Ben Bernanke
Ben Bernanke | |
---|---|
Chairman of the Federal Reserve | |
In office February 1, 2006 – January 31, 2014 | |
President | George W. Bush Barack Obama |
Deputy | Roger Ferguson Donald Kohn Janet Yellen |
Preceded by | Alan Greenspan |
Succeeded by | Janet Yellen |
Member of the Federal Reserve Board of Governors | |
In office February 1, 2006 – January 31, 2014 | |
President | George W. Bush Barack Obama |
Preceded by | Alan Greenspan |
Succeeded by | Stanley Fischer |
In office July 31, 2002 – June 21, 2005 | |
President | George W. Bush |
Preceded by | Edward W. Kelley Jr. |
Succeeded by | Kevin Warsh |
23rd Chairman of the Council of Economic Advisers | |
In office June 21, 2005 – January 31, 2006 | |
President | George W. Bush |
Preceded by | Harvey Rosen |
Succeeded by | Edward Lazear |
Personal details | |
Born | Ben Shalom Bernanke December 13, 1953 Augusta, Georgia, U.S. |
Political party | Independent (2015 or earlier–present) |
Other political affiliations | Republican (before 2015 or earlier) |
Spouse | Anna Friedmann |
Children | 2 |
Education | Harvard University (BA, MA) Massachusetts Institute of Technology (PhD) |
Awards | Nobel Memorial Prize in Economic Sciences (2022) |
Signature | |
Academic background | |
Thesis | Long Term Commitments, Dynamic Optimization, and the Business Cycle (1979) |
Doctoral advisor | Stanley Fischer[1] |
Academic work | |
Discipline | Macroeconomics |
Ben Shalom Bernanke
From August 5, 2002, until June 21, 2005, he was a member of the
Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve.[7] His first term began on February 1, 2006.[8] Bernanke was confirmed for a second term as chairman on January 28, 2010, after being renominated by President Barack Obama, who later referred to him as "the epitome of calm."[9] His second term ended on January 31, 2014, when he was succeeded by Janet Yellen on February 3, 2014.[10]
Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act, in which he revealed that the world's economy came close to collapse in 2007 and 2008. Bernanke asserts that it was only the novel efforts of the Fed (cooperating with other US agencies and agencies of other governments) that prevented an economic catastrophe greater than the Great Depression.[11]
Early life and family
Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Dillon, South Carolina.[12] His father Philip was a pharmacist and part-time theater manager. His mother Edna was an elementary school teacher.[13] Bernanke has two younger siblings. His brother, Seth, is a lawyer in Charlotte, North Carolina. His sister, Sharon, is a longtime administrator at Berklee College of Music in Boston.
The Bernankes were one of the few
Jonas Bernanke was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, 1891. He immigrated to the United States from Przemyśl, Poland, and arrived at Ellis Island, aged 30, on June 30, 1921, with his wife Pauline, aged 25. On the ship's manifest, Jonas's occupation is listed as "clerk" and Pauline's as "doctor med".[17][18]
The family moved to Dillon from New York in the 1940s.[19] Bernanke's mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Ben Bernanke also worked there sometimes.[14]
Young adult
As a teenager, Bernanke worked construction on a hospital and waited tables at a restaurant at nearby South of the Border, which was a roadside attraction, amusement park, and fireworks retailer near his hometown in Hamer, South Carolina, before leaving for college.[12][20][21] To support himself throughout college, he continued to work during the summers at South of the Border.[12][22]
Religion
As a teenager in the 1960s, Bernanke helped roll the Torah scrolls in his local synagogue.[23] Although he keeps his beliefs private, his friend Mark Gertler, chairman of New York University's economics department, says they are "embedded in who he (Bernanke) is."[24] Once Bernanke was at Harvard for his freshman year, fellow Dillon native Kenneth Manning took him to Brookline for Rosh Hashanah services.[25]
Education
Bernanke was educated at East Elementary, J.V. Martin Junior High, and Dillon High School, where he was class valedictorian and played saxophone in the marching band.[26] Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself.[27][28] Bernanke scored 1590 out of 1600 on the SAT[27][29] and was a National Merit Scholar.[30] He also was a contestant in the 1965 National Spelling Bee.[31][32]
Bernanke entered
Academic and government career (1979–2006)
Bernanke taught at the
Bernanke served as a member of the
As a member of the board of governors of the Federal Reserve System on February 20, 2004, Bernanke gave a speech in which he postulated that we are in a new era called the Great Moderation, where modern macroeconomic policy has decreased the volatility of the business cycle to the point that it should no longer be a central issue in economics.[36]
In June 2005, Bernanke was named chairman of President George W. Bush's Council of Economic Advisers and resigned as Fed governor. The appointment was largely viewed as a test run to ascertain if Bernanke could be Bush's pick to succeed Greenspan as Fed chairman the next year.[37] He held the post until January 2006.
Chairman of the United States Federal Reserve
On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005).
His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market.
Financial crisis of 2007–2008
As the Great Recession deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its
Second term
On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve.[41] In a short statement on Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's background, temperament, courage and creativity helped to prevent another Great Depression in 2008.[42] When Senate Banking Committee hearings on his nomination began on December 3, 2009, several senators from both parties indicated they would not support a second term.[43][44][45][46][47][48]
However, Bernanke was confirmed for a second term as chairman on January 28, 2010, by a 70–30 vote of the full Senate,
Bernanke was succeeded as chair of the Federal Reserve by Janet Yellen, the first woman to hold the position. Yellen was nominated on October 9, 2013, by President Obama and confirmed by the United States Senate on January 6, 2014.[52]
Controversies as Federal Reserve Chairman
Bernanke has been subjected to criticism concerning the
Merrill Lynch merger with Bank of America
In a letter to Congress from then-
Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Lewis. Under intense questioning by members of Congress, Bernanke said, "I never said anything about firing the board and the management [of Bank of America]." In further testimony, Bernanke said the Fed did nothing illegal or unethical in its efforts to convince Bank of America not to end the merger. Lewis told the panel that authorities expressed "strong views" but said he would not characterize their stance as improper.[55]
AIG bailout
According to a January 26, 2010, column in
Edward Quince
The crisis in 2008 also made Ben Bernanke create a pseudonym, Edward Quince. According to the Wall Street Journal, the false name was evidence in a class-action lawsuit against the government by shareholders of AIG, which had been given a Fed-backed bailout when it was near collapse. One of Mr. Quince's emails reads, "We think they are days from failure. They think it is a temporary problem. This disconnect is dangerous."[57]
Upon the revelation of the Quince pseudonym during the Starr v. United States trial, The New York Times created a cocktail inspired by Mr. Bernanke's chosen alias: the "Rye & Quince."[58]
Economic views
Bernanke has given several lectures at the
Bernanke is particularly interested in the economic and political causes of the
"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna [Schwartz, Friedman's coauthor]: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again."[61][62]
Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero.[63] Anna Schwartz, however, was highly critical of Bernanke and wrote an opinion piece in The New York Times advising Obama against his reappointment as chairman of the Federal Reserve.[64] Bernanke focused less on the role of the Federal Reserve and more on the role of private banks and financial institutions.[65]
Bernanke found that the financial disruptions of 1930–33 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand, identifying an effect he called the
In 2002, following coverage of concerns about deflation in the business news, Bernanke gave a speech about the topic.[68] In that speech, he mentioned that the government in a fiat money system owns the physical means of creating money and to maintain market liquidity. Control of the money supply implies that the government can always avoid deflation by simply issuing more money. He said, "The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost."[68]
He referred to a statement made by
For example, while Greenspan publicly supported President Clinton's deficit reduction plan and the
In 2005 Bernanke coined the term
As the recession began in 2007, many economists urged Bernanke (and the rest of the
David Leonhardt of The New York Times wrote, on January 30, 2008, that "Dr. Bernanke's forecasts have been too sunny over the last six months. [On] the other hand, his forecast was a lot better than Wall Street's in mid-2006. Back then, he resisted calls for further interest rate increases because he thought the economy might be weakening."[71]
After the Federal Reserve
In a speech at the
In an October 2014 speech, Bernanke disclosed that he was unsuccessful in efforts to refinance his home. He suggested that lenders "may have gone a little bit too far on mortgage credit conditions".[73]
Since February 2014, Bernanke has been employed as a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution.[74]
On April 16, 2015, it was announced publicly that Bernanke will work with Citadel, the $25 billion hedge fund founded by billionaire Kenneth C. Griffin, as a senior adviser.[75] In the same month it was revealed that Bernanke would also join PIMCO as a senior advisor.[76]
In his 2015 book, The Courage to Act, Bernanke revealed that he was no longer a Republican, having "lost patience with Republicans' susceptibility to the know-nothing-ism of the far right. ... I view myself now as a moderate independent, and I think that's where I'll stay."[77]
Bernanke published in 2022 his latest book titled 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19, where he assesses the successes as well as failures of the Federal Reserve since its inception. The book received a positive review from the New York Times saying the "book is intended to help future generations of economic policymakers, and it probably will."[78]
Statements on deficit reduction and reform of Social Security/Medicare
Bernanke favors reducing the
His remarks were most likely intended for the federal government's executive and legislative branches,[82] since entitlement reform is a fiscal exercise that will be accomplished by the Congress and the President[83][84] rather than a monetary task falling within the implementation powers of the Federal Reserve. Bernanke also pointed out that deficit reduction will necessarily consist of either raising taxes, cutting entitlement payments and other government spending, or some combination of both.[85]
Nobel Prize
In 2022 Bernanke was awarded the Nobel Memorial Prize in Economic Sciences along with Philip H. Dybvig and Douglas Diamond. Their research suggested that the Great Depression was caused by a variety of factors including credit market stress and a failing gold standard. With a rising External Finance Premium lenders and borrowers were both inclined to protect their financial health due to stressed credit markets. Lenders began tightening credit standards and avoiding risky borrowers while borrowers withdrew their cash. These self-preservation decisions from both lenders and borrowers resulted in further stress on the credit market and stagnation in investment spending. In addition to stressed credit markets, the failing gold standard also played a crucial role. After World War 1 most countries had their currencies tied to gold as well as fixed exchange rates, however, post-war animosity between many European nations led to non-cooperation regarding the gold standard. Consequently, the gold standard failed in the late 1920s, bringing prices, money supply, and output down with it. Their research showed that the combination of a failing gold standard and stressed credit markets led to a catastrophic spiral in the economy.[86]
Personal life
Bernanke met his wife, Anna, a schoolteacher, on a blind date. The Bernankes have two children, Joel and Alyssa.[87] He is an ardent fan of the Washington Nationals baseball team, and frequently attends games at Nationals Park.[88]
When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey, in 1985, where Bernanke's children attended the local public schools.[89] Bernanke served for six years as a member of the board of education of the Montgomery Township School District.[89]
In 2009, The Wall Street Journal reported that Bernanke was a victim of identity theft, a spreading crime the Federal Reserve has for years issued warnings about.[90]
Awards and honors
- Fellow of the Econometric Society(1997)
- Fellow of the American Academy of Arts and Sciences (2001)[91]
- Order of the Palmetto (2006)[14]
- Member of the American Philosophical Society (2006)[92]
- Distinguished Leadership in Government Award, Columbia Business School (2008)[93]
- In 2009, the South Carolina Department of Transportation (SCDOT) Commission approved a resolution on February 21 to name Exit 190 along Interstate Highway 95 in Dillon County the Ben Bernanke Interchange.[94]
- In 2009, he was named the Time magazine person of the year.[95]
- In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".[96]
- Member of the National Academy of Sciences (2021)[97]
- Along with Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel "for research on banks and financial crises".[5]
Bibliography
- Bernanke, Ben S. (June 1983). "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression". American Economic Review. 73 (3): 257–276. JSTOR 1808111.
- Bernanke, Ben S.; JSTOR 2117350.
- Bernanke, Ben S.; Gertler, Mark; Watson, Mark (May 27, 1997). "Systematic Monetary Policy and the Effects of Oil Price Shocks". C.V. Starr Center for Applied Economics.
- Bernanke, Ben S.; ISBN 0-691-08689-3.
- Bernanke, Ben S. (2004). Essays on the Great Depression. Princeton University Press. )
- ISBN 978-0-321-41554-7.
- ISBN 978-0-07-336265-6.
- Bernanke, Ben S. (October 2015). The Courage to Act: A Memoir of a Crisis and Its Aftermath. W. W. Norton & Company. ISBN 978-0-393-24721-3.
- Bernanke, Ben S. (October 2015). "Notes from The Courage to Act" (PDF). W. W. Norton & Company.
- Bernanke, Ben S. (May 2022). 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19. W. W. Norton & Company. ISBN 978-1324020462.
See also
- Causes of the Great Depression
- Great Contraction
- Greenspan put
- 2008–2009 Keynesian resurgence
- List of Jewish Nobel laureates
- Ben Bernanke’s Nobel Prize Lecture, “Banking, Credit, and Economic Fluctuations”
Footnotes
- MIT. Retrieved October 23, 2016.
- ^ Bernanke's first name is Ben, not Benjamin, and "Ben Shalom" is not abbreviated. (See: "Big Ben", Slate, October 24, 2005; see also "Presidential Nomination: Ben Shalom Bernanke", George W. Bush White House, January 2009)
- ^ "Federal Reserve Chairman Ben Bernanke to Join Economic Studies at Brookings". Brookings. February 3, 2014. Retrieved February 3, 2014.
- ^ a b c Amadeo, Kimberly. "The Great Depression Expert Who Prevented the Second Great Depression". The Balance. Retrieved July 29, 2020.
- ^ a b "The Prize in Economic Sciences 2022 - Press release". nobelprize.org. October 10, 2022. Retrieved November 25, 2022.
- ^ "Former Fed Chair Bernanke shares Nobel for research on banks". AP NEWS. October 10, 2022. Retrieved October 10, 2022.
- ISSN 0362-4331. Retrieved July 29, 2020.
- ^ "Ben S. Bernanke formally sworn in to second term as chairman of the Board of Governors of the Federal Reserve System". Board of Governors of the Federal Reserve System. Retrieved July 29, 2020.
- Mort Zuckerman. Associated Press. October 9, 2013.
- ^ "Yellen sworn in as Fed chair in brief ceremony". The Associated Press. February 3, 2014. Retrieved July 29, 2020.
- ^ Kinsley, Michael (October 8, 2013). "Ben Bernanke's 'The Courage to Act'". The New York Times.
- ^ a b c d Phillips, Michael M. (February 14, 2009). "Fed Chief's Boyhood Home Is Sold After Foreclosure". The Wall Street Journal. Dow Jones & Company. p. A1.
- ^ Wessel, David. In Fed We Trust: Ben Bernanke's War on the Great Panic (New York: Crown Business, 2009), p. 69.
- ^ a b c "Federal Reserve Speech: Chairman Ben S. Bernanke At the presentation of the Order of the Palmetto, Dillon, South Carolina". Board of Governors of the Federal Reserve System. September 1, 2006. Archived from the original on January 20, 2010. Retrieved January 30, 2010.
- ^ Kirchhoff, Sue (January 31, 2006). "New Fed chief will face an economy with issues". USA Today. Retrieved November 8, 2008.
- ^ "Person of the Year (2009)". Time. December 16, 2009. Archived from the original on April 17, 2010. Retrieved April 26, 2010.
- ^ "Jonas Bernanke". The Times/Ellis Island Legacy Keepsake. Nytstore.com. June 30, 1921. Archived from the original on December 5, 2008.
- ^ "Pauline Bernanke". The Times/Ellis Island Legacy Keepsake. Nytstore.com. June 30, 1921. Archived from the original on December 5, 2008.
- ^ "FRB: Speech, Bernanke-Financial Access for Immigrants: The Case of Remittances-April 16, 2004". The Federal Reserve Board. April 16, 2004. Retrieved January 30, 2010.
- ^ "60 Minutes Video – 60 Minutes, 06.07.09". CBS.com. Retrieved January 30, 2010.[dead link]
- ^ "Bernanke speaks at ceremony naming I-95 interchange - Mar. 7, 2009". money.cnn.com. Retrieved July 29, 2020.
- ^ John M. Broder (August 20, 2007). "In First Crisis on the Job, Bernanke's About-Face Is Weighed". The New York Times. Retrieved March 15, 2008.
- ^ "Ben Bernanke, Time Mag's 2009 'Person of the Year' is Jewish". Jewish Journal. December 16, 2009. Retrieved July 29, 2020.
- ^ "Fed Nominee Bernanke Was Molded By Upbringing in Small-town South". The Daily Forward. November 18, 2005. Archived from the original on February 13, 2010. Retrieved January 30, 2010.
- ^ Wessel, David. In Fed We Trust: Ben Bernanke's War on the Great Panic (New York: Crown Business, 2009), pp. 70–71.
- ^ Wessel, David (2009), In Fed We Trust: Ben Bernanke's War on the Great Panic, New York: Crown Business, p. 70.
- ^ a b Romero, Frances (March 16, 2009). "Federal Reserve Chairman Ben Bernanke". Time. Archived from the original on March 18, 2009. Retrieved January 28, 2010.
- ^ Johnston, Danny (October 24, 2005). "Bernanke is a student of Great Depression, Red Sox". USA Today. Associated Press. Retrieved January 28, 2010.
- ^ White, Ben (November 15, 2005). "Bernanke Unwrapped". The Washington Post. Retrieved January 15, 2008.
- ^ "National Merit Scholarship Corporation - Scholars You May Know". nationalmerit.org. Archived from the original on June 12, 2010.
- ^ White, Ben (November 15, 2005). Bernanke Unwrapped, The Washington Post
- ^ "Dillon Boy Is New S. C. Champion In Spelling Bee Held at Anderson". The Greenville News. May 9, 1965. p. 1. Retrieved October 18, 2017.
- ISSN 0362-4331. Retrieved November 30, 2017.
- ^ Bernanke, Benjamin Shalom (May 1979). Long-Term Commitments, Dynamic Optimization, and the Business Cycle (PDF) (PhD thesis). Massachusetts Institute of Technology. Archived from the original (PDF) on May 30, 2008. Retrieved July 13, 2011.
- ^ "Deflation: Making Sure 'It' Doesn't Happen Here, Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C. November 21, 2002".
- ^ Krugman, Paul R. (2009). The Return of Depression Economics and the Crisis of 2008. Norton & Company. p. 10.
- ^ Andrews, Edmund L.; Leonhardt, David; Porter, Eduardo; Uchitelle, Louis (October 26, 2005), "At the Fed, an Unknown Became a Safe Choice", The New York Times. Retrieved January 31, 2010
- ^ "Ben S. Bernanke". Board of Governors of the Federal Reserve System. Archived from the original on January 24, 2010. Retrieved January 30, 2010.
- ^ Lowenstein, Roger (January 20, 2008). "The Education of Ben Bernanke". The New York Times Magazine.
- ^ Henderson, Nell (May 24, 2006). "Fed Chief Calls His Remarks A Mistake". The Washington Post. Retrieved January 30, 2010.
- ^ Andrews, Edmund L. (August 24, 2009). "Obama to Nominate Bernanke to 2nd Term at Fed". The New York Times. Retrieved July 24, 2017.
- ^ Hilsenrath, Jon; Williamson, Elizabeth; Weisman, Jonathan (August 26, 2009). "Calm in Crisis Won Fed Job". The Wall Street Journal. Archived from the original on February 4, 2010. Retrieved January 30, 2010.
- ^ "McCain To Oppose Bernanke Reconfirmation". The Huffington Post. January 24, 2010. Archived from the original on June 7, 2011. Retrieved July 15, 2011.
- ^ Sloan, Steven. "Senate Vote on Bernanke Confirmation Set for Thursday". Investment Dealers' Digest. Archived from the original on February 4, 2010. Retrieved January 30, 2010.
- ^ Irwin, Neil; Montgomery, Lori (January 23, 2010). "Populist backlash puts Federal Reserve Chairman Ben Bernanke under siege". The Washington Post. Retrieved January 30, 2010.
- ^ Chan, Sewell (January 22, 2010). "2 Key Senators Oppose a Second Term for Bernanke". The New York Times. p. A1. Archived from the original on January 25, 2010. Retrieved January 22, 2010.
- ^ "Release: Sanders Puts Hold on Bernanke". December 2, 2009. Archived from the original on February 3, 2010. Retrieved January 24, 2010.
- ^ "Senate Dems Not Sure They Can Get Enough Votes to Reconfirm Bernanke". ABC News. January 21, 2010. Archived from the original on January 25, 2010. Retrieved January 24, 2010.
- ^ "U.S. Senate Roll Call Vote". U.S. Senate. January 28, 2010. Archived from the original on February 3, 2010. Retrieved January 28, 2010.
- ^ Irwin, Neil (January 28, 2010). "Senate confirms Bernanke for second term as Federal Reserve chairman". The New York Times. Retrieved January 28, 2010.
- ^ a b Chan, Sewell (January 28, 2010). "Bernanke wins a second term, but it's a tepid victory". Houston Chronicle. Retrieved January 29, 2010.[dead link]
- Legal Times. January 6, 2014.
- ^ Chan, Sewell (December 11, 2010). "The Fed? Ron Paul's Not a Fan". The New York Times. Archived from the original on August 15, 2018. Retrieved July 14, 2019.
- ^ "Andrew Cuomo letter to Congress, April 23, 2009" (PDF). Archived from the original (PDF) on May 20, 2009. Retrieved May 6, 2009.
- ^ "Lawmakers hit out at Paulson over BofA-Merrill". Reuters. July 16, 2009
- The Huffington Post
- ^ Paletta, Damian (October 9, 2014). "Meet Edward Quince, the Secret Federal Reserve Chairman in 2008". The Wall Street Journal. Retrieved November 25, 2022.
- ^ Irwin, Neil (October 10, 2014). "A Crisis, an Alias, and a Cocktail with Quince". The New York Times.
- ^ "Economist Rankings - IDEAS/RePEc". ideas.repec.org.
- ^ "Opellius: "Bernanke vs. Yellen: A Spooky Outlook?" By Axel Merk".
- ^ FRB Speech: Remarks by Governor Ben S. Bernanke, At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois, November 8, 2002
- ISBN 978-0-691-13794-0.
- ^ a b Penn Bullock (November 17, 2009). "Bernanke's Philosopher". Reason. Archived from the original on December 31, 2009. Retrieved January 30, 2010.
- ^ anna schwartz (July 25, 2009). "Man Without a Plan". The New York Times. Retrieved December 13, 2012.
- ^ Bernanke, Ben S., "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression", American Economic Review, 73 (June 1983), pp. 257–76.
- ^ "The Financial Accelerator and the Credit Channel, The Credit Channel of Monetary Policy in the Twenty-first Century Conference, Atlanta, Georgia". Federal Reserve Bank of Atlanta. June 15, 2007. Archived from the original on January 13, 2010. Retrieved January 30, 2010.
- ^ Brad DeLong. "Lecture 10: Depressions and Panics, 1840–1933 Archived March 4, 2009, at the Wayback Machine" Economics 113 – American Economic History UC Berkeley
- ^ a b c "Speech, Bernanke -Deflation- November 21, 2002". US Federal Reserve Bank. Archived from the original on February 4, 2010. Retrieved January 30, 2010.
- ^ "Governor Ben S. Bernanke, The Global Saving Glut and the U.S. Current Account Deficit". US Federal Reserve Bank. March 2005. Archived from the original on June 14, 2009. Retrieved June 5, 2009.
- ^ "Larry Summers in The Financial Times". November 27, 2007.
- ^ David Leonhardt (January 30, 2008). "Bernanke's Midterm Tests". The New York Times. Retrieved April 26, 2010.
- ^ "Bernanke Celebrates Fed Achievements". The Washington Post. January 3, 2014.
- ^ "Ex-Fed chief Bernanke denied loan to refinance his home". Fox News. October 6, 2014.
- ^ Nordquist, DJ; Tracy, Viselli (February 3, 2014). "Federal Reserve Chairman Ben Bernanke to Join Economic Studies at Brookings". Brookings.edu. Retrieved March 31, 2015.
- ^ Sorkin, Andrew Ross; Stevenson, Alexandra (April 16, 2015). "Ben Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser". The New York Times. Retrieved July 24, 2017.
- ^ "Pimco recruits ex-Federal Reserve chairman Ben Bernanke". The Guardian. April 29, 2015. Retrieved July 23, 2018.
- ^ Phillips, Matt (October 6, 2015). "Bernanke: I'm not really a Republican anymore". Quartz. Retrieved October 9, 2015.
- ISSN 0362-4331. Retrieved May 27, 2022.
- ^ Bernanke, Ben S., "Economic Challenges: Past, Present and Future (PDF version)" (see pages 13–14 of the speech transcript). Speech given on April 7, 2010, to the Dallas Regional Chamber of Commerce in Dallas, Texas. Retrieved April 15, 2010.
- ^ Bernanke, Ben S., "Economic Challenges: Past, Present and Future (HTML version)" (see paragraphs 4, 5 and 6 in the "Economic Challenges" section at the end of the speech transcript). Speech given on April 7, 2010, to the Dallas Regional Chamber of Commerce in Dallas, Texas. Retrieved April 15, 2010.
- ^ Hilsenrath, Jon (April 7, 2010). "Bernanke Says U.S. Should Tackle Debt". The Wall Street Journal. Archived from the original on April 12, 2010. Retrieved April 14, 2010.
- ^ Irwin, Neil; Montgomery, Lori (April 8, 2010). "Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit". The Washington Post. Retrieved April 14, 2010.
- ^ Samuelson, Robert J. (May 23, 2009). "Let Them Go Bankrupt, Soon: Solving Social Security and Medicare". Newsweek. Archived from the original on April 18, 2010. Retrieved April 15, 2010.
- ^ Scherer, Michael (February 23, 2009). "Can Obama Actually Achieve Entitlement Reform?". Time. Archived from the original on February 25, 2009. Retrieved April 15, 2010.
- ^ Chan, Sewell; Hernandez, Javier (April 7, 2010). "Bernanke Says Nation Must Take Action Soon to Shape Fiscal Future". The New York Times. Archived from the original on April 12, 2010. Retrieved April 14, 2010.
- ISSN 0002-8282.
- ^ Grunwald, Michael (December 16, 2009). "Ben Bernanke". Time.
- ^ Steinberg, Dan {September 27, 2012}. "Ben Bernanke is a huge Nats fan". The Washington Post. Retrieved January 21, 2014.
- ^ a b Chan, Sewell. 'Is Ben Bernanke Having Fun Yet?", The New York Times, May 15, 2010. Accessed February 2, 2015. "In 1985, he left Stanford for Princeton. His children — Joel, born in 1982, and Alyssa, born in 1986 — enrolled in public schools, and for six years he served on the school board in Montgomery Township, N.J."
- ^ Jon Hilsenrath and Brent Kendall (August 29, 2009). "Bernanke Falls Victim to Identify Theft". WSJ.
- ^ "Book of Members, 1780–2010: Chapter B" (PDF). American Academy of Arts and Sciences. Archived (PDF) from the original on July 25, 2011. Retrieved June 24, 2011.
- ^ "APS Member History". search.amphilsoc.org. Retrieved May 24, 2021.
- ^ "Columbia Business School Annual Dinner". Retrieved May 8, 2008.
- ^ "Dedication Ceremony Saturday, March 7, in Dillon For "Ben Bernanke Interchange"". South Carolina Department of Transportation. March 2, 2009. Archived from the original on March 17, 2012.
- ^ Michael Grunwald (December 16, 2009). "Person of the Year 2009". Time. Archived from the original on December 18, 2009. Retrieved January 30, 2010.
- ^ "Frontiers of Knowledge Awards". Premios Fronteras. Retrieved June 19, 2022.
- ^ "2021 NAS Election". www.nasonline.org. April 26, 2021. Retrieved April 27, 2021.
References
- Andrews, Edmund L. (November 5, 2005). "All for a more open Fed". New Straits Times, p. 21.
- Bagehot, Walter (1873). Lombard Street: A Description of the Money Market. Scribner, Armstrong & Company.
- Milton Friedman; Anna Jacobson Schwartz; National Bureau of Economic Research (2008). "B. Bernanke's speech to M. Friedman". The Great Contraction, 1929-1933. Princeton University Press. p. 247. ISBN 978-0-691-13794-0.
- Lowenstein, Roger (January 20, 2008). "The Education of Ben Bernanke". The New York Times Magazine.
- Bernanke, Ben S. 2023. "Nobel Lecture: Banking, Credit, and Economic Fluctuations." American Economic Review, 113 (5): 1143–69.
Further reading
- Stewart, James B. (September 21, 2009). "Eight Days: the battle to save the American financial system". The New Yorker. Pages 58–81. Summarizing September 15–23, 2008 with interviews by James Stewart of Paulson, Bernanke and Geitner.
- Bernanke, Ben S. (2015). The Courage to Act: A Memoir of a Crisis and Its Aftermath. New York: ISBN 978-0393247213.
- Bernanke, Ben S. (2020). "The New Tools of Monetary Policy". American Economic Review. 110 (4): 943–83.
External links
This article's use of external links may not follow Wikipedia's policies or guidelines. (October 2022) |
- Statements and Speeches of Ben S. Bernanke
- Ben Bernanke at IMDb
- Appearances on C-SPAN
- Ben Bernanke collected news and commentary at The New York Times
- Bernanke Papers and Sources at UNJobs
- IDEAS/RePEc
- "A Crash Course for Central Bankers" Archived July 8, 2014, at the Wayback Machine by Ben Bernanke, Foreign Policy, September 1, 2000
- "Downside Danger" Archived July 8, 2014, at the Wayback Machine by Ben Bernanke, Foreign Policy, November 1, 2003
- "Skills, Ownership, and Economic Security", Ben Bernanke, July 12, 2005, address with summary, video, and transcript
- Lectures by Ben Bernanke to an economics class at George Washington University March 2012
- "Chairman Ben Bernanke Lecture Series Part 1" Archived March 27, 2012, at the Wayback Machine Recorded live on March 20, 2012, 10:35 am MST
- "Chairman Ben Bernanke Lecture Series Part 3" Archived March 31, 2012, at the Wayback Machine Recorded live on March 27, 2012, 10:38 am MST