Kristin J. Forbes (born August 21, 1970) is an American economist, presently an external member of the Monetary Policy Committee of the Bank of England and the Jerome and Dorothy Lemelson Professor of Management and Global Economics at the MIT Sloan School of Management.
The eldest of three children born to orthopedist father and a stay-at-home Mom, she was raised in Concord, New Hampshire. In 1988 as a high school senior, she was selected as New Hampshire’s Presidential Scholar, which gave her the opportunity to meet President Ronald Reagan at a ceremony in the White House Rose Garden.
After graduating in 1992 with a B.A., summa cum laude, from Williams College, she joined the investment banking division of Morgan Stanley as an analyst on Wall Street, New York City. In 1993 she joined the policy research department of the World Bank. Whilst working there on a study about Asia, she decided to concentrate on a career in economics.
She studied for a Ph.D. at MIT, during which she spent a summer in New Delhi, India, and then spent three months travelling throughout the country. She graduated in 1998, with a Ph.D. in international and development economics, and was immediately hired by the MIT Sloan School of Management. Whilst teaching, her post-doctorate studies focused on financial contagion, looking at how it spread from business-to-business.
Treasury department, CEA
In 2001, she was hired by John B. Taylor, then the undersecretary of international affairs at the U.S. Treasury Department, to serve in the Office of International Affairs as the Deputy Assistant Secretary of Quantitative Policy Analysis and Latin American and Caribbean Nations. A year later she returned to MIT to teach and study, where after a year, in 2003 she was approached by Gregory Mankiw, the head of the Council of Economic Advisors. After confirmation by the U.S. Senate in 2003, she served until 2005 as the youngest-ever member of the President's CEA, in the administration of George W. Bush.
Return to academia
She returned to academia in mid-2005 to take up her current position. She has since been researching financial crises, financial contagion, capital controls, macroprudential regulations, foreign investment and tax holidays. In August 2012 she presented the opening paper at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, on the subject of financial contagion.
Forbes is currently: a Member of the Governor’s Council of Economic Advisers for the State of Massachusetts; a research associate at the NBER; a member of the Trilateral Commission and Council on Foreign Relations. She is on the Panel of Economic Advisers for the Congressional Budget Office, the Academic Advisory Board for the Peterson Institute for International Economics, and the Center for Global Development.
In May 2014, she was appointed to the United Kingdom's Bank of England Monetary Policy Committee, as an "external member", replacing Ben Broadbent. She dissented on 16 March 2017, preferring to raise rates, arguing inflation could overshoot the 2% target. She is expected to end her term by 30 June 2017 and return to the MIT's Sloan School of Management.
Married with three children, Forbes enjoys tennis, travelling, hiking, and scaling tall peaks including Mont Blanc and the Grand Teton. She ran the Boston Marathon in 2014, for Boston Children's Hospital and earned qualifying time.
- Barbara Hagenbaugh (June 1, 2004). "'Economics clicked' for key adviser". USA Today. Retrieved 14 May 2014.
- "Kristin J. Forbes". MIT Sloan School of Management. Retrieved 15 May 2014.
- "Former Bush aide joins Bank of England rate-setting body". BBC News. 15 May 2014. Retrieved 15 May 2014.
- Joshua Zumbrun (January 25, 2013). "Contagion Thesis Once Derided Proven by Kristin Forbes". Bloomberg.com. Retrieved 15 May 2014.
- "Kristin Forbes to finish her term on the MPC on 30 June | Bank of England". www.bankofengland.co.uk. Retrieved 2017-03-23.
- "Support Children's Hospital by sponsoring Kristin at the Boston Marathon". Boston Children's Hospital. Retrieved 15 May 2015.
|Governor: Mark Carney (July 2013 – present)|
|July 2014:||Carney | Broadbent | Cunliffe | Haldane | Fisher | Miles | McCafferty | Weale | Forbes|
|August 2014 – August 2015:||Carney | Broadbent | Cunliffe | Haldane | Shafik | Miles | McCafferty | Weale | Forbes|
|September 2015 – July 2016:||Carney | Broadbent | Cunliffe | Haldane | Shafik | McCafferty | Weale | Forbes | Vlieghe|
|August 2016 – February 2017:||Carney | Broadbent | Cunliffe | Haldane | Shafik | McCafferty | Forbes | Vlieghe | Saunders|