Yellen conceded her previous misjudgment of the housing crisis to the Commission: "I guess I thought that similar to the collapse of the stock market around the tech bubble, that most likely the economy could withstand [the housing collapse] and the Fed could move to support the economy the way it had after the tech bubble collapsed. On February 2, 2018, the Brookings Institution announced that Yellen would be joining the think tank as a Distinguished Fellow in Residence. , Trump considered renominating Yellen for another term, but on November 2, 2017 nominated Jerome Powell to succeed Yellen when her term ended on February 3, 2018.  After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3, 2014. , On June 27, 2017, Yellen generated controversy when she stated that she did not expect another financial crisis "in our lifetime." The typical Federal Reserve Board Economist salary is $161,072. The articles are written by economists at the St. Louis Fed, and are for a general audience. She was President of the Federal Reserve Bank of San Francisco from 2004 to 2010. The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System. , Yellen and Akerlof have collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing. , In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE).  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., In a 2005 speech in San Francisco, Yellen argued against deflating the housing bubble because "arguments against trying to deflate a bubble outweigh those in favor of it" and predicted that the housing bubble "could be large enough to feel like a good-sized bump in the road, but the economy would likely be able to absorb the shock. She is now a professor emerita at the University of California, Berkeley's Haas School of Business where she was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings. For release at 2:00 p.m., EDT, September 16, 2020. Bill Clinton appointed her as a member of the Federal Reserve Board of Governors, where she served from August 12, 1994 to February 17, 1997. Bengali, Leila, and Mary Daly. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol.  She was a voting member of the Federal Open Market Committee (FOMC) in 2009. This edition of the Classroom Economist offers unique tools to help you teach about the Federal Reserve System, including its evolution, components, responsibilities, and much more.  Her mother quit her job to take care of Janet and her older brother, John.  In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979.  Truman was a junior professor at Yale and heard her oral exam, and had recently taken over the Fed's Division of International Finance. Berkeley professor turns 'lemons' into Nobel Prize", "Faculty Directory – University of Warwick, Department of Economics", Janet Yellen collected news and commentary, Federal Reserve v. Investment Co. Institute, https://en.wikipedia.org/w/index.php?title=Janet_Yellen&oldid=991985089, Academics of the London School of Economics, Distinguished Fellows of the American Economic Association, Federal Reserve Bank of San Francisco presidents, Fellows of the American Academy of Arts and Sciences, Massachusetts Institute of Technology fellows, Pembroke College in Brown University alumni, Presidents of the American Economic Association, United States Council of Economic Advisers, Short description is different from Wikidata, Articles with unsourced statements from November 2020, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from November 2020, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, President, American Economic Association, 2020, Vice President, American Economic Association, 2004, President, Western Economics Association, 2004, Fellow, American Academy of Arts and Sciences, 2001, "Hong Kong and China and the Global Recession,", "Explaining Trends in the Gender Wage Gap,". economy. The Fed slashed interest rates … Notably, she oversaw a program to sell Treasury and mortgage bonds that the Fed had purchased to stimulate the economy. Economic Mobility: The Dream and the Data.” FRBSF Economic Letter 2013-06 (March 4). September 16, 2020: FOMC Projections materials, accessible version Accessible version. Yellen then became Chair of President Clinton's Council of Economic Advisers from February 18, 1997, to August 3, 1999. , On May 27, 2016, at the Radcliffe Day luncheon during Commencement week, Yellen received an honorary Radcliffe Medal and spoke to guests. When asked if she believes Trump has "a grasp of economic policy", Yellen said "No, I do not. ", "Biden to pick Janet Yellen for Treasury secretary", "FACTBOX-Yellen, Raskin and Diamond eyed for Fed board", "Janet Yellen: Background And Philosophy", "Senate Committee Hearing on the Nomination of Janet Yellen, Peter Diamond, Sarah Bloom Raskin, Osvaldo Luis Gratacos Munet, and Steve Linick", "Brown will present eight honorary degrees at Commencement May 25", "LARGEST GRADUATING CLASS IN BARD COLLEGE'S HISTORY TO RECEIVE DEGREES AT THE COLLEGE'S ONE HUNDRED FORTIETH COMMENCEMENT ON SATURDAY, MAY 27, 2000", "Yellen Pleased w/Resolution Regime; Must Monitor Regultn Impact", "Most Influential 50 in 2012 Shows Turmoil: Bloomberg Markets", "Yale awards nine honorary degrees at Commencement 2015", "Warwick to award honorary degree to Janet L. Yellen Chair of the US Federal Reserve System", "Yellen's Sway Over Rates Puts Her Atop Most Influential Ranking", "Fed Chair Janet Yellen to Receive Radcliffe Medal", "Janet Yellen Talks Policy and Inequality at Radcliffe Day Celebration", "Radcliffe Day 2016 | Janet Yellen, Radcliffe Medalist", "Members of the American Academy of Arts and Sciences, 1780-2019 -- XYZ", "U.C. But its own ranks are increasingly clamoring for an unprecedented move: sending rates into negative territory. Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher, and her father Julius Yellen (1906–1975), a family physician, who worked from the ground floor of their home. In addition to its general search for Research Economists posted in October, the Research Department of the Federal Reserve Bank of San Francisco is looking to hire experienced or new Ph.D. economists specifically in the areas of (i) Environmental and Climate Economics, (ii) Growth and Sustainability, and (iii) Urban and Regional Economics. She was assigned to research international monetary reform. Econ Ed at the St. Louis Fed has free education resources for consumers and pre-K through college educators to aid in the study of money and banking, economics, personal finance and the Federal Reserve.  Yellen simultaneously began a 14-year term as a member of the Federal Reserve Board that will expire on January 31, 2024.