Ben Bernanke Biography
Ben Bernanke is an American economist at the Brookings Institution who served two terms as chair of the Federal Reserve, the central bank of the United States, from 2006 to 2014.
During his tenure as chair, Bernanke oversaw the Federal Reserve’s response to the late-2000s financial crisis. Before becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton University and chaired the department of economics therefrom 1996 to September 2002, when he went on public service leave.
Ben Bernanke Age
Bernanke is 65 years old as of 2018. He was born on December 13, 1953, in August, Georgia, U.S.
Ben Bernanke Family
Bernanke 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.
He has two younger siblings. His brother, Seth, is a lawyer in Charlotte, North Carolina. His Sister, Sharon, is a long time administrator at Berklee College of Music in Boston.
Ben Bernanke 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.
Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself.
Bernanke attended Harvard University in 1971, where he lived in Winthrop House, as did the future CEO of Goldman Sachs, Lloyd Blankfein, and graduated with an A.B degree in Economics from Massachusetts Institute of Technology in 1979 after completing and defending his dissertation, Long-Term Commitments.
Ben Bernanke Relationship
Bernanke met his wife, Anna, a schoolteacher, on a blind date. They have two children. When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey in 1985, where Bernanke served for six years as a member of the board of education of Montgomery Township School District.
Ben Bernanke Career
Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005.
Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. In one of his first speeches as a Governor, entitled “Deflation: Making Sure It Doesn’t Happen Here”, he outlined what has been referred to as the Bernanke Doctrine.
As a member of the board of governors of the Federal Reserve System on February 20, 2004, Bernanke gave a speech in which he postulated that we are in a new era called the Great Moderation, where modern macroeconomic policy has decreased the volatility of the business cycle to the point that it should no longer be a central issue in economics.
In June 2005, Bernanke was named the chairman of President George W. Bush’s Council of Economic Advisers and resigned as Fed Governor. The appointment was largely viewed as a test run to ascertain if Bernanke could be Bush’s pick to succeed Greenspan as Fed chairman the next year. He held the post until January 2006.
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 policymaking 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.
As the “Great Recession” deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its fund’s interest rate from 5.25% to 0.0% within less than a year. When this was considered insufficient to abate the liquidity crisis, the Fed initiated Quantitative Easing, creating $1.3 trillion from November 2008 to June 2010 and using the created money to buy financial assets from banks and from the government.
On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. In a short statement on Martha’s Vineyard, with Bernanke standing at his side, Obama said Bernanke’s background, temperament, courage, and creativity helped to prevent another Great Depression in 2008. When Senate Banking Committee hearings on his nomination began on December 3, 2009, several senators from both parties indicated they would not support a second term.
Bernanke has given several lectures at the London School of Economics on monetary theory and policy. He has written two textbooks: an intermediate-level macroeconomics textbook coauthored with Andrew Abel (and also Dean Croushore in later editions) and an introductory textbook, covering both microeconomics and macroeconomics, coauthored with Robert H. Frank. Bernanke was the Director of the Monetary Economics Program of the National Bureau of Economic Research and the editor of the American Economic Review. He is among the 50 most published economists in the world according to IDEAS/RePEc.
Bernanke is particularly interested in the economic and political causes of the Great Depression, on which he has published numerous academic journal articles. Before Bernanke’s work, the dominant monetarist theory of the Great Depression was Milton Friedman’s view that it had been largely caused by the Federal Reserve’s having reduced the money supply and has on several occasions argued that one of the biggest mistakes made during the period was to raise interest rates too early. In a speech on Milton Friedman’s ninetieth birthday (November 8, 2002), Bernanke said:
“Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna [Schwartz, Friedman’s coauthor]: Regarding the Great Depression, you’re right. We did it. We’re very sorry. But thanks to you, we won’t do it again.”
Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero.
n a speech at the American Economics Association conference in January 2014, Bernanke reflected on his tenure as chairman of the Federal Reserve. He expressed his hope that economic growth was building momentum and stated that he was confident that the central bank would be able to withdraw its support smoothly.
In an October 2014 speech, Bernanke disclosed that he was unsuccessful in efforts to refinance his home. He suggested that lenders “may have gone a little bit too far on mortgage credit conditions”.
Since February 2014, Bernanke has been employed as a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution.
On April 16, 2015, it was announced publicly that Bernanke will work with Citadel, the $25 billion hedge fund founded by billionaire Kenneth C. Griffin, as a senior adviser. In the same month, it was revealed that Bernanke would also join Pimco as a senior advisor.
In his 2015 book, The Courage to Act, Bernanke revealed that he was no longer a Republican, having “lost patience with Republicans’ susceptibility to the know-nothing-ism of the far right. … I view myself now as a moderate independent, and I think that’s where I’ll stay.”
Ben Bernanke Net Worth
Bernanke is the current Chairman of the Federal Reserve of the central bank of the United States and he has an estimated net worth of $2 million with an annual salary of $180 thousand.
Ben Bernanke Photo
This information will be updated soon.
Ben Bernanke Quotes
Ben Bernanke Height
This information will be updated soon.
Ben Bernanke Facebook
Ben Bernanke Instagram