Ben Bernanke: ex-head of the U.S. Federal Reserve
America traditionally produces outstanding economists. The most talented of them have made history in their country, occupying positions of power in the most important financial institutions. Among them are some truly iconic figures, and one of them is Ben Bernanke, former head of the US FEDERAL RESERVE. In this article ForTrader.org magazine will introduce you to the life and biography of this American economist.
Ben Bernanke: Former Chairman of the Governing Council of the Fed
Childhood and adolescence. Ben Shalom Bernanke was born on December 13, 1953, in Augusta, Georgia, but grew up in Dillon, California. From an early age he showed an aptitude for the study of mathematics, at first analyzing baseball statistics. In addition, he had many other various talents, including an excellent command of the saxophone. While in high school, he was editor of the school newspaper and earned recognition from teachers and classmates alike, so he gave a speech at his graduation party. After studying higher mathematics on his own, he took the SAT, earning the highest score in the state (1,590). He later attended Harvard and the Massachusetts Institute of Technology.
Family. Ben Bernanke was born into a Jewish family, so he was raised according to the tenets of Judaism. His father was a pharmacist and his mother was a teacher. He is the eldest child in the family, has a younger brother and sister. His parents did not support Ben's desire to go to Harvard, fearing that he would lose touch with the Jewish faith during his student years, but it all worked out very well. As of today, Bernanke is married. Anna, his wife, is a graduate of Wellesley College and Stanford University. Their son Joel is pursuing a medical degree and daughter Alyssa is attending St. John's College.
Career. With a Ph.D. in philosophy and a B.A. in economics with honors, and a passion for both mathematics and English, Ben Bernanke has taught at Stanford University since 1979. Six years later, he became a faculty member at Princeton University until 2002, chairing the economics department for the last six years. When he retired from teaching, he joined the board of governors. U.S. Federal Reserve BoardBernanke, working closely with his predecessor as chairman, Alan Greenspan. Four years later, during the presidency of George W. Bush, Bernanke assumed the presidency.
On the eve of the end of his first term, he was re-elected at the suggestion of Barack Obama. In doing so, the proportion of those who voted for and against out of the entire Council was 70% and 30%, respectively. Since his term expired in January 2014 and Ben Bernanke was unwilling to run for a third term, the chairmanship was taken up (again on Barack Obama's recommendation and with majority support) by his deputy - Janet Yellen.
As a supporter of conservative methods, Ben Bernanke, according to his colleagues, always made decisions based on facts and trying to minimize the possibility of emotional influence. In his doctoral dissertation he studied the Depression of the 1930s in detail, giving his conclusions on possible solutions to prevent it. He believes that the problem arose precisely because of inefficiencies at the Fed. During his years as chairman, however, he laid the foundations for effective management and strengthened the existing tradition of reserve policy.