Mary C. Daly
|13th President of the Federal Reserve Bank of San Francisco|
|Assumed office |
October 1, 2018
|Preceded by||John Williams|
|Born||Ballwin, Missouri, U.S.|
|Education||University of Missouri, Kansas City (BA)|
University of Illinois, Urbana-Champaign (MA)
Syracuse University (PhD)
Mary C. Daly is an American economist, who became the 13th President and Chief Executive Officer of the Federal Reserve Bank of San Francisco on October 1, 2018. Accordingly, she serves on the Federal Reserve's rate-setting Federal Open Market Committee on a rotating basis. Previously, Dr. Daly was the Executive Vice President and Director of Research of the Federal Reserve Bank of San Francisco, which she joined as an economist in 1996.
Her research is in the fields of macroeconomics and labor economics and focuses on labor force dynamics and on the impacts of monetary and fiscal policy. She has published influential work on wage, employment, and labor force dynamics, economic inequality, the economics of social security and disability, and evidence-based public policy. Dr. Daly has also worked to increase diversity and inclusion within the Federal Reserve System and in economics more broadly.
Education and early life
Daly was born in Ballwin, Missouri. Her father was a postal worker and her mother stayed at home. She said, "we were not poor, but we weren't very wealthy, either. And at some point my family just, sort of, imploded. And my siblings went to live with my grandparents and I went to live with friends. And I dropped out of high school." At the time, she was 15 years of age. By age 16, she was living on her own, working at doughnut shops and retailer Target, struggling to scrape together a full-time salary.
Daly went on to earn a general educational development (GED) and eventually a bachelor's degree from the University of Missouri-Kansas City in 1985. She later received a master's degree from the University of Illinois Urbana-Champaign in 1987 and a Ph.D in economics from the Maxwell School at Syracuse University in 1994. She completed a post-doctoral fellowship at National Institute of Aging at Northwestern University in 1996.
In 1996, Daly joined the San Francisco Fed as a research economist. She steadily rose through the ranks of the research department, becoming Executive Vice President and Director of Research in 2017. Her research has focused on labor market dynamics and the aggregate and distributional impacts of monetary and fiscal policy. She has published work on economic inequality, wage and unemployment dynamics, increasing output through workforce development, and disability and retirement policy.
Daly considers trailblazer Janet Yellen as an important mentor, stating that her career "just kind of exploded" after Yellen was named president of the San Francisco Fed in 2004 (Yellen went on to become the Fed's vice chair in 2010, and later its chair in 2014.)
On October 1, 2018, Daly became the 13th President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, succeeding John C. Williams, who left in June 2018 to become the President and Chief Executive Officer of the Federal Reserve Bank of New York.
Dr. Daly has served on advisory boards of the following institutions:
- Congressional Budget Office
- Social Security Administration
- Office of Rehabilitation Research and Training
- Institute of Medicine
- Library of Congress
- Daly, Mary C., Greg J. Duncan, George A. Kaplan, John W. Lynch (1998). "Macro-to-Micro Linkages in the Relation between Income Inequality and Mortality", The Millbank Quarterly, 76(3), 315-339, doi:10.1111/1468-0009.00094.
- Daly, Mary C., Bart Hobijn, Ayşegül Şahin, Robert G Valletta (2012). "A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?", Journal of Economic Perspectives, 26(3), 3-26, doi:10.1257/jep.26.3.3.
- Daly, Mary C., Bart Hobijn (2017). "Composition and Aggregate Real Wage Growth", American Economic Review (Papers and Proceedings), 105(7), 349-352, doi:10.1257/aer.p20171075.
- Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health, Stanford University Press, 2013 (co-edited with Kenneth A. Couch and Julie Zissimopoulus), ISBN 9780804785853.
- The Declining Work and Welfare of People with Disabilities: What Went Wrong and a Strategy for Change, American Enterprise Institute Press, Washington, DC, 2011 (with Richard Burkhauser), ISBN 978-0-8447-7215-8.
- Income Mobility and the Middle Class, American Enterprise Institute Press, Washington, DC, 1996 (with Richard Burkhauser, Amy D. Crews, and Stephen Jenkins), ISBN
Daly is the first openly gay woman to lead a regional Federal Reserve bank, joining Federal Reserve Bank of Atlanta President Raphael Bostic, who is also openly gay. She is the second woman to lead the San Francisco Fed.
Dr. Daly is married and resides in the San Francisco Bay area.
- "Mary C. Daly Bio". Federal Reserve Bank of San Francisco. Retrieved November 18, 2018.
- "About the FOMC". Federal Reserve. Retrieved November 25, 2018.
- "Curriculum Vitae, Mary C. Daly" (PDF).
- "Women in Economics: Mary Daly". stlouisfed.org. Retrieved November 18, 2018.
- Binyamin, Binyamin. "She Dropped Out of High School. Now She's President of the San Francisco Fed". New York Times. New York Times. Retrieved November 18, 2018.
- Dunsmuir, Lindsay. "Daly appointment shows diversity gap between regional Feds". Reuters. Reuters. Retrieved November 18, 2018.
- PUZZANGHERA, JIM. "San Francisco Fed elevates a gay woman — its vice president — to the top job". Los Angeles Times. Retrieved November 18, 2018.
- Appelbaum, Binyamin (September 14, 2018). "She Dropped Out of High School. Now She's President of the San Francisco Fed". The New York Times. ISSN 0362-4331. Retrieved May 14, 2019.
- Boccacino, John. "2019 Commencement Speaker Mary C. Daly - Syracuse University". www.syracuse.edu. Retrieved May 14, 2019.
- Board, Editorial (May 12, 2019). "Relax, Mom and Dad. College education really does pay off (Editorial)". syracuse.com. Retrieved May 14, 2019.