The typical Federal Reserve Board Economist salary is $161,072. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. [71][72][73], 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. [37][38], On December 16, 2015, while Yellen was chair of the Federal Reserve, the latter increased its key interest rate for first time since 2006. She served as the 18th Chair of the White House Council of Economic Advisers under President Bill Clinton from 1997 to 1999. [2] President-elect Joe Biden has announced he will nominate Yellen to serve in the Cabinet as the United States Secretary of the Treasury. [81][13], American economist and 15th Chair of the Federal Reserve in the United States, "Yellen" redirects here. [45] After Trump's decision, Yellen announced that she would leave the Federal Reserve Board of Governors at the end of her term as chair.[46][47][48]. [2] She served one four-year term as Federal Reserve Chair from 2014 to 2018 and was not reappointed by President Donald Trump. Skip to main content. Economists Economists at the Federal Reserve Board conduct cutting edge research on a broad range of topics in economics and finance and contribute substantive policy analyses used by the Board of Governors and the Federal Open Market Committee. For release at 2:00 p.m., EDT, September 16, 2020. The Federal Reserve’s latest economic forecasts suggest that interest rates will remain near zero at least through 2023. “Work of the Past, Work of the Future.” AEA Papers and Proceedings 109(May), pp. [22] However, Yellen did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of Countrywide Financial, the largest lender in the U.S.[23], In a 2005 speech in San Francisco, Yellen argued against deflating the housing bubble because "arguments against trying to deflate a bubble outweigh those in favor of it" and predicted that the housing bubble "could be large enough to feel like a good-sized bump in the road, but the economy would likely be able to absorb the shock. [65], In 2014, she was named by Forbes as the second most powerful woman in the world after Chancellor Angela Merkel. "Trends in Income Inequality and Policy Responses,", "The Continuing Importance of Trade Liberalization,", Rose, Andrew K. & Yellen, Janet L., 1989. Board economists conduct cutting edge research, produce numerous working papers, and are among the leading contributors at professional meetings and in major journals. Within this study, the Council analyzed data from 1969 to 1996 to determine the cause for women to earn substantially less than men. [30], On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve, the first vice chair to be elevated. All three nominations were seen as "on track to be confirmed by the Senate. [35] In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. [39] Once in office, Yellen began the process of reversing some of the policies that had been enacted in response to the subprime mortgage crisis of 2008. Information about becoming a research assistant at the Federal Reserve Bank of Chicago. Project Hometown. [70], On May 27, 2016, at the Radcliffe Day luncheon during Commencement week, Yellen received an honorary Radcliffe Medal and spoke to guests. Nobel laureate economist Milton Friedman and his fellow monetarist Anna Schwartz criticized the Fed's response to the Wall Street Crash of 1929 arguing that it … She was the highest-ranking American on the list. – Federal Reserve Chair Jay Powell Chair Powell arrow_downward “The inside look at research on a wide variety of topics that I got from working as an RA at the Fed really helped me to figure out the type of questions that I’m interested in as an economist. [13] However, Akerlof had already accepted a teaching position at the The London School of Economics and Political Science, where Yellen would also land a position as a lecturer. "[52] Yellen pointed out Trump's claims that the Federal Reserve's goals involve trade, which she explains to be objectively false. She served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. (with George Akerlof) in William Brainard, William Nordhaus, and Harold Watts, eds.. "An Analysis of Out-of-Wedlock Childbearing in the United States," (with George Akerlof and Michael Katz). Yellen was a Federal Reserve Board Governor from 1994 to 1997 and again from 2010 to 2018. Let me be clear that I do want inflation to move down, but as I just indicated with my forecast, I believe policy may now be well-positioned to foster exactly such an outcome. [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. Enjoy full access to nearly 760,000 economic data series from 102 regional, national, and international sources. Yellen's height was reportedly a factor in Trump's decision. This estimate is based upon 85 Federal Reserve Board Economist salary report(s) provided by employees or … At Brown, she switched her planned major from philosophy to economics and was particularly influenced by professors George Borts and Herschel Grossman. Berkeley professor turns 'lemons' into Nobel Prize", "Faculty Directory – University of Warwick, Department of Economics", Janet Yellen collected news and commentary, Federal Reserve v. Investment Co. Institute, https://en.wikipedia.org/w/index.php?title=Janet_Yellen&oldid=991985089, Academics of the London School of Economics, Distinguished Fellows of the American Economic Association, Federal Reserve Bank of San Francisco presidents, Fellows of the American Academy of Arts and Sciences, Massachusetts Institute of Technology fellows, Pembroke College in Brown University alumni, Presidents of the American Economic Association, United States Council of Economic Advisers, Short description is different from Wikidata, Articles with unsourced statements from November 2020, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from November 2020, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, President, American Economic Association, 2020, Vice President, American Economic Association, 2004, President, Western Economics Association, 2004, Fellow, American Academy of Arts and Sciences, 2001, "Hong Kong and China and the Global Recession,", "Explaining Trends in the Gender Wage Gap,". Call for Applications: Atlanta Fed Early-Career Visitor Program. "Can capital movements eliminate the need for technology transfer?," Journal of International Economics, Elsevier, vol. "[25], In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as chair of the Federal Reserve System, before he was renominated by Barack Obama. Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, Transcripts and other historical materials, Quarterly Report on Federal Reserve Balance Sheet Developments, Community & Regional Financial Institutions, Federal Reserve Supervision and Regulation Report, Federal Financial Institutions Examination Council (FFIEC), Securities Underwriting & Dealing Subsidiaries, Regulation CC (Availability of Funds and Collection of Checks), Regulation II (Debit Card Interchange Fees and Routing), Regulation HH (Financial Market Utilities), Federal Reserve's Key Policies for the Provision of Financial Services, Sponsorship for Priority Telecommunication Services, Supervision & Oversight of Financial Market Infrastructures, International Standards for Financial Market Infrastructures, Payments System Policy Advisory Committee, Finance and Economics Discussion Series (FEDS), International Finance Discussion Papers (IFDP), Estimated Dynamic Optimization (EDO) Model, Aggregate Reserves of Depository Institutions and the Monetary Base - H.3, Assets and Liabilities of Commercial Banks in the U.S. - H.8, Assets and Liabilities of U.S. She would be the first woman to hold this position if confirmed by the Senate. [56] However, some predicted Yellen could act more as a hawk if economic circumstances dictate. By observing trends attributable to issues like occupation/industry as well as familial status, it was determined that while the Equal Pay Act of 1963 was a step forward, there was no explanation as to why there was a 75 percent difference between average pay for women and men. "[29], On October 4, 2010, Yellen was sworn in for a four-year term that ended on October 4, 2014. [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. She was the first woman to head the Federal Reserve.[1]. Other signees of the brief include Alan B. Krueger, Robert M. Solow, George A. Akerlof, Cecilia Rouse, as well as numerous others. [13] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is. Staff Economists Our economists provide analytic support for the New York Fed's core missions and are actively engaged in research on a broad range of topics. This edition of the Classroom Economist offers unique tools to help you teach about the Federal Reserve System, including its evolution, components, responsibilities, and much more. Bill Clinton appointed her as a member of the Federal Reserve Board of Governors, where she served from August 12, 1994 to February 17, 1997. Branches and Agencies of Foreign Banks, Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks, Senior Loan Officer Opinion Survey on Bank Lending Practices, Structure and Share Data for the U.S. Offices of Foreign Banks, New Security Issues, State and Local Governments, Senior Credit Officer Opinion Survey on Dealer Financing Terms, Statistics Reported by Banks and Other Financial Firms in the United States, Structure and Share Data for U.S. Offices of Foreign Banks, Financial Accounts of the United States - Z.1, Household Debt Service and Financial Obligations Ratios, Survey of Household Economics and Decisionmaking, Industrial Production and Capacity Utilization - G.17, Factors Affecting Reserve Balances - H.4.1, Federal Reserve Community Development Resources, Reserve Bank Operations and Payment Systems, Federal Reserve's Work Related to Economic Disparities. McCulloch, Rachel & Yellen, Janet, 1982. The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions. The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions. "[51] In the interview with Marketplace, Yellen explained that she doubts that Trump could articulate the Federal Reserve's explicit goals of "maximum employment and price stability. 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