She received the Wilbur Cross Medal from Yale in 1997, an honorary doctor of laws degree from Brown in 1998, and an honorary doctor of humane letters from Bard College in 2000. Member and adviser: Brookings Panel on Economic Activity (senior advisor); Advisor Panel in Economics, National Science Foundation; Research fellow: Yale Univercity, and Massachusetts Institute of Technology, Trustee of the Economists for Peace and Security, "Hong Kong and China and the Global Recession,", "Explaining Trends in the Gender Wage Gap,". Yellen served as Chair of President Bill Clinton's Council of Economic Advisers from February 18, 1997,[17] to August 3, 1999, and was appointed as a member of the Federal Reserve Board of Governors from August 12, 1994, to February 17, 1997. Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution who served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. This four-year term coincided with a 14-year term as a board member. During her tenure, the unemployment rate fell from 5.6 percent to 4.4 percent. Dr. Yellen is Professor Emeritus at the University of California at Berkeley. [41], On June 27, 2017, Yellen generated controversy when she claimed that there will not be another economic crisis "in our lifetime." She then went on to earn her Ph.D. in Economics from Yale University. He also wanted someone who would keep interest rates low. The Fed chair is expected to lead the Fed's board and the Federal Open Market Committee that sets and executes monetary policy. [62], In October 2015, Sovereign Wealth Fund Institute ranked Janet Yellen #1 in the Public Investor 100 list[63], In October 2015, Bloomberg Markets ranked Janet Yellen first in their annual list of the 50 most influential economists and policymakers. "[55] Prior to having made that statement however, Yellen gave a speech in 2007 as President of the Federal Reserve Bank of San Francisco where she is quoted as saying, "I have supported the decision to hold policy steady at the current rate despite inflation remaining higher than I would like it to be. This page was last edited on 11 November 2020, at 10:07.

[50] She will be affiliated with the Hutchins Center on Fiscal and Monetary Policy, joining her predecessor and former Federal Reserve Chair Ben Bernanke. [13] She received her Ph.D. in economics from Yale University in 1971. Chairs are appointed for four-year terms but normally wind up serving eight or more. [53] However, some predicted Yellen could act more as a hawk if economic circumstances dictate. [citation needed]. According to research conducted by The Washington Post in December 2017, unemployment figures showed the greatest improvement since 1948 and, in comparing "S&P 500 cumulative (inflation-adjusted) returns under the past four Fed chairs. https://www.celebritynetworth.com/.../wall-street/janet-yellen-net-worth economy. She oversaw the Fed's implementation of Dodd-Frank. President Trump nominated Jerome Powell to succeed her. "[49], On February 2, 2018, Yellen announced that the Fed will place a growth cap on Wells Fargo and remove four board members that were responsible for fraud. [36] After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3, 2014. She received the Wilbur Cross Medal from Yale in 1997, an honorary doctor of laws degree from Brown in 1998, and an honorary doctor of humane letters from Bard College in 2000. © 2020 Brown University, Federal Reserve Chair Janet Yellen will deliver a speech as part of the 125 Years of Women at Brown Conference. She has been a faculty member since 1980. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. Who Are the Leaders in the Battle Against Inflation? [34] On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26, the narrowest margin ever for the position. Berkeley professor turns 'lemons' into Nobel Prize", "Faculty Directory – University of Warwick, Department of Economics", Statements and Speeches of Janet L. Yellen (1995–2011), Janet Yellen collected news and commentary, https://en.wikipedia.org/w/index.php?title=Janet_Yellen&oldid=988141182, Creative Commons Attribution-ShareAlike License, 2014–2018 Chair, Board of Governors, Federal Reserve System, 2010–2014; Vice Chair, Board of Governors, Federal Reserve System, 2004–2010; President and CEO, Federal Reserve Bank of San Francisco, 1997–1999; Chair, President's Council of Economic Advisers, 1994–1997; Member, Board of Governors of the Federal Reserve System, 1985–2006; Professor, Haas School of Business, University of California, Berkeley, 1982–1985; Associate Professor, Haas School of Business, University of California, Berkeley, 1980–1982; Assistant Professor, Haas School of Business, UC Berkeley, 1978–1980; Lecturer, London School of Economics and Political Science, 1977–1978; Economist, Division of International Finance, Trade and Financial Studies Section, Board of Governors of the Federal Reserve System, 1971–1976; Assistant Professor, Department of Economics, Harvard University, President, American Economic Association, 2020, Vice President, American Economic Association, 2004, President, Western Economics Association, 2004, Fellow, American Academy of Arts and Sciences, 2001, Vice President, Western Economics Association, 2001, Member, National Academy of Sciences Panel on Ensuring the Best Presidential Science and Technology Appointments, 2000, Research Associate, National Bureau of Economic Research, 1999–, Advisory Board, Center for International Political Economy, 1999–, Advisory Board, Brookings Panel on Economic Activity, 1999, Chair: Economic Policy Committee of the Organization for Economic Cooperation and Development 1997–1999, President's Interagency Committee on Women's Business Enterprise (1997). [32][33], On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination. She then joined the Federal Reserve Board from 1994 to 1997. Dr. Yellen graduated summa cum laude from Brown University with a degree in economics in 1967. [46][47][48], Yellen received generally high marks from supporters and critics alike during her tenure. 74(2), pages 200–205. Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution who served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. Who Really Owns the World's Most Powerful Central Bank? Phone: 401-863-1000 Thank you, and let me say what an honor it is, as an alumna of this great university, to be here today and part of this important occasion. All net worths are calculated through the combination of a robust methodology and a proprietary algorithm. She was the Chair of the Council of Economic Advisors under Bill Clinton from 1997 to 1999, and served on the Federal Reserve Board of Governors again, from 1994 to 1997. This became even more critical as the rising national debt limited fiscal policy. The Dow Jones Industrial Average set 204 record highs during her tenure. [54], Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. Yellen has been an outspoken advocate for using the powers of the Federal Reserve to reduce unemployment, and has seemed more willing than other economists to risk slightly higher inflation to accomplish this goal. [19] Yellen serves as president of the Western Economic Association International and is a former vice president of the American Economic Association. [44], Trump considered renominating Yellen for another term, but on November 2, 2017 nominated Jerome Powell to succeed Yellen when her term ended on February 3, 2018. [65][66][67], Yellen is married to George Akerlof, economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University, and professor emeritus at the University of California, Berkeley. When asked if she believes Trump has "a grasp of economic policy," Yellen said "No, I do not."

[20] Following her appointment to the Federal Reserve in 2004, she spoke publicly and in meetings of the Fed's monetary policy committee, about her concern about the potential consequences of the boom in housing prices. The Effect of Presidential Economic Policy on the Economy, Why She Was Important to the U.S. Economy, How the Fed Funds Rate Has Changed Through History, The Great Depression Expert Who Prevented the Second Great Depression, What You Need to Know About the Federal Open Market Committee Meeting, FOMC: What It Is, Who Is On It and What It Does, How Milton Friedman's Theory of Monetarism Works.

Submit a correction suggestion and help us fix it! 12(1–2), pages 95–106, February. [1] On January 6, 2014, the U.S. Senate confirmed Yellen's nomination. Paul Volcker and How He Got a Shock and a Rule Named After Him, How President Reagan Ended the 1980s Recession. The conference is closed to the general public, but a, Janet Yellen among speakers at 125 Years of Women at Brown Conference. Friday, May 5, 2017 - 12:45pm to 2:15pm, Providence, Rhode Island 02912, USA Janet Yellen was Federal Reserve chair from February 3, 2014 to February 3, 2018.

That's good, because the Fed's tools act slowly, sometimes taking months to filter down into the general economy. Notably, she oversaw a program to sell Treasury and mortgage bonds that the Fed had purchased to stimulate the economy. [16] Beginning in 1980, Yellen conducted research at the Haas School and taught macroeconomics to full-time and part-time MBA and undergraduate students.

[61], In October 2015, Yellen received an honorary Doctor of Laws degree from the University of Warwick.

Radcliffe Day 2016: Janet Yellen, Radcliffe Medalist. She was a fellow of the Yale Corporation. She has also worked as a professor of Economics at Harvard University and at the London School of Economics. She received her Ph.D. in economics from Yale University in 1971. Yellen, who became the first woman to lead the Federal Reserve System, graduated from Brown University with a bachelor's degree in economics in 1967 and was later awarded an honorary degree at the University's 230th Commencement. [29], On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve, the first vice chair to be elevated. She joined the Federal Reserve Board of Governors in 1977, and served for one year.

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