Ben Bernanke

Ben Shalom Bernanke [ bɛn bɝnæŋkɪ ] ( born December 13, 1953 in Augusta, Georgia) is an American economist. From 2006 to early 2014 he was the successor of Alan Greenspan, Chairman of the Federal Reserve Board ( Federal Reserve Chairman ).

  • 3.1 Textbooks
  • 3.2 research

Life

Bernanke comes from a Jewish family that immigrated to the United States after the First World War from South East Poland ( Przemysl ). His father Philip was a pharmacist and his mother Edna elementary school teacher. He has a sister and a brother.

Bernanke is married and has two children.

Teaching and research (up to 2002)

After his high school graduation in 1971 in Dillon, South Carolina, he studied until 1975 at the Harvard University Economics, which he graduated with a Bachelor's summa cum laude and received his PhD in 1979 from the Massachusetts Institute of Technology for Ph.D. Bernanke was then Assistant and from 1983 to 1985 Associate Professor at Stanford University. In the years 1996-2002 he was Professor and Chairman of times the Faculty of Economics 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 economic textbooks.

Federal Reserve (2002 to 2014)

Under the former Federal Reserve Chairman Alan Greenspan in 2002 he was Governor in the Federal Reserve Board. U.S. President George W. Bush appointed him on 21 June 2005 as Chairman of the Council of Economic Advisers, the main economic policy advisor committee of the U.S. government. On 24 October 2005, Bernanke was proposed by President Bush to succeed Alan Greenspan as Fed chairman and confirmed by the U.S. Senate on February 1, 2006. Bernanke's nomination to head the " Fed " was welcomed by experts mainly. The nomination as Greenspan 's successor had been expected.

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

On February 1, 2014 Janet Yellen succeeds by Bernanke at the top of the " Fed ", after having been nominated on 9 October 2013, the U.S. Senate had voted on January 6, 2014 it.

Time magazine chose him 2009 Person of the Year.

Economic position

Bernanke is considered as a pragmatic economist without deep ideological principles. It stands for a similar under Greenspan geared to price stability monetary policy. In addition, he shall, as these are close to the Republicans. Bernanke is regarded as advocates of inflation targeting strategy.

Several years ago feared in the U.S. and other countries deflation held Bernanke for no great danger: " The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows her the production of so many U.S. dollars, as she wants - and that " He coined in 2005 the term" no cost savings glut " or savings glut. . January 13, 2009, against the backdrop of the financial crisis starting in 2007, he explained, not to engage in monetary policy of the simple quantitative easing, but a policy of " credit easing ".

From his critics Claus Vogt is mentioned ( Das Greenspan Dossier ), according to which he is reported to have suggested that the dollar actually let deflation case drop by helicopter, which is why he is known in financial circles as " Helicopter Ben".

Writings

Textbooks

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

Research

  • "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 )
  • "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 )
Augusta (Georgia) Georgia (U.S. state) Time Person of the Year Edwin Griswold Nourse Arthur F. Burns Raymond J. Saulnier Walter Heller Gardner Ackley Paul McCracken (economist) Charles Schultze Murray Weidenbaum Beryl Wayne Sprinkel Laura Tyson Martin Neil Baily Harvey S. Rosen Edward Lazear Alan Krueger Jason Furman Eugene Meyer Eugene R. Black, Sr. William McChesney Martin G. William Miller Paul Volcker Integrated Authority File
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