The Education of Janet Yellen: From Small-Town Roots to Powerful Economic Thinker

The Education of Janet Yellen: From Small-Town Roots to Powerful Economic Thinker

Janet Yellen has had an illustrious career in the field of economics, serving as the Chair of the Federal Reserve from 2014-2018, the Chair of the Council of Economic Advisors under President Clinton, and as a professor at UC Berkeley. But her journey to becoming one of the most powerful economic thinkers in the world started in a small town in Brooklyn, where she grew up as the daughter of a doctor and a teacher.

Early Education and Career

Yellen attended Brown University, where she earned a degree in economics in 1967. She then went on to receive her PhD from Yale in 1971, studying under the renowned economist James Tobin. After completing her degree, she joined the faculty at Harvard, where she taught until 1976.

In 1977, Yellen joined the Federal Reserve Board as an economist, where she worked until 1978. She then spent a year as an economist at the Federal Reserve Bank of New York before joining the faculty at UC Berkeley in 1980.

Academic Career

At UC Berkeley, Yellen quickly became an influential figure in the field of economics. She served as the chair of the Economics Department from 1980-1994 and as the director of the Haas School of Business from 1994-1997. She also continued to publish groundbreaking research on topics such as unemployment, inflation, and monetary policy.

Yellen’s academic accomplishments earned her numerous accolades, including the John Bates Clark Medal in 1977, which is awarded to the best economist under the age of 40. She was also elected to the American Academy of Arts and Sciences in 1997 and the National Academy of Sciences in 2004.

Government Service

Yellen’s expertise and reputation in the field of economics eventually led to her appointment as the Chair of the Council of Economic Advisors under President Clinton in 1997. In this role, she helped shape economic policy during a period of strong economic growth and low unemployment.

After leaving the Council in 1999, Yellen returned to UC Berkeley, where she continued to teach and conduct research. In 2004, she was appointed as the president of the Federal Reserve Bank of San Francisco, where she served until 2010.

Chair of the Federal Reserve

In 2010, Yellen was nominated by President Obama to serve as the Vice Chair of the Federal Reserve, a position she held until 2014, when she was appointed as the Chair.

During her tenure as Chair, Yellen navigated the Fed through a period of economic recovery following the 2008 financial crisis. She also helped shape monetary policy that aimed to keep inflation in check while supporting economic growth.

Conclusion

Janet Yellen’s story is a testament to the power of education and hard work. From her humble beginnings in Brooklyn to her position as one of the most influential economic thinkers in the world, Yellen has demonstrated a commitment to excellence and a dedication to making the world a better place. Her legacy will no doubt inspire future generations of economists and policymakers.