Ben Bernanke

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Ben Bernanke

Ben Shalom Bernanke [ bɛn bɝˈnæŋkɪ ] (born  December 13, 1953 in Augusta , Georgia ) is an American economist . From 2006 to the beginning of 2014, he succeeded Alan Greenspan as President of the Federal Reserve Board . In April 2015, it was announced that Bernanke had accepted an advisory position at the Citadel hedge fund . He also works as a consultant for the US investment company Pimco .

Life

Bernanke comes from a Jewish family who immigrated to the United States from south-east Poland ( Przemyśl ) after the First World War . His father Philip was a pharmacist and his mother Edna a primary school teacher. He has a sister and a brother.

Bernanke is married and has two children.

Teaching and Research (until 2002)

After his high school graduation in 1971 in Dillon , South Carolina , he studied until 1975 at the Harvard University Economics, what with the Bachelor, he summa cum laude graduated and received his doctorate in 1979 at the Massachusetts Institute of Technology for Ph.D. Bernanke was then Assistant Professor and 1983 to 1985 Associate Professor at Stanford University . From 1996-2002 he was a professor and intermittent chair of the economics faculty at Princeton University .

Bernanke was director of the Monetary Economics Program of the National Bureau of Economic Research , editor of the American Economic Review and a member of the Advisory Board of the Journal of Money, Credit, and Banking. In addition to scientific publications, Bernanke has also published three economics textbooks .

In 2001 Bernanke became a member of the American Academy of Arts and Sciences . Since 2006 he has been an elected member of the American Philosophical Society .

Central Bank (2002 to 2014)

Under the then Federal Reserve Chairman Alan Greenspan, he became governor of the Federal Reserve Board in 2002 . On June 21, 2005, US President George W. Bush appointed him Chairman of the Council of Economic Advisers , the most important economic policy advisory body to the US government. On October 24, 2005, Bernanke was proposed by President Bush to succeed Alan Greenspan as Federal Reserve Chairman and was confirmed by the US Senate on February 1, 2006 . Bernanke's nomination as head of the "Fed" was largely welcomed by experts. The nomination as Greenspan successor was expected.

On August 25, 2009, Bernanke was nominated by President Barack Obama for a second four-year term beginning in February 2010. A hearing before the US Senate Banking Committee began on December 3, 2009. On December 17, the committee decided to confirm the nomination and thus Bernanke's second term. The vote was confirmed by the entire Senate on January 28, 2010.

Time magazine voted him Person of the Year in 2009 .

On February 1, 2014, Janet Yellen succeeded Bernanke at the helm of the “Fed” after she was nominated on October 9, 2013 and the US Senate voted for her on January 6, 2014.

Brookings Institution (since 2014)

Bernanke has been working at the Brookings Institution since early 2014 . In September 2014 he was awarded the Adam Smith Prize of the National Association for Business Economics (NABE).

Economic position

Bernanke is seen as a pragmatic economist without deep ideological principles. It stands for a monetary policy geared towards price stability , similar to that under Greenspan . He is also said to be close to the Republicans like this one . Bernanke is a proponent of an inflation targeting strategy.

The deflation feared a few years ago in the US and other countries , Bernanke did not consider it a great danger: "The US government has a technology called the printing press (or today its electronic equivalent) that allows it to produce so many US dollars, as she wishes - without costs "He coined in 2005 the term" savings glut "or. global saving glut . On January 13, 2009, against the background of the financial crisis from 2007 , he declared that he would not pursue a monetary policy of simple quantitative easing , but a policy of "credit easing" .

Fonts

Textbooks

  • "Principles of Economics" (with Robert H. Frank )
  • "Principles of Macroeconomics" (with Robert H. Frank)
  • "Macroeconomics" (with Andrew B. Abel)

Research work

  • "Essays on the Great Depression." Princeton University Press, Princeton 2000, ISBN 0-691-01698-4
  • "Inflation Targeting: Lessons from the International Experience." Princeton University Press, Princeton 2001, ISBN 0-691-08689-3
  • "Should Central Banks Respond to Movements in Asset Prices?" American Economic Review, May 2001. (with Mark Gertler )
  • "Inflation Targets and Monetary Policy." Journal of Money, Credit, and Banking, November 1997, Vol. 29, No. 4 (2), pp. 653–84 (with Michael Woodford)
  • "The Federal Funds Rate and the Channels of Monetary Transmission." American Economic Review, September 1992, Vol. 82, No. 4, pp. 901-21 (with Alan Blinder)
  • "Credit, Money, and Aggregate Demand." American Economic Review, May 1988, Vol. 78, No. 2, pp. 435–39 (with Alan Blinder)

Web links

Commons : Ben Bernanke  - Collection of images, videos and audio files
Wikiquote: Ben Bernanke  - Quotes

Individual evidence

  1. ↑ nytimes.com April 16, 2015: Ben Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser
  2. ↑ Ex-Federal Reserve Chairman - Bernanke advises fund company Pimco , accessed on April 29, 2015
  3. ↑ David Wessel, In Fed We Trust: Ben Bernanke's War on the Great Panic (New York: Crown Business, 2009), p. 69.
  4. ^ Book of Members. Retrieved July 23, 2016 .
  5. ↑ Member History: Ben Bernanke. American Philosophical Society, accessed April 30, 2018 .
  6. ↑ New York Times, January 28, 2010
  7. ↑ Person of the Year 2009 , accessed December 26, 2009
  8. ↑ Sueddeutsche.de, Janet Yellen becomes Fed chief , January 7, 2014
  9. ^ Governor Ben S. Bernanke, The Global Saving Glut and the US Current Account Deficit, Federalreserve.gov, March 2005, accessed June 5, 2009
  10. ↑ Speech by Ben Bernanke, January 13, 2009
personal data
SURNAME Bernanke, Ben
ALTERNATIVE NAMES Bernanke, Ben Shalom (full name)
BRIEF DESCRIPTION American economist
DATE OF BIRTH December 13, 1953
PLACE OF BIRTH Augusta , Georgia