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Long-term commitments, dynamic optimization, and the business cycle.
From August 5,bernanke phd thesis, until June 21,he was a member of the Board of Governors of the Federal Reserve System, bernanke phd thesis, proposed the Bernanke Doctrine, and first discussed " the Great Moderation " — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, bernanke phd thesis, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic monetary and fiscal policy.
Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve, bernanke phd thesis. Bernanke wrote about his time as chairman of the Federal Reserve in his book, The Courage to Actin which he revealed that the world's economy came close to collapse in and Bernanke asserts that it was only the novel efforts of the Fed cooperating with other agencies and agencies of foreign governments that prevented an economic catastrophe greater than the Great Depression.
Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Bernanke phd thesis, South Carolina. His mother Edna was an elementary school teacher. His brother, Seth, is a lawyer in Charlotte, North Carolina, bernanke phd thesis. His sister, Sharon, is a longtime administrator at Berklee College of Music in Boston. The Bernankes were one of the few Jewish families in Dillon and attended Ohav Shalom, a local synagogue; [12] Bernanke learned Hebrew as a child from his maternal grandfather, Harold Friedman, a professional hazzan service leaderbernanke phd thesis, shochet, and Hebrew teacher.
Jonas Bernanke was born in Boryslav, Austria-Hungary today part of Ukraineon January 23, He immigrated to the United States from Przemyśl, Polandand arrived at Ellis Island, aged 30, on June 30,with his wife Pauline, aged On the ship's manifest, Jonas's occupation is listed as "clerk" and Pauline's as "doctor med".
The family moved to Dillon from New York in the s. Ben Bernanke also worked there sometimes. As a teenager, Bernanke worked construction on a hospital and waited tables at a restaurant at nearby South of the Border, a roadside attraction, bernanke phd thesis, amusement park and fireworks retailer, in his hometown of Dillon, before leaving bernanke phd thesis college.
As a teenager in the s, Bernanke would help roll the Torah scrolls in his local synagogue. Bernanke was educated at East Elementary, J, bernanke phd thesis. Martin Junior High, and Dillon High School, where he was class valedictorian and played saxophone in the marching band. Bernanke attended Harvard University inbernanke phd thesis where he lived in Winthrop House, as did the future CEO of Goldman SachsLloyd Blankfein, and graduated Phi Beta Kappa with an A.
degree, and later with an A. in economics summa cum laude in bernanke phd thesis He received a Ph, bernanke phd thesis. degree in economics from the Massachusetts Institute of Technology in after completing and defending his dissertation, Long-Term Commitments, Dynamic Optimization, and the Business Cycle. Bernanke's thesis adviser was the future governor of the Bank of Israel, Stanley Fischerand his readers included Irwin S.
Bernstein, Rüdiger Dornbusch, Robert Solowand Peter Diamond of MIT and Dale Jorgenson of Harvard. Bernanke met his wife, Anna, a schoolteacher, on a blind date. She was a student at Wellesley Collegeand he was in graduate school at MIT.
The Bernankes have two children, Joel and Alyssa. When Bernanke left Stanford to accept a position at Princeton, he and his family bernanke phd thesis to Montgomery Township, New Jersey, inwhere Bernanke's children attended the local public schools. InThe Wall Street Journal reported that Bernanke was a victim of identity thefta spreading crime the Federal Reserve has for years issued warnings about.
Bernanke taught at the Stanford Graduate School of Business from untilwas a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics.
He chaired that department from until Septemberwhen he went on public bernanke phd thesis leave. He resigned his position at Princeton July 1, Bernanke served bernanke phd thesis a member of the Board of Governors of the Federal Reserve System from to In one of his first speeches as a Governor, entitled "Deflation: Making Sure It Doesn't Happen Here", he outlined what has been referred to as the Bernanke Doctrine. As a member of the board of governors of the Federal Reserve System on February 20,Bernanke gave a speech in which he postulated that we are in a new era called the Great Moderationwhere modern macroeconomic policy has decreased the volatility of the business cycle to the point that it should no longer be a central issue in economics.
In JuneBernanke was named chairman of President George W. Bush's Council of Economic Advisers, and resigned as Fed Governor. The appointment was largely viewed as a test run to ascertain if Bernanke could be Bush's pick to succeed Greenspan as Fed chairman the next year.
On February 1,Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman after having been nominated by President Bush in late He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body.
His first months as chairman of the Federal Reserve System were marked by difficulties bernanke phd thesis with the media.
An advocate of more transparent Fed bernanke phd thesis and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment, bernanke phd thesis.
As the Great Recession deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its funds interest rate from 5. On August 25,President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. However, Bernanke was confirmed for a second term as chairman on January 28,by a 70—30 vote of the full Senate, [51] the narrowest margin, bernanke phd thesis, at the time, for bernanke phd thesis occupant of the position.
The Senate first voted 77—23 to end debate, Bernanke winning more than the 60 approval votes needed to overcome the possibility of a filibuster. Bernanke was succeeded as chair of the Federal Reserve by Janet Yellenthe first woman to hold the position. Yellen was nominated on October 9,by President Obama and confirmed by the United States Senate on January 6, Bernanke has been subjected to criticism concerning the lates financial crisis. In a letter to Congress from then-New York State Attorney General Andrew Cuomo dated April 23,Bernanke was mentioned along with former Treasury Secretary Henry Paulson in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America, bernanke phd thesis.
The letter alleged that the extent of the losses at Merrill Lynch were not disclosed to Bank of America by Bernanke and Paulson. When Bank of America CEO Ken Lewis informed Paulson that Bank of America was exiting the merger by invoking the "Materially Adverse Change" MAC clause, Paulson immediately called Lewis to a meeting in Washington.
At the meeting, which allegedly took place on December 21,bernanke phd thesis, Paulson told Lewis that he and the board would be replaced if they invoked the MAC clause and additionally not to reveal the extent of the losses to shareholders. Paulson stated to Cuomo's office that he was directed by Bernanke to threaten Lewis in this manner.
Congressional hearings into these allegations were conducted on June 25,with Bernanke testifying that he did not bully Ken Lewis.
Under intense questioning by members of Congress, Bernanke said, "I never said anything about firing the board and the management [of Bank of America]. Lewis told the panel that authorities expressed "strong views" but said he would not characterize their stance as improper. According to a January 26,column in The Huffington Posta whistleblower has disclosed documents providing " 'troubling details' of Bernanke's role in the AIG bailout".
Republican Senator Jim Bunning of Kentucky said on CNBC that he had seen documents which show that Bernanke overruled recommendations from his staff in bailing out AIG. The columnist says this raises questions as to whether or not the decision to bail out AIG was necessary. Senators from both parties who support Bernanke say his actions averted worse problems and outweighed whatever responsibility this may have created for the financial crisis.
The crisis in also made then-Federal Reserve Chairman Ben Bernanke create a pseudonym, Edward Quince. According to the Wall Street Journal, the false name was evidence in a class-action lawsuit against the government by shareholders of AIG, which had been given a Bernanke phd thesis bailout when it was near collapse.
One of Mr. Quince's emails reads, "We think they are days from failure. They think it is a temporary problem. This disconnect is dangerous.
Upon the revelation of the Quince pseudonym during the Starr v. United States trial, The New York Times created a cocktail inspired by Mr. Bernanke has given several lectures at the London School of Economics on monetary theory and policy. He has written two textbooks: an intermediate-level macroeconomics textbook coauthored with Andrew Abel and also Dean Croushore in later editions bernanke phd thesis an introductory bernanke phd thesis, covering both microeconomics and macroeconomics, coauthored with Robert H.
Bernanke was the Director of the Monetary Economics Program of the National Bureau of Economic Research and the editor bernanke phd thesis the American Economic Review. Bernanke is particularly interested in the economic and political causes of the Great Depressionon which he has published numerous academic journal articles.
Before Bernanke's work, the dominant monetarist theory of the Great Depression was Milton Friedman's view that bernanke phd thesis had been largely caused by the Federal Reserve's having reduced the money supply and has on several occasions argued that one of the biggest mistakes made during the period was to raise interest rates too early.
I would like to say to Milton and Anna [Schwartz, Friedman's coauthor]: Regarding the Great Depression, you're right.
We did it, bernanke phd thesis. We're very sorry, bernanke phd thesis. But thanks to you, we won't do it again. Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero. Bernanke found that the financial disruptions of —33 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand, identifying an effect he called the financial accelerator.
When faced with a mild downturn, banks are likely to significantly cut back lending and other risky bernanke phd thesis. This further hurts the economy, creating a vicious cycle and potentially turning a mild recession into a major depression. Infollowing coverage of concerns about deflation in the business news, bernanke phd thesis, Bernanke gave a speech about the bernanke phd thesis. Control of the money supply implies that the government can always avoid deflation by simply issuing more money.
He said "The U. government has a technology, called a printing press or today, its electronic equivalentbernanke phd thesis, that allows it to produce as many U.
dollars as it wishes at no cost. He referred to a statement made by Milton Bernanke phd thesis about using a "helicopter drop" of money into the economy to fight deflation. Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press. For example, while Greenspan publicly supported President Clinton's deficit reduction plan and the Bush tax cuts, Bernanke, when questioned about taxation policy, said that it was none of his business, his bernanke phd thesis remit being monetary policy, and said that fiscal policy and wider society related issues were what politicians were for and got elected for.
But Bernanke has been identified by The Wall Street Journal and a close colleague as a "libertarian-Republican" in the mold of Alan Greenspan, bernanke phd thesis.
In Bernanke coined the term saving glut, the idea that relatively high level of worldwide savings was holding down interest rates and financing the current account deficits of the United States. Alternative reasons include relatively low worldwide investment coupled with low U. As the recession began inmany economists urged Bernanke and the rest of the Federal Open Market Committee to lower the federal funds rate below what it had done. For example, Larry Summers, later named Director of the White House's National Economic Council under President Obama, wrote in the Financial Times on November 26, —in a column in which he argued that recession was likely—that "
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