University (AB)
Yale University (MA, PhD)
Signature
Academic career
FieldMacroeconomics
Labour economics
School or
tradition		New Keynesian economics
Doctoral
advisor		James Tobin
Academic
advisors		Joseph Stiglitz
InfluencesJohn Maynard Keynes
Information at IDEAS / RePEc

Janet Louise Yellen (born August 13, 1946) is an American economist who was the 15th chair of the Federal Reserve from 2014 to 2018, the first woman to hold the role. She was vice-chair from 2010 to 2014. President-elect Joe Biden has announced that he will nominate Yellen to serve in his Cabinet as United States Secretary of the Treasury.[1]

Yellen was a member of the Federal Reserve Board of Governors from 1994 to 1997 and again from 2010 to 2018. She chaired the Council of Economic Advisers under President Bill Clinton from 1997 to 1999 and was President of the Federal Reserve Bank of San Francisco from 2004 to 2010. In 2014, Yellen was nominated by President Barack Obama to succeed Ben Bernanke as chair of the Federal Reserve.[2] She served one term from 2014 to 2018 and was not re-appointed by President Donald Trump.[3]

As of November 2020, Yellen was a distinguished fellow at the Brookings Institution. She is a professor emerita at Haas School of Business at the University of California, Berkeley.

Early life and education

Yellen was born to a Polish Jewish[4] family in the Bay Ridge neighborhood of New York City's Brooklyn borough,[5] where she also grew up. Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher, and her father Julius Yellen (1906–1975), a family physician, who worked from the ground floor of their home.[6][4][7] Her mother quit her job to take care of Janet and her older brother, John.[6] Yellen graduated from local Fort Hamilton High School in 1962; she was the class valedictorian.[8][6]

Yellen graduated summa cum laude and Phi Beta Kappa from Pembroke College in Brown University with a degree in economics in 1967. At Brown, she switched her planned major from philosophy to economics and was particularly influenced by professors George Borts and Herschel Grossman.[9] She received her Ph.D. in economics from Yale University in 1971. Her dissertation was titled "Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach" under the supervision of (later to be) Nobel laureate James Tobin.[10] Her former professor Joseph Stiglitz, another Nobelist, has called Yellen one of his brightest and most memorable students.[2] Two dozen economists earned their Ph.D from Yale in 1971, including Gary Smith, but Yellen was the only woman among them.[2]

Early career

After receiving her Ph.D, Yellen was appointed as an assistant professor of economics at Harvard University, where she taught from 1971 to 1976.[11] In 1977, she was recruited to become an economist with the Federal Reserve Board of Governors by Ted Truman, who had known Yellen from Yale. Truman was a junior professor and heard her oral exam, and had recently taken over the Fed's Division of International Finance. She was assigned to research international monetary reform.[12][13]

While at the Fed, she met her husband George Akerlof in the bank's cafeteria; they wed in 1978, less than a year later.[12] Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her position at the Fed to accompany him, and was employed as an economics lecturer by LSE.[14] They remained in London for two years, then returned to the United States. In 1980, Yellen joined the faculty at the University of California, Berkeley to conduct macroeconomics research and teach MBA and undergraduate students. She is now a professor emerita at Berkeley's Haas School of Business where she was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. She has been awarded the Haas School's outstanding teaching award twice.[15]

Federal Reserve: Clinton Administration

In August 1994, Yellen took leave from Berkeley for five years. President Bill Clinton appointed her as a member of the Federal Reserve Board of Governors. She was recommended for the post by Laura Tyson, then CEA chair to the administration.[16] The Senate Banking Committee approved Yellen's nomination by a vote of 18 to 1. The only vote against her came from Senator Lauch Faircloth, Republican of North Carolina, who had told that her concerns should be limited to "inflation, inflation and inflation."[17] Nomination was confirmed by the Senate by a vote of 94–6.[18] Yellen succeeded Republican Wayne Angell on August 12, 1994, alongside Alan Blinder, who served as vice chairman, the first Democratic appointees to the Board since 1980.

In July 1996, the Federal Reserve under Alan Greenspan, resisted pressure to raise interest rates as unemployment declines. But Yellen argued that a little inflation was a good thing for economic growth and played an important role in convincing Chairman Greenspan about a view that has since prevailed at the Fed.[19][13]

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

Council of Economic Advisers

Yellen chaired President Bill Clinton's Council of Economic Advisers (CEA) from February 18, 1997, replacing Joseph Stiglitz in office. She was confirmed unanimously by the United States Senate.[20][21] While at the CEA, she also chaired the Economic Policy Committee of the Organization for Economic Cooperation and Development from 1997 to 1999.[22]

During her time with the Council of Economic Advisors, Yellen oversaw a landmark report "Explaining Trends in the Gender Wage Gap" focused on the gender pay divide in June 1998. Within this study, the Council analyzed data from 1969 to 1996 to determine the cause for women to earn substantially less than men. By observing trends attributable to issues like occupation/industry as well as familial status, it was determined that while the Equal Pay Act of 1963 was a step forward, there was no explanation as to why there was a 25 percent difference between average pay for women and men - an improvement from the 40 percent gap two decades earlier. It was concluded that this gap had no correlation with differences in productivity and, as such, was the repercussions of discrimination within the workforce.[23][24]

In June 1999, Yellen announced that she was resigning from the CEA for personal reasons and would return to Berkeley.[25]

Return to the Federal Reserve

Federal Reserve Bank of San Francisco

On June 14, 2004, Yellen was chosen as president and chief executive officer of the Federal Reserve Bank of San Francisco, the first woman to hold those positions.[26][24] She was a voting member of the Federal Open Market Committee (FOMC) on a rotating basis once every three years. During her time at the San Francisco District Fed, she spoke publicly and in meetings of the Fed's monetary policy committee, regarding her concerns about the potential consequences of the boom in housing prices.[27] However, Yellen did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of Countrywide Financial, the largest lender in the U.S.[28] Yellen served until 2010.

In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as chair of the Federal Reserve System, before he was re-nominated by President Barack Obama.[29]

Vice Chair of the Federal Reserve Board of Governors

Yellen sworn in by Fed Chairman Ben Bernanke in October 2010

On April 28, 2010, President Obama nominated Yellen to succeed Donald Kohn as vice-chair of the Federal Reserve.[30] In July, the Senate Banking Committee voted 17–6 to confirm her, though the top Republican on the panel, Senator Richard Shelby of Alabama, voted no, saying he believed Yellen had an "inflationary bias".[31] At the same time, on the heels of related testimony by Fed Chairman Bernanke, FOMC voting member James B. Bullard of the St. Louis Fed stated that the U.S. economy was "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years.'"[32]

Bullard's statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen's pending confirmation, along with those of Peter A. Diamond and Sarah Bloom Raskin to fill vacancies, was seen as possibly furthering such a shift in the FOMC. All three nominations were seen as "on track to be confirmed by the Senate."[32]

On September 29, 2010, Yellen confirmed by the Senate by Voice vote, to be both a Member of the Board of Governors,[33] and Vice Chair of the Federal Reserve System.[34] On October 4, 2010, Yellen was sworn in as vice chair for a four-year term that ended on October 4, 2014. Simultaneously she began a 14-year term as a member of the Federal Reserve Board filling a vacant seat last held by Mark W. Olson.[35] Yellen was the second woman to hold the No. 2 post at the Fed, after Alice Rivlin, who had that role from 1996 to 1999.[36]

Chair of the Federal Reserve

Yellen speaks at FOMC press conference in 2014
Yellen speaks with IMF Managing Director Christine Lagarde in 2014

On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve, the first vice chair to be elevated to that role.[37] During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed had been injecting into the U.S. economy.[38]

On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination.[39] On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26,[40] the narrowest margin ever for the position.[41] In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979.[42] After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3, 2014.[43]

On December 16, 2015, while Yellen was chair of the Federal Reserve, the latter increased its key interest rate for first time since 2006.[44]

After the election of President Donald Trump in November 2016, Yellen argued that it would be inappropriate to weaken or repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act.[45]

Trump considered renominating Yellen for another term, but on November 2, 2017 nominated Jerome Powell[46] to succeed Yellen when her term ended on February 3, 2018.[47] After Trump's decision, Yellen announced that she would leave the Fed at the end of her term as chair.[48][49]

After the Federal Reserve

Yellen delivers her farewell speech to Federal Reserve staff in 2018

On February 2, 2018, the Brookings Institution announced that Yellen would be joining the think tank as a distinguished fellow in residence.[50] She was a fellow at Brookings as of November 2020.[51]

On June 27, 2017, Yellen stated that she did not expect another financial crisis "in our lifetime". Yellen explained that this assumption can be made due to her belief that banks are "very much stronger" as a result of Federal Reserve oversight.[52] On December 11, 2018 Yellen later warned of the possibility of a financial crisis by citing "gigantic holes in the system" after her departure from the Federal Reserve.[53]

On February 25, 2019, Yellen criticized Trump's economic policies. When asked if she believes Trump has "a grasp of economic policy", Yellen said "No, I do not."[54] In an interview with Marketplace, Yellen explained that she doubts that Trump could articulate the Federal Reserve's explicit goals of "maximum employment and price stability."[55] Yellen pointed out Trump's claims that the Federal Reserve's goals involve trade, which she explains to be objectively false. This interview was a change in tone for Yellen, who traditionally handled her differences with Trump in a neutral manner.[56]

Nominee for Secretary of the Treasury

In November 2020, President-elect Joe Biden announced he would nominate Yellen to serve as Secretary of the Treasury. She would be the first woman to hold this position if confirmed by the Senate.[57][58]

Economic philosophy

Yellen is widely considered to be a "dove" (more concerned with unemployment than with inflation) and as such to be less likely to advocate Federal Reserve interest rate hikes, as compared, for example, to William Poole (former St. Louis Fed president) a "hawk".[59] However, some predicted Yellen could act more as a hawk if economic circumstances dictate.[60]

Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She has been described as a "Keynesian to her fingertips".[61]

Honors and awards

Treasury Secretary Jack Lew and Federal Reserve Chair Janet Yellen

Yellen received a Guggenheim Fellowship for economics in 1986.[62] She received the Wilbur Cross Medal from Yale University in 1997.[63]

Yellen was elected a fellow of the American Academy of Arts and Sciences in 2001.[64] She was a fellow of the Yale Corporation from 2000 to 2006.[65]

In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE).[66]

Yellen was included in Bloomberg Markets's 50 Most Influential list in 2012, 2013, 2014, 2015, and 2016. She was ranked first in 2015.[67] From 2014 to 2016, she was included in the Forbes list of the world's most powerful people.[68] She was also included in Forbes list of the world's 100 most powerful women in 2014, 2015, and 2016.[69] She was listed on the Time 100 in 2014, 2015, and 2017.[70]

Yellen received an "A" grade in 2017, and an “A-” for 2016 and 2015 in The Central Banker Report Cards list, published by Global Finance.[71]

In November 2014, she was elected as a fellow of the Econometric Society.[72]

In January 2015, Yellen was awarded the Elizabeth Blackwell Award by Hobart and William Smith Colleges.[73]

In May 2016, Yellen accepted Radcliffe Medal from the Radcliffe Institute for Advanced Study, a part of Harvard University.[74]

In November 2017, Yellen jointly with Ben Bernanke were presented The Paul H. Douglas Award for Ethics in Government from Institute of Government and Public Affairs at the University of Illinois. Bernanke and Yellen were the first economists to receive the award.[75]

In October 2019, she was awarded the Truman Medal for Economic Policy by the Truman Library Institute, the nonprofit partner of the Harry S. Truman Presidential Library and Museum.[76]

In 2020, Yellen was named the president of the American Economic Association;[77] she had been the Association's vice president (served along with Angus Deaton) in 2004.[78] Yellen served as president of the Western Economic Association International in 2004.[79]

Personal life

Yellen is married to George Akerlof, economist, 2001 Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University, and professor emeritus at the University of California, Berkeley.[80] Yellen and Akerlof had met at the Fed in the fall of 1977, married in June 1978. In June 1981, their son Robert was born. Robert Akerlof graduated summa cum laude with special distinction from Yale University with a degree in economics and mathematics in 2003 and received a Ph.D. in economics from Harvard University in 2009. He works as an associate professor of economics at the University of Warwick.[81]

Yellen and Akerlof have collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing.[12] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is.[14][12]

See also

Selected works

Books

  • Akerlof, George A.; Yellen, Janet L., eds. (October 31, 1986). Efficiency Wage Models of the Labor Market. Cambridge University Press. doi:10.1017/cbo9780511559594. ISBN 978-0-521-31284-4.
  • Yellen, Janet L.; Blinder, Alan S. (2001). The Fabulous Decade: Macroeconomic Lessons from the 1990s. New York: The Century Foundation Press. ISBN 0-87078-467-6. OCLC 47018413.

Articles

References

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Official

Other

Political offices
Preceded by Chair of the Council of Economic Advisers
1997–1999 		Succeeded by
Government offices
Preceded by Member of the Federal Reserve Board of Governors
1994–1997 		Succeeded by
Preceded by
Robert Parry
 President of the Federal Reserve Bank of San Francisco
2004–2010 		Succeeded by
Preceded by Member of the Federal Reserve Board of Governors
2010–2018 		Succeeded by
Vacant
Preceded by Vice Chair of the Federal Reserve
2010–2014 		Succeeded by
Preceded by Chair of the Federal Reserve
2014–2018 		Succeeded by
Academic offices
Preceded by President of the American Economic Association
2020–2021 		Incumbent

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