Ben Bernanke
Former Chair of the Federal Reserve of the United States
Education
- Harvard College -
- A.B. degree, and A.M. in economics -
- Ph.D. degree in economics - Massachusetts Institute of Technology
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis, for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Douglas Diamond and Philip H. Dybvig, "for research on banks and financial crises", more specifically for his analysis of the Great Depression.
From August 5, 2002, until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke doctrine, and first discussed "the Great Moderation"—the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic (monetary and fiscal) policy.
Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve. His first term began February 1, 2006. Bernanke was confirmed for a second term as chairman on January 28, 2010, after being renominated by President Barack Obama, who later referred to him as "the epitome of calm." His second term ended January 31, 2014, when he was succeeded by Janet Yellen on February 3, 2014.
Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act, in which he revealed that the world's economy came close to collapse in 2007 and 2008. Bernanke asserts that it was only the novel efforts of the Fed (cooperating with other US agencies and agencies of other governments) that prevented an economic catastrophe greater than the Great Depression.
Chairman of the United States Federal Reserve :
On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005). By virtue of the chairmanship, he sat on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body.
His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market. Maria Bartiromo disclosed on CNBC comments from their private conversation at the White House Correspondents' Association Dinner. She reported that Bernanke said investors had misinterpreted his comments as indicating that he was "dovish" on inflation. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment."
Early Life
Bernanke was born December 13, 1953 in Augusta, Georgia, and was raised on East Jefferson Street in Dillon, South Carolina. His father Philip was a pharmacist and part-time theater manager. His mother Edna was an elementary school teacher. Bernanke has two younger siblings. His brother, Seth, is a lawyer in Charlotte, North Carolina. His sister, Sharon, is a longtime administrator at Berklee College of Music in Boston.
The Bernankes were one of the few Jewish families in Dillon and attended Ohav Shalom, a local synagogue; Bernanke learned Hebrew as a child from his maternal grandfather, Harold Friedman, a professional hazzan (cantor), shochet, and Hebrew teacher. Bernanke's father and uncle owned and managed a drugstore they purchased from Bernanke's paternal grandfather, Jonas Bernanke.
Jonas Bernanke was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, 1891. He immigrated to the United States from Przemyśl, Poland, and arrived at Ellis Island, aged 30, on June 30, 1921, with his wife Pauline, aged 25. On the ship's manifest, Jonas's occupation is listed as "clerk" and Pauline's as "doctor med".
The family moved to Dillon from New York in the 1940s. Bernanke's mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Ben Bernanke also worked there sometimes.
Education :
Bernanke was educated at East Elementary, J.V. Martin Junior High, and Dillon High School, where he was class valedictorian and played saxophone in the marching band.[26] Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself. Bernanke scored 1590 out of 1600 on the SAT and was a National Merit Scholar. He also was a contestant in the 1965 National Spelling Bee.
Bernanke entered Harvard College in 1971, where he lived in Winthrop House, as did the future chief executive officer of Goldman Sachs, Lloyd Blankfein, and graduated Phi Beta Kappa with an A.B. degree, and later with an A.M. in economics summa cum laude in 1975. He received a Ph.D. degree in economics from the Massachusetts Institute of Technology in 1979 after completing and defending his dissertation, Long-Term Commitments, Dynamic Optimization, and the Business Cycle. Bernanke's thesis adviser was the future governor of the Bank of Israel, Stanley Fischer, and his readers included Irwin S. Bernstein, Rüdiger Dornbusch, Robert Solow, and Peter Diamond of MIT and Dale Jorgenson of Harvard.
Personal life :
Bernanke met his wife, Anna, a schoolteacher, on a blind date. She was a student at Wellesley College, and he was in graduate school at MIT.[citation needed] The Bernankes have two children, Joel and Alyssa. He is an ardent fan of the Washington Nationals baseball team, and frequently attends games at Nationals Park.
When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey, in 1985, where Bernanke's children attended the local public schools. Bernanke served for six years as a member of the board of education of the Montgomery Township School District.
In 2009, The Wall Street Journal reported that Bernanke was a victim of identity theft, a spreading crime the Federal Reserve has for years issued warnings about.
Career
- United States - Former Chair of the Federal Reserve
Recognition
Fellow of the Econometric Society (1997)
Fellow of the American Academy of Arts and Sciences (2001)
Order of the Palmetto (2006)
Member of the American Philosophical Society (2006)
Distinguished Leadership in Government Award, Columbia Business School (2008)
In 2009, the South Carolina Department of Transportation (SCDOT) Commission approved a resolution on February 21 to name Exit 190 along Interstate Highway 95 in Dillon County the Ben Bernanke Interchange.
In 2009, he was named the Time magazine person of the year.
In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management"
Member of the National Academy of Sciences (2021)
Along with Douglas W. Diamond and Philip H. Dybvig, he was awarded the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel "for research on banks and financial crises"
