Yellen: from the chairman of the Federal Reserve to the Treasury Secretary, why can she make history

category:Finance
 Yellen: from the chairman of the Federal Reserve to the Treasury Secretary, why can she make history


On November 30 local time, several US media reported that US President-elect Biden nominated former chairman of the Federal Reserve, Yellen, as treasury secretary.

Yellen, who served as chairman of the Federal Reserve from February 3, 2014 to February 5, 2018, is the first female head of the Federal Reserve in its 100 year history. If the nomination is confirmed by the Senate, Yellen will make history again, becoming the first woman in the United States to hold this position.

Yellen was born in Brooklyn, New York, in 1946. The father was a Polish primary school teacher, and her father was a family doctor. In an interview with the new Yorker, Yellen revealed that when she was a child, her mother had always been in charge of her family finance, and her mother was also very concerned about the stock market, which had a great impact on her. Her parents were all traumatized by the great depression.

Yellen when he was teaching at University

James Tobin, the tutor of Yellens doctoral dissertation, is the leader of Keynesian school, and her own academic research is obviously inclined to Keynesian school, focusing on unemployment and wages. Tobin served in the Kennedy White House.

Yellen once said that what she likes most about economics is that it enables people to think about problems in a rigorous analytical way, which has a great impact on human life, and is a discipline related to the core issues of human well-being.

In 1971, Yellen was an assistant professor in the Economics Department of Harvard University, but she did not get tenure. In 1977, she came to Washington to join the Federal Reserve and met her husband, George Akerlof, who was also an economist.

Yellen has written many books in collaboration with Akerlof, and has taught for many years at the University of California, Berkeley. Akerlof deeply studied the impact of information asymmetry on the market and won the Nobel Prize in economics. Their son, Robert Akerlof, is an assistant professor of economics at the University of Warwick in the UK. He has published many papers in the same field as his father, George Akerlof, in narrative economics.

Yellen was chairman of the Council of economic advisers in the former President Clinton administration

Wang Dan, chief economist of Hang Seng Bank in China, said in an interview with surging news that because of her past experience, Yellen has a strong network of relationships and her husband Akerlof has a great influence.

In Washington, Yellen not only got love, but also opened the prelude of her becoming the three dynasties veteran of the Democratic Party.

Yellen and her husband Akerlof

Pro market historical choice

In 2014, when Yellen was elected chairman of the Federal Reserve, Lawrence Summers, the former U.S. Treasury Secretary, was also a popular candidate to run for the post with her. In the end, Yellen passed the US Senate with 56 votes in favor and 26 votes against, which was the lowest support vote ever received by the chairman of the Federal Reserve. However, in the past four years, the unemployment rate under her management has dropped from 6.7% to 4.1%, which is close to achieving full employment, and the stock market is still rising all the way, and the US economy continues to recover.

Under the leadership of Yellen, the Federal Reserve also raised interest rates from zero five times, and gradually reduced the scale of bond purchase under quantitative easing policy.

After his tenure at the Federal Reserve, Yellen joined the Brookings Institution, an American think tank, and attended the event together with Powell.

Zhou Hao, senior emerging market economist of German commercial bank, told surging news that as the first woman to be appointed as finance minister, Yellen has her unique way to deal with economic problems and has her own charm. Zhou Hao believes that Bidens appointment is not only a history, but also favored by the market, because Yellens performance has been relatively Pro market. During her tenure at the Federal Reserve, she did serious easing.. (this article is from surging news, please download surging news app for more original information) source of this article: surging news editor: Yang Bin_ NF4368

Zhou Hao believes that Bidens appointment is not only a history, but also favored by the market, because Yellens performance has been relatively Pro market. During her tenure at the Federal Reserve, she did serious easing..

(this article is from surging news. For more original information, please download the surging news app)