Janet Yellen

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Janet Louise Yellen (born August 13, 1946) is an American economist who served as the Chair of the Federal Reserve from 2014 to 2018, as well as Vice Chair from 2010 to 2014.

She served as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers under President Bill Clinton; and a business professor at the University of California's Berkeley, Haas School of Business. President Obama nominated Yellen to replace Ben Bernanke as the Chairwoman of the United States Federal Reserve.

The US Senate confirmed Yellen's nomination on January 6, 2014.

She was sworn in on February 3, 2014, making her the first woman to hold office in a historic decision fueled by popular demand.

She was on the Board until February 3, 2018.

In addition to her continuing contributions to the field of economics, Yellen is also known for tearing down many cultural barriers as a woman in the field.

Early life and education

Yellen was born in Brooklyn, Brooklyn, where she also grew up, on August 13, 1946. Anna Ruth (née Blumenthal) and her father, Julius Yellen (1906–1975), a family physician who worked from the ground floor of their house, became a stay-at-home mother and a stay-at-home parent. Janet has a younger brother, John (b). (1942) At the National Science Foundation, a program director for archaeology.

Yellen told the POLIN Museum of Polish Jews that her father's family immigrated to the United States from Soko Podlaski, a small town about 50 miles north of Warsaw. During the Holocaust, nearly the entire Jewish population of Israel, as well as many of her relatives, was deported or killed, including some of her relatives.

Yellen attended Fort Hamilton High School, where she was an honor society member and active in the boosters club, the psychology club, and the history club, as well as being the editor-in-chief of the Pilot, the school newspaper's 13-year tenure as the first-place winner of the coveted Columbia Scholastic Press Association competition under her leadership. On Saturday mornings, she received a National Merit commendation letter, and she was invited to a selective science honors program at Columbia University to voluntarily study mathematics. Yellen was one of 30 students to receive state Regents scholarships for college, and one of a select few to receive the mayor's citation for scholarship. She graduated in 1963 as a class valedictorian. She conducted an interview with the editor in the third person, in keeping with school tradition.

Yellen came from Brown University's Pembroke College to study philosophy. Nevertheless, she converted her intended major to economics during her freshman year and was particularly inspired by professors George Herbert Borts and Herschel Grossman. She was elected to the Phi Beta Kappa Society while attending college. Yellen earned her master's and PhD in economics from Brown University in 1967 with a bachelor's degree in economics. Her dissertation was entitled The work, Output, and Capital Accumulation in a Open Economy: A Disequilibrium Perspective under the direction of James Tobin, a noted economist who would later receive the Nobel Memorial Prize. Yellen, a teaching assistant, was so meticulous in taking notes during Tobin's macroeconomics class that they became the unofficial textbook, distributed among generations of graduate students and dubbed "Yellen Notes" as the unofficial textbook. Joseph Stiglitz, her former professor and winner of the Nobel Prize in Economics, has named her one of her youngest and most memorable students. Tobin and William Brainard, Yale professors, later referred to as "lifelong mentors" who provided the key intellectual basis for her economic theories. Yellen was the only female among the Yale economists to obtain their doctorates in 1971.

Personal life

Yellen is married to George Akerlof, an economist who works at Georgetown University's McCourt School of Public Policy and Koshland Professor of Economics Emeritus at the University of California, Berkeley, as well as the 2001 Nobel Laureate in Economic Sciences. In 1977 and 1978, Yellen and Akerlof first crossed paths at the Fed and wedded in June 1978, less than a year after meeting. They have one son, Robert, who was born in 1981. Robert Akerlof, an economist by education, received a bachelor degree in economics and mathematics from Yale University in 2003 and obtained a PhD in economics from Harvard in 2009, where he was a presidential scholar. He is an associate professor of economics at the University of Warwick.

Yellen and Akerlof have often collaborated on studies, including poverty, unemployment, and a paper on the costs of out-of-wedlock childbearing. Lower wages do not always result in higher jobs, according to one of Berkeley's most talked about papers, and it was the first time they had hired a nanny. According to Yellen, Akerlof has been her most influential academic role. Both men often agree that their lone difference is that she is a little more for free trade than he is.

Yellen has a net worth of $20 million, accumulated from stock holdings, speaking engagements, and various academic and academic positions. When elected to the public office at the US Treasury in February 2021, she shaved stakes in businesses including Pfizer, ConocoPhillips, and AT&T.

Yellen has amassed a large collection of postage stamps worth between $15,000 and $50,000, which she inherited from her mother. Despite this, Yellen does not gather them on her own.

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Academic career

After receiving her Ph.D, Yellen obtained the position of assistant professor of economics at Harvard University, where she taught from 1971 to 1976. At that time, she was one of only two women faculty on the Harvard's economics department, the other woman was Rachel McCulloch; the two struck up a close friendship, and went on to write several academic papers together. In 1977, Yellen took a job within the Federal Reserve's Board of Governors after failing to win tenure at Harvard; she was recruited as a staff economist for the Board of Governors by Edwin M. Truman, who had known her from Yale. Truman was a junior professor and heard Yellen's oral exam, and then about to take over the Fed's Division of International Finance. She was assigned to research international monetary reform.

While at the Fed, she met her husband George Akerlof in the bank's cafeteria; they wed in 1978, less than a year later. By the time of their marriage, Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her post at the Fed to accompany him, and was given a tenure-track lectureship by LSE. They remained in the United Kingdom for two years, then returned to the United States.

In 1980, Yellen joined the faculty at the Berkeley's Haas School of Business to conduct macroeconomics research and teach undergraduate and MBA students for more than two decades, also held a joint appointment with the University of California, Berkeley's Department of Economics from 1999 to 2003. She earned the Haas School's outstanding teaching award twice. Prof. Yellen was just the second woman at Berkeley-Haas to earn tenure in 1982, as well as the title of full professor in 1985. She was named the Bernard T. Rocca, Jr. Professor of International Business and Trade in 1992.

From 1994 to 1999, Yellen took leave of absence from Berkeley going to the public service. After return to university, she resumed her teaching assignment and became the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics in 1999, serving as active faculty member until her appointment as president & chief executive officer of the Federal Reserve Bank of San Francisco in 2004. Yellen was awarded the title of Professor Emeritus at UC Berkeley in 2006.

Through her career, Yellen served as an adviser to the Congressional Budget Office, the Brookings Panel on Economic Activity and the National Science Foundation’s Panel in Economics. She was also a research associate of the National Bureau of Economic Research from 1999 to 2010.

Yellen's academic career, largely focused on analysis of the mechanisms of unemployment and labor markets, monetary and fiscal policies, and international trade. She has written a few widely cited papers, often collaborating with her husband, Professor George Akerlof, on research.

Since 1980s, Yellen with Akerlof address what's known in the economics literature as "efficiency wage theory" – the idea that paying people more than the market wage does, in fact, increase their productivity. Their 1990 paper, entitled "The Fair-Wage Effort Hypothesis and Unemployment," christen "the fair wage-effort hypothesis," considered by economists a significant contribution to the topic: "is a precursor to the efficiency wage literature", "It had an influence, although the work on efficiency wage theory has had a bigger influence." Akerlof and Yellen introduced the gift-exchange game, a model which argued that workers who receive less than what they perceive to be a fair wage will purposely work less hard as a way to take revenge on their employer.

Another important work, "An Analysis of Out-of-Wedlock Childbearing in the United States" co-written with Akerlof and Michael Katz and published in 1996, aims to explain why out of wedlock births had grown considerably in previous decades in the United States. Research study led to a theory called "reproductive technology shock," arguing that the increased availability of both abortion and contraception in the late 1960s and early 1970s amidst sexual revolution, eroded the social norms surrounding sex, pregnancy and marriage, leading to a sharp decline in the stigma of unwed motherhood. At the same time, this transformation encouraged biological fathers to reject not only the notion of an obligation to marry the mother but also the idea of a paternal obligation.

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