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Janet Yellen

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Janet Yellen
78th United States Secretary of the Treasury
Incumbent
Assumed office
January 26, 2021
PresidentJoe Biden
DeputyWally Adeyemo (nominee)
Preceded bySteven Mnuchin
15th Chair of the Federal Reserve
In office
February 3, 2014 – February 3, 2018
PresidentBarack Obama
Donald Trump
DeputyStanley Fischer
Preceded byBen Bernanke
Succeeded byJerome Powell
19th Vice Chair of the Federal Reserve
In office
October 4, 2010 – February 3, 2014
PresidentBarack Obama
Preceded byDonald Kohn
Succeeded byStanley Fischer
Member of the Federal Reserve Board of Governors
In office
October 4, 2010 – February 3, 2018
PresidentBarack Obama
Donald Trump
Preceded byMark W. Olson
Succeeded byVacant
In office
August 12, 1994 – February 17, 1997
PresidentBill Clinton
Preceded byWayne Angell
Succeeded byEdward Gramlich
11th President of the Federal Reserve Bank of San Francisco
In office
June 14, 2004 – October 4, 2010
Preceded byRobert Parry
Succeeded byJohn Williams
18th Chair of the Council of Economic Advisers
In office
February 18, 1997 – August 3, 1999
PresidentBill Clinton
Preceded byJoseph Stiglitz
Succeeded byMartin Baily
Personal details
Born
Janet Louise Yellen

(1946-08-13) August 13, 1946 (age 78)
Brooklyn, New York City, U.S.
Political partyDemocratic
Spouse
​
(m. 1978)​
ChildrenRobert Akerlof
EducationBrown University (AB)
Yale University (MA, PhD)
Signature
Academic career
FieldMacroeconomics
Labour economics
School or
tradition		New Keynesian economics
Doctoral
advisor		James Tobin
Academic
advisors		Joseph Stiglitz
InfluencesJohn Maynard Keynes
Information at IDEAS / RePEc

Janet Louise Yellen (born August 13, 1946) is an American economist serving as the United States secretary of the treasury since January 26, 2021.Yellen previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first woman to hold either role. She is also a professor emerita at Haas School of Business at the University of California, Berkeley, and formerly a distinguished fellow in residence at the Brookings Institution.

Yellen was a member of the Federal Reserve Board of Governors from 1994 to 1997 and again from 2010 to 2018. She chaired the Council of Economic Advisers in the President Bill Clinton administration from 1997 to 1999 and was the president of the Federal Reserve Bank of San Francisco from 2004 to 2010. She served as vice-chair of the Federal Reserve from 2010 to 2014. Yellen was nominated by President Barack Obama to succeed Ben Bernanke as chair of the Federal Reserve from 2014 to 2018.[1] She served one term and was not re-appointed by President Donald Trump.[2]

Early life and education

Yellen was born to a Polish Jewish[3] family in the Bay Ridge neighborhood of New York City's Brooklyn borough,[4] where she also grew up. Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher, and her father was Julius Yellen (1906–1975), a family physician, who worked from the ground floor of their home.[5][3][6] Her mother quit her job to take care of Janet and her older brother, John.[5] Yellen graduated from local Fort Hamilton High School in 1962; she was the class valedictorian.[7][5]

Yellen graduated summa cum laude and Phi Beta Kappa from Pembroke College in Brown University with a degree in economics in 1967. At Brown, she switched her planned major from philosophy to economics and was particularly influenced by professors George Borts and Herschel Grossman.[8] She received her Ph.D. in economics from Yale University in 1971. Her dissertation was titled "Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach" under the supervision of (later to be) Nobel laureate James Tobin.[9] Her former professor Joseph Stiglitz, another Nobelist, has called Yellen one of his brightest and most memorable students.[1] Two dozen economists earned their Ph.D from Yale in 1971, including Gary Smith, but Yellen was the only woman among them.[1]

Early career

After receiving her Ph.D, Yellen was appointed as an assistant professor of economics at Harvard University, where she taught from 1971 to 1976.[10] In 1977, she was recruited to become an economist with the Federal Reserve Board of Governors by Edwin M. Truman, who had known Yellen from Yale. Truman was a junior professor and heard her oral exam, and had recently taken over the Fed's Division of International Finance. She was assigned to research international monetary reform.[11][12]

While at the Fed, she met her husband George Akerlof in the bank's cafeteria; they wed in 1978, less than a year later.[11] Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her position at the Fed to accompany him, and was employed as an economics lecturer by LSE.[13] They remained in London for two years, then returned to the United States.

In 1980, Yellen joined the faculty at the University of California, Berkeley to conduct macroeconomics research and teach MBA and undergraduate students. She is now a professor emeritus at Berkeley's Haas School of Business where she was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. She has been awarded the Haas School's outstanding teaching award twice.[14]

Federal Reserve (1994–1997)

In August 1994, Yellen took leave from Berkeley for five years. President Bill Clinton appointed her as a member of the Federal Reserve Board of Governors. The Senate Banking Committee approved Yellen's nomination by a vote of 18 to 1. The only vote against her came from Senator Lauch Faircloth, Republican of North Carolina, who had told that her concerns should be limited to "inflation, inflation and inflation."[15] Nomination was confirmed by the Senate by a vote of 94–6.[16] Yellen succeeded Republican Wayne Angell on August 12, 1994, alongside Alan Blinder, who served as vice chairman, the first Democratic appointees to the Board since 1980.[17]

In July 1996, the Federal Reserve under chairman Alan Greenspan, resisted pressure to raise interest rates as unemployment declined. But Yellen argued that a little inflation was a good thing for economic growth and played an important role in convincing Greenspan about a view that has since prevailed at the Fed.[18][12]

On February 17, 1997, Yellen left the Federal Reserve to become chair of the Council of Economic Advisers.

Council of Economic Advisers (1997–1999)

Yellen chaired President Bill Clinton's Council of Economic Advisers (CEA) from February 18, 1997, replacing Joseph Stiglitz in office. She was confirmed unanimously by the United States Senate,[19][20] the second woman to hold the job,[21] following Laura Tyson.[22][1] While at the CEA, she also chaired the Economic Policy Committee of the Organization for Economic Cooperation and Development from 1997 to 1999.[23]

During her time with the Council of Economic Advisors, Yellen oversaw a landmark report "Explaining Trends in the Gender Wage Gap" focused on the gender pay divide in June 1998. Within this study, the Council analyzed data from 1969 to 1996 to determine the cause for women to earn substantially less than men. 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 25 percent difference between average pay for women and men – an improvement from the 40 percent gap two decades earlier. It was concluded that this gap had no correlation with differences in productivity and, as such, was the repercussions of discrimination within the workforce.[24][25][1]

In June 1999, Yellen announced that she was resigning from the CEA for personal reasons and would return to Berkeley.[26]

Return to the Federal Reserve (2004–2018)

Federal Reserve Bank of San Francisco

On June 14, 2004, Yellen was chosen as president and chief executive officer of the Federal Reserve Bank of San Francisco, the first woman to hold those positions.[27][25] She was a voting member of the Federal Open Market Committee (FOMC) on a rotating basis once every three years. During her time at the San Francisco District Fed, she spoke publicly and in meetings of the Fed's monetary policy committee, regarding her concerns about the potential consequences of the boom in housing prices.[28] 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.[29] She served 2004-2010, left October 4, 2010, to serve as vice chair of the Federal Reserve Board of Governors.

In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as chair of the Federal Reserve System, before he was re-nominated by President Barack Obama.[30]

Vice Chair of the Federal Reserve Board of Governors

Yellen sworn in by Fed Chairman Ben Bernanke in October 2010

On April 28, 2010, President Obama nominated Yellen to succeed Donald Kohn as vice-chair of the Federal Reserve.[31][32] In July, the Senate Banking Committee voted 17–6 to confirm her, though the top Republican on the panel, Senator Richard Shelby of Alabama, voted no, saying he believed Yellen had an "inflationary bias".[33] At the same time, on the heels of related testimony by Fed Chairman Bernanke, FOMC voting member James B. Bullard of the St. Louis Fed stated that the U.S. economy was "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years.'"[34]

Bullard's statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen's pending confirmation, along with those of Peter A. Diamond and Sarah Bloom Raskin to fill vacancies, was seen as possibly furthering such a shift in the FOMC. All three nominations were seen as "on track to be confirmed by the Senate."[34]

On September 29, 2010, Yellen confirmed by the Senate on a voice vote, to be both a Member of the Board of Governors,[35] and Vice Chair of the Federal Reserve System.[36] On October 4, 2010, Yellen was sworn in as vice chair for a four-year term that ended on October 4, 2014. Simultaneously she began a 14-year term as a member of the Federal Reserve Board filling a vacant seat last held by Mark W. Olson.[37] Yellen was the second woman to hold the No. 2 post at the Fed, after Alice Rivlin, who had that role from 1996 to 1999.[38]

Chair of the Federal Reserve

Yellen delivers opening statement at the FOMC press conference in December 2014
Yellen speaks with IMF Managing Director Christine Lagarde on July 2, 2014

On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve, the first vice chair to be elevated to that role.[39][40] During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed had been injecting into the U.S. economy.[41]

On December 20, 2013, the U.S. Senate voted 59–34 for Cloture on Yellen's nomination.[42] On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26,[43] the narrowest margin ever for the position.[44] In addition to being the first woman to lead U.S. central bank, or any major central bank, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979.[45] After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3, 2014.[46]

With Yellen as chair, the Federal Reserve increased its key interest rate on December 16, 2015. This was the first time the key interest rate was increased since 2006.[47]

After the election of President Donald Trump in November 2016, Yellen argued that it would be inappropriate to weaken or repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act.[48]

Trump considered renominating Yellen for another term,[49] but on November 2, 2017 nominated Jerome Powell to succeed Yellen when her term ended on February 3, 2018.[50] After Trump's decision, Yellen announced that she would leave the Fed at the end of her term as chair.[51][52][53] She was the briefest-serving Fed chair since G. William Miller from 1978-79, and first in nearly 40 years to not receive a second term.[2][54]

Yellen has been one of the most successful chairs of the Federal Reserve System from perspective of the labor markets. During her term, the unemployment rate has dropped from 6.7 percent to 4.1 percent, the lowest in 17 years.[55][56] It marks the first time the economy has added jobs throughout every month of any Fed chair's tenure.[56] Meanwhile, inflation remains below the Fed's annual 2 percent target, which also led to suggestion that the Federal Reserve could have done more to bolster the economy without the risk of price increases.[57]

After the Federal Reserve

Yellen delivers her farewell speech to Federal Reserve staff in 2018

On February 2, 2018, the Brookings Institution announced that Yellen would be joining the think tank as a distinguished fellow in residence with the Economic Studies program, effective February 5, 2018. She is affiliated with the Hutchins Center on Fiscal and Monetary Policy at Brookings.[58] Yellen was on a leave from position since selected as nominee to head Treasury Department.

On June 27, 2017, Yellen stated that she did not expect another financial crisis "in our lifetime". Yellen explained that this assumption can be made due to her belief that banks are "very much stronger" as a result of Federal Reserve oversight.[59] On December 11, 2018 Yellen later warned of the possibility of a financial crisis by citing "gigantic holes in the system" after her departure from the Federal Reserve.[60]

On February 25, 2019, Yellen criticized Trump's economic policies. When asked if she believes Trump has "a grasp of economic policy", Yellen said "No, I do not."[61] In an interview with Marketplace, Yellen explained that she doubts that Trump could articulate the Federal Reserve's explicit goals of "maximum employment and price stability."[62] Yellen pointed out Trump's claims that the Federal Reserve's goals involve trade, which she explains to be objectively false. This interview was a change in tone for Yellen, who traditionally handled her differences with Trump in a neutral manner.[63]

Between 2018 and 2020, Yellen had received over $7 million in speaking fees from financial companies such as Goldman Sachs, Citigroup and Barclays, after leaving the Federal Reserve. That includes received around $810,000 for speaking engagement from the hedge fund Citadel.[64][65] She's pledged to get official permission before taking part in decisions involving any companies that had paid fees to her once she was appointed at the Treasury to avoid any conflict of interest.[65]

Secretary of the Treasury

Nomination and confirmation

Secretary Yellen meeting with President Joe Biden and Vice-President Kamala Harris in the Oval Office on January 29, 2021

On November 30, 2020, President Joe Biden announced he would nominate Yellen to serve as secretary of the Treasury in his Cabinet.[66][67] The Senate Finance Committee unanimously approved Yellen's confirmation on January 22, 2021.[68] The U.S. Senate confirmed her nomination with a vote of 84–15 (with one abstention)[69] on January 25, 2021.[70][71] With her swearing-in by Vice President Kamala Harris the next day,[72] Secretary Yellen became the first woman to serve as U.S. secretary of the treasury, and the first person in American history to lead the three most powerful economic bodies in the Federal government of the United States: the Treasury Department, the Federal Reserve, and the White House Council of Economic Advisers.[73][71]

Economic philosophy

Yellen is widely considered to be a "dove" (more concerned with unemployment than with inflation) and as such to be less likely to advocate Federal Reserve interest rate hikes, as compared, for example, to William Poole (former St. Louis Fed president) a "hawk".[74] However, some predicted Yellen could act more as a hawk if economic circumstances dictate.[75]

Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She has been described as a "Keynesian to her fingertips".[76]

Honors and awards

Federal Reserve Chair Yellen during a weekly meeting with Treasury Secretary Jack Lew in February 2014

Dr. Yellen, has received numerous honors in recognition of her career in academic and politics. These include:

Scholastic

Chancellor, visitor, governor, rector, and fellowships
Location Date Organisation Position
 New York 1986-1987 John Simon Guggenheim Memorial Foundation Guggenheim Fellowship[77]
 Connecticut 2000-2006 Yale Corporation Alumni Fellow[78]
 California 2003-2004 Western Economic Association International President[79]
 Tennessee 2004-2005 American Economic Association Vice President[80]
 California 2013-present University of California, Berkeley Berkeley Fellow[81]
 Tennessee 2020-2021 American Economic Association President[82]
Honorary degrees
Location Date School Degree
 Rhode Island May 25, 1998 Brown University Doctor of Laws (LL.D.)[83]
 New York May 27, 2000 Bard College Doctor of Humane Letters (DHL)[84]
 New York May 21, 2014 New York University Doctor of Commercial Science (DCSc)[85]
 England May 15, 2015 London School of Economics Doctor of Science (DSc)[86]
 Connecticut May 15, 2015 Yale University Doctor of Social Science (DSSc)[87]
 England November 19, 2015 University of Warwick Doctor of Laws (LL.D.)[88]
 Maryland December 19, 2016 University of Baltimore Doctor of Laws (LL.D.)[89]
 Israel June 5, 2019 Tel Aviv University Doctor of Philosophy (HPh.D.)[90]
 Michigan December 15, 2019 University of Michigan Doctor of Laws (LL.D.)[91]

Memberships and fellowships

Location Date Oranization Degree
 Massachusetts 2001-present American Academy of Arts and Sciences Fellow[92]
 District of Columbia 2009-present Group of Thirty Senior Member[93]
 Tennessee 2012-present American Economic Association Distinguished Fellow[94]
 Connecticut 2014-present Econometric Society Fellow[95]
 England 2016-present British Academy Honorary Fellow[96]

Awards

Location Date Organisation Award
 Connecticut 1997 Yale University Wilbur Cross Medal[97]
 District of Columbia October 11, 2010 National Association for Business Economics Adam Smith Award[98]
 New York January 22, 2015 Hobart and William Smith Colleges Elizabeth Blackwell Award[99]
 Massachusetts May 27, 2016 Radcliffe Institute for Advanced Study Radcliffe Medal[100]
 Rhode Island May 5, 2017 Brown University The President’s Medal[101]
 Illinois November 7, 2017 Institute of Government and Public Affairs The Paul H. Douglas Award for Ethics in Government[102]
 California February 2, 2019 University of California, Santa Cruz The Foundation Medal[103]
 Massachusetts September 21, 2019 Brandeis International Business School Dean's Medal[104]
 Missouri October 10, 2019 Truman Library Institute Truman Medal for Economic Policy[105]

Rankings

Personal life

Yellen is married to George Akerlof, an economist, 2001 Nobel Memorial Prize in Economic Sciences laureate, professor at the McCourt School of Public Policy at Georgetown University, and professor emeritus at the University of California, Berkeley.[111] Yellen and Akerlof first crossed paths at the Fed in the fall of 1977 and married in June 1978, less than a year after meeting.[11] In June 1981, couple's only child, a son whom they named Robert was born. Robert Akerlof, now an economist himself, graduated summa cum laude with special distinction from Yale University with a degree in economics and mathematics in 2003 and received a Ph.D. in economics from Harvard University in 2009. He works as an associate professor of economics at the University of Warwick.[112]

Yellen and Akerlof have collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing.[11] One of their most talked-about papers at Berkeley, on why lower wages don’t always lead to higher employment, came from the experience of hiring a nanny for the first time. “Firms are not always willing to cut wages, even if there are people lined up outside the gates to work. So why don’t they?” asks Yellen. The couple’s conclusion: some employers set pay higher to demonstrate that they value employees in a way that motivates them to do good work, even when markets are ready to undercut those wages. Yellen says Akerlof (along with James Tobin) has been her biggest intellectual influence.[113] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is.[13][11]

Yellen has a net worth of $16 million, accrued from stock holdings, speaking engagements and various government and academic positions. As she takes office, she will divest holdings in corporations including Pfizer, ConocoPhillips and AT&T, among others. [114]

"Who's Yellen Now?" is a song by American musician Dessa, commissioned by Marketplace,[115] following the joking suggestion by then President-elect Joe Biden that Lin-Manuel Miranda should write a Hamiltonesque musical about Yellen, reflecting historic nature of her nomination as first female treasury secretary, on December 1, 2020.[116][117]

See also

Selected works

Books

  • Akerlof, George A.; Yellen, Janet L., eds. (October 31, 1986). Efficiency Wage Models of the Labor Market. Cambridge University Press. doi:10.1017/cbo9780511559594. ISBN 978-0-521-31284-4.
  • Yellen, Janet L.; Blinder, Alan S. (2001). The Fabulous Decade: Macroeconomic Lessons from the 1990s. New York: The Century Foundation Press. ISBN 0-87078-467-6. OCLC 47018413.

Articles

References

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