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9 Surprising Facts About Janet Yellen

By    |   Friday, 10 July 2015 03:37 PM

Janet Yellen became the first woman to serve as the chair of the Federal Reserve in 2013, succeeding Ben Bernanke. Even before serving in different positions with the Fed, Yellen received numerous accolades for her work in economics.

Here are nine facts about Yellen that might surprise you,according to The New York Times and Biography.

1. Yellen received a Ph.D in economics from Yale and served as an assistant professor at Harvard from 1971 to 1976.

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2. While working with the Board of Governors of the Federal Reserve System in the 1970s, she met her husband, George A. Akerlof, who later won the Nobel Prize in economic science in 2001. She and her husband shared views that government policy is inherently costly, but that central banking could improve economic policies to help people.

3. She taught economics at the London School of Economics and at the University of Berkeley in California.

4. She was confirmed as a member of the Federal Reserve Board of Governors under the Clinton Administration in 1994. Yellen was instrumental in arguing to keep inflation at 2 percent, but to avoid eliminating inflation, which would do more harm to the economy, she maintained. She later became chairwoman of the Council of Economic Advisers under Clinton.

5. While serving as president of the Federal Reserve Bank of San Francisco, beginning in 2004, Yellen warned of a rising housing bubble that could harm the economy. However, she stated during a Fed policy meeting in 2006 that housing represented a small sector of the economy and should be able to correct itself.

6. In 2007, Yellen said at a Fed policy meeting that housing and mortgage-lending markets were threatening the overall economy, and she encouraged the Fed to “act pre-emptively.”

7. As the financial crisis became apparent with the collapse of Lehman Brothers in 2008, Yellen became the first Fed official to announce to the nation that the economy “appears to be in a recession.”

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8. She backed Federal Reserve Chairman Ben Bernanke’s plan to stimulate the economy in 2009, which included the purchasing of Treasury bonds to help increase borrowing and spending. However, she warned the economy could be worse than the “garden variety recession,” and she later spoke about a jobless recovery ahead.

9. Yellen became vice-chairwoman of the Federal Reserve in 2010, promising to continue her efforts to promote job growth and keeping inflation in check.

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Janet Yellen became the first woman to serve as the chair of the Federal Reserve in 2013, succeeding Ben Bernanke. Even before serving in different positions with the Fed, Yellen received numerous accolades for her work in economics.
Federal Reserve, Janet Yellen, facts
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2015-37-10
Friday, 10 July 2015 03:37 PM
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