The Info List - Ben Bernanke

Ben Shalom Bernanke[2] (/bərˈnæŋki/ bər-NANG-kee; born December 13, 1953) is an American economist at the Brookings Institution[3] who served two terms as Chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve
Federal Reserve
chairman, Bernanke was a tenured professor at Princeton University
Princeton University
and chaired the department of economics there from 1996 to September 2002, when he went on public service leave. From August 5, 2002 until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve
Federal Reserve
System, proposed the Bernanke Doctrine, and first discussed "the Great Moderation" — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic (monetary and fiscal) policy. Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan
Alan Greenspan
as chairman of the United States
United States
Federal Reserve. His first term began February 1, 2006. 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."[4] His second term ended January 31, 2014, when he was succeeded by Janet Yellen
Janet Yellen
on February 3, 2014. Bernanke wrote about his time as chairman of the Federal Reserve
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 agencies and agencies of foreign governments) that prevented an economic catastrophe greater than the Great Depression.[5]


1 Family and childhood

1.1 Young adult 1.2 Religion 1.3 Education 1.4 Adult life

2 Academic and government career (1979–2006) 3 Chairman of the United States
United States
Federal Reserve

3.1 2007 financial crisis 3.2 Second term

4 Controversies as Federal Reserve
Federal Reserve

4.1 Merrill Lynch
Merrill Lynch
merger with Bank of America 4.2 AIG bailout 4.3 Edward Quince

5 Economic views 6 After the Federal Reserve 7 Statements on deficit reduction and reform of Social Security / Medicare 8 Awards and honors 9 In media 10 Bibliography 11 See also 12 Footnotes 13 References 14 Further reading 15 External links

Family and childhood[edit] Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Dillon, South Carolina.[6] His father Philip was a pharmacist and part-time theater manager. His mother Edna was an elementary school teacher.[7] 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
Berklee College of Music
in Boston. The Bernankes were one of the few Jewish families in Dillon and attended Ohav Shalom, a local synagogue;[8] Bernanke learned Hebrew as a child from his maternal grandfather, Harold Friedman, a professional hazzan (service leader), shochet, and Hebrew teacher.[9][10] Bernanke's father and uncle owned and managed a drugstore they purchased from Bernanke's paternal grandfather, Jonas Bernanke.[6] Jonas Bernanke was born in Boryslav, Austria-Hungary
(today part of Ukraine), on January 23, 1891. He immigrated to the United States
United States
from Przemyśl, Austria-Hungary
(today part of 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".[11][12] The family moved to Dillon from New York in the 1940s.[13] Bernanke's mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Ben Bernanke
Ben Bernanke
also worked there sometimes.[8] Young adult[edit] As a teenager, Bernanke worked construction on a new hospital and waited tables at a restaurant at nearby South of the Border, a roadside attraction in his hometown of Dillon, before leaving for college.[6][14] To support himself throughout college, he worked during the summers at South of the Border.[6][15] Religion[edit] As a teenager in the 1960s in the small town of Dillon, Bernanke used to help roll the Torah
scrolls in his local synagogue. 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".[16] On the other hand, the Bernanke family was concerned that Ben would "lose his Jewish identity" if he went to Harvard. Fellow Dillon native Kenneth Manning, who would eventually become a professor of the history of sciences at MIT, assured the family "there are Jews in Boston". Once Bernanke was at Harvard for his freshman year, Manning took him to Brookline for Rosh Hashanah services.[17] Education[edit] 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.[18] Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself.[19][20] Bernanke scored 1590 out of 1600 on the SAT[19][21] and was a National Merit Scholar.[22] He also was a contestant in the 1965 National Spelling Bee.[23][24] Bernanke attended Harvard University
Harvard University
in 1971[25], where he lived in Winthrop House, as did the future CEO of Goldman Sachs, Lloyd Blankfein, and graduated with an A.B. degree, and later with an A.M. in economics summa cum laude in 1975. He received a Ph.D. degree in Economics
from the Massachusetts Institute of Technology
Massachusetts Institute of Technology
in 1979 after completing and defending his dissertation, Long-Term Commitments, Dynamic Optimization, and the Business Cycle. Bernanke's thesis adviser was the future governor of the Bank of Israel, Stanley Fischer, and his readers included Irwin S. Bernstein, Rüdiger Dornbusch, Robert Solow, and Peter Diamond
Peter Diamond
of MIT
and Dale Jorgenson of Harvard.[26] Adult life[edit] Bernanke met his wife, Anna, a schoolteacher, on a blind date. She was a student at Wellesley College, and he was in graduate school at MIT. The Bernankes have two children.[27] He is an ardent fan of the Washington Nationals
Washington Nationals
baseball team, and frequently attends games at Nationals Park.[28] When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey
Montgomery Township, New Jersey
in 1985, where Bernanke's children attended the local public schools. Bernanke served for six years as a member of the board of education of the Montgomery Township School District.[29] In 2009 The Wall Street Journal
The Wall Street Journal
reported that Bernanke was a victim of identity theft, a spreading crime the Federal Reserve
Federal Reserve
has for years issued warnings about.[30] Academic and government career (1979–2006)[edit]

Bernanke meeting with United States
United States
President Barack Obama.

Bernanke taught at the Stanford Graduate School of Business
Stanford Graduate School of Business
from 1979 until 1985, was a visiting professor at New York University
New York University
and went on to become a tenured professor at Princeton University
Princeton University
in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. In one of his first speeches as a Governor, entitled "Deflation: Making Sure It Doesn't Happen Here", he outlined what has been referred to as the Bernanke Doctrine.[31] As a member of the board of governors of the Federal Reserve
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.[32] 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.[33] He held the post until January 2006. Chairman of the United States
United States
Federal Reserve[edit]

Bernanke testifying before the House Financial Services Committee responding to a question on February 10, 2009.

On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve
Federal Reserve
Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005).[33][34] By virtue of the chairmanship, he sat on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body. His first months as chairman of the Federal Reserve
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.[35] Maria Bartiromo disclosed on CNBC
comments from their private conversation at the White House Correspondents' Association Dinner.[36] She reported that Bernanke said investors had misinterpreted his comments as indicating that he was "dovish" on inflation. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment." 2007 financial crisis[edit] As the "Great Recession" deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its funds interest rate from 5.25% to 0.0% within less than a year. When this was considered insufficient to abate the liquidity crisis, the Fed initiated Quantitative Easing, creating $1.3 trillion from November 2008 to June 2010 and using the created money to buy financial assets from banks and from the government. Second term[edit] On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve.[37] 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
Great Depression
in 2008.[38] 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.[39][40][41][42][43][44] However, Bernanke was confirmed for a second term as chairman on January 28, 2010, by a 70–30 vote of the full Senate,[45] the narrowest margin, at the time, for any occupant of the position.[46] (For the roll-call vote, see Obama confirmations, 2010.) The Senate first voted 77–23 to end debate, Bernanke winning more than the 60 approval votes needed to overcome the possibility of a filibuster.[47] On a second vote to confirm, the 30 dissents came from 11 Democrats, 18 Republicans and one independent.[47] Bernanke was succeeded as Chair of the Federal Reserve
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.[48] Controversies as Federal Reserve
Federal Reserve
Chairman[edit] Bernanke has been subjected to criticism concerning the late-2000s financial crisis. According to The New York Times, Bernanke "has been attacked for failing to foresee the financial crisis, for bailing out Wall Street, and, most recently, for injecting an additional $600 billion into the banking system to give the slow recovery a boost."[49] Merrill Lynch
Merrill Lynch
merger with Bank of America[edit] In a letter to Congress from then-New York State Attorney General Andrew Cuomo
Andrew Cuomo
dated April 23, 2009, Bernanke was mentioned along with former Treasury Secretary Henry Paulson
Henry Paulson
in allegations of fraud concerning the acquisition of Merrill Lynch
Merrill Lynch
by Bank of America. The letter alleged that the extent of the losses at Merrill Lynch
Merrill Lynch
were not disclosed to Bank of America
Bank of America
by Bernanke and Paulson. When Bank of America CEO Ken Lewis informed Paulson that Bank of America
Bank of America
was exiting the merger by invoking the "Materially Adverse Change" (MAC) clause, Paulson immediately called Lewis to a meeting in Washington. At the meeting, which allegedly took place on December 21, 2008, Paulson told Lewis that he and the board would be replaced if they invoked the MAC clause and additionally not to reveal the extent of the losses to shareholders. Paulson stated to Cuomo's office that he was directed by Bernanke to threaten Lewis in this manner.[50] Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Ken 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
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.[51] AIG bailout[edit] According to a January 26, 2010, column in The Huffington Post, a whistleblower has disclosed documents providing "'troubling details' of Bernanke's role in the AIG bailout". Republican Senator Jim Bunning of Kentucky said on CNBC
that he had seen documents which show Bernanke overruled recommendations from his staff in bailing out AIG. The columnist says this raises questions as to whether or not the decision to bail out AIG was necessary. Senators from both parties who support Bernanke say his actions averted worse problems and outweigh whatever responsibility he may have for the financial crisis.[52] Edward Quince[edit] The crisis in 2008 also made then- Federal Reserve
Federal Reserve
Chairman 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."[53] Upon the revelation of the Quince pseudonym during the Starr v. United States trial, the New York Times
New York Times
created a cocktail inspired by Mr. Bernanke's chosen alias: the "Rye & Quince."[54] Economic views[edit]

With his predecessor, Alan Greenspan, looking on, Chairman Ben Bernanke addresses President George W. Bush
George W. Bush
and others after being sworn into the Federal Reserve
Federal Reserve
post. Also on stage with the President are Mrs. Anna Bernanke and Roger W. Ferguson, Jr., Vice Chairman of the Federal Reserve.

Bernanke has given several lectures at the London School of Economics on monetary theory and policy. He has written two textbooks: an intermediate-level macroeconomics textbook coauthored with Andrew Abel (and also Dean Croushore in later editions) and an introductory textbook, covering both microeconomics and macroeconomics, coauthored with Robert H. Frank. Bernanke was the Director of the Monetary Economics
Program of the National Bureau of Economic Research and the editor of the American Economic Review. He is among the 50 most published economists in the world according to IDEAS/RePEc.[55] Bernanke is particularly interested in the economic and political causes of the Great Depression, on which he has published numerous academic journal articles. Before Bernanke's work, the dominant monetarist theory of the Great Depression
Great Depression
was Milton Friedman's view that it had been largely caused by the Federal Reserve's having reduced the money supply and has on several occasions argued that one of the biggest mistakes made during the period was to raise interest rates too early.[56] In a speech on Milton Friedman's ninetieth birthday (November 8, 2002), Bernanke said, "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."[57] Bernanke has cited Milton Friedman
Milton Friedman
and Anna Schwartz in his decision to lower interest rates to zero.[58] Anna Schwartz, however, was highly critical of Bernanke and wrote an opinion piece in the New York Times advising Obama against his reappointment as chair of the Federal Reserve.[59] Bernanke focused less on the role of the Federal Reserve and more on the role of private banks and financial institutions.[60] 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 financial accelerator. When faced with a mild downturn, banks are likely to significantly cut back lending and other risky ventures. This further hurts the economy, creating a vicious cycle and potentially turning a mild recession into a major depression.[61] Economist Brad DeLong, who had previously advocated his own theory for the Great Depression, notes that the current financial crisis has raised the pertinence of Bernanke's theory.[62] In 2002, following coverage of concerns about deflation in the business news, Bernanke gave a speech about the topic.[63] 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."[63] He referred to a statement made by Milton Friedman
Milton Friedman
about using a "helicopter drop" of money into the economy to fight deflation. Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press." In a footnote to his speech, Bernanke noted that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation."[63] For example, while Greenspan publicly supported President Clinton's deficit reduction plan and the Bush tax cuts, Bernanke, when questioned about taxation policy, said that it was none of his business, his exclusive remit being monetary policy, and said that fiscal policy and wider society related issues were what politicians were for and got elected for. But Bernanke has been identified by The Wall Street Journal and a close colleague as a "libertarian-Republican" in the mold of Alan Greenspan.[58] In 2005 Bernanke coined the term saving glut, the idea that relatively high level of worldwide savings was holding down interest rates and financing the current account deficits of the United States. (Alternative reasons include relatively low worldwide investment coupled with low U.S. savings.)[64] As the recession began to deepen in 2007, many economists urged Bernanke (and the rest of the Federal Open Market Committee) to lower the federal funds rate below what it had done. For example, Larry Summers, later named Director of the White House's National Economic Council under President Obama, wrote in the Financial Times on November 26, 2007—in a column in which he argued that recession was likely—that "... maintaining demand must be the over-arching macro-economic priority. That means the Federal Reserve
Federal Reserve
System has to get ahead of the curve and recognize—as the market already has—that levels of the Federal Funds rate that were neutral when the financial system was working normally are quite contractionary today."[65] David Leonhardt
David Leonhardt
of The New York Times
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."[66] After the Federal Reserve[edit] In a speech at the American Economics
Association conference in January 2014, Bernanke reflected on his tenure as chairman of the Federal Reserve. He expressed his hope that economic growth was building momentum and stated that he was confident that the central bank would be able to withdraw its support smoothly.[67] 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".[68] Since February 2014, Bernanke has been employed as a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution.[69] 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.[70] 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."[71] Statements on deficit reduction and reform of Social Security / Medicare[edit] Bernanke favors reducing the U.S. budget deficit, particularly by reforming the Social Security and Medicare entitlement programs. During a speech delivered on April 7, 2010, he warned that the U.S. must soon develop a "credible" plan to address the pending funding crisis faced by "entitlement programs such as Social Security and Medicare" or "in the longer run we will have neither financial stability nor healthy economic growth."[72][73] Bernanke said that formulation of such a plan would help the economy now, even if actual implementation of the plan might have to wait until the economic outlook improves.[74] His remarks were most likely intended for the federal government's executive and legislative branches,[75] since entitlement reform is a fiscal exercise that will be accomplished by the Congress and the President[76][77] 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.[78] Awards and honors[edit]

Fellow of the Econometric Society (1997) Fellow of the American Academy of Arts and Sciences
American Academy of Arts and Sciences
(2001)[79] Order of the Palmetto (2006)[8] Distinguished Leadership in Government Award, Columbia Business School (2008)[80] In 2009, the South Carolina Department of Transportation
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.[81] In 2009, he was named the TIME magazine person of the year.[82]

In media[edit] Bernanke is portrayed by actor Paul Giamatti
Paul Giamatti
in the HBO
film Too Big to Fail. Bernanke is featured in the 2010 film Inside Job, though he declined to be directly interviewed. Bernanke is mentioned in xkcd comic 476. Bibliography[edit]

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.; Blinder, Alan S. (September 1992). "The Federal Funds Rate and the Channels of Monetary Transmission". American Economic Review. 82 (4): 901–921. 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.; Laubach, Thomas; Mishkin, Frederic S.; Posen, Adam S. (2001). Inflation Targeting: Lessons from the International Experience. Princeton University
Princeton University
Press. ISBN 0-691-08689-3.  Bernanke, Ben S. (2004). Essays on the Great Depression. Princeton University Press. ISBN 0-691-11820-5.  (Description, TOC, and preview of ch. 1, "The Macroeconomics
of the Great Depression") Abel, Andrew B.; Bernanke, Ben S.; Croushore, Dean (2007). Macroeconomics
(6th ed.). Addison–Wesley. ISBN 978-0-321-41554-7.  Frank, Robert H.; Bernanke, Ben S. (2007). Principles of Macroeconomics. McGraw–Hill. 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. 

See also[edit]

'Greenspan put' 2008–2009 Keynesian resurgence


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George W. Bush
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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.  ^ "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
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Confirmed as Fed Chair". Legal Times. January 6, 2014.  ^ Chan, Sewell (December 11, 2010) "The Fed? Ron Paul's Not a Fan", The New York Times ^ " Andrew Cuomo
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 ^ Grim, Ryan (January 27, 2010), "Is Bernanke Hiding A Smoking Gun?", The Huffington Post ^ Paletta, Damian (October 9, 2014), "Meet Edward Quince, the Secret Federal Reserve
Federal Reserve
Chairman in 2008", Wall Street Journal, [1] ^ Irwin, Neil (October 10, 2014). "A Crisis, an Alias, and a Cocktail with Quince". The New York Times.  ^ zimmermann@stlouisfed.org. "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 ^ a b Penn Bullock from the December 2009 issue. "Bernanke's Philosopher — Reason Magazine". Reason.com. Archived from the original on December 31, 2009. Retrieved 2010-01-30.  ^ anna schwartz (July 25, 2009). "Man Without a Plan". 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
Federal Reserve
Bank of Atlanta. June 15, 2007. Archived from the original on January 13, 2010. Retrieved 2010-01-30.  ^ 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 2010-01-30.  ^ "Governor Ben S. Bernanke, The Global Saving Glut and the U.S. Current Account Deficit". US Federal Reserve
Federal Reserve
Bank. March 2005. Archived from the original on June 14, 2009. Retrieved 2009-06-05.  ^ "Larry Summers in Financial Times".  ^ David Leonhardt
David Leonhardt
(January 30, 2008). "Bernanke's Midterm Tests". The New York Times. Retrieved 2010-04-26.  ^ "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
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.  ^ Phillips, Matt (October 6, 2015). "Bernanke: I'm not really a Republican anymore". Quartz. Retrieved October 9, 2015.  ^ Bernanke, Ben S., "Economic Challenges: Past, Present and Future (PDF version)" (see pages 13–14 of the speech transcript). Speech given on Apr 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 Apr 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". 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
Ben Bernanke
sounds a warning on growing deficit". Washington Post. Retrieved April 14, 2010.  ^ Samuelson, Robert J. (May 23, 2009). "Let Them Go Bankrupt, Soon: Solving Social Security and Medicare". Newsweek magazine. Archived from the original on April 18, 2010. Retrieved April 15, 2010.  ^ Scherer, Michael (February 23, 2009). "Can Obama Actually Achieve Entitlement Reform?". Time magazine. Retrieved April 15, 2010.  ^ Chan, Sewell; Hernandez, Javier (April 7, 2010). "Bernanke Says Nation Must Take Action Soon to Shape Fiscal Future". New York Times. Archived from the original on April 12, 2010. Retrieved April 14, 2010.  ^ " 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.  ^ " Columbia Business School
Columbia Business School
Annual Dinner". Retrieved 2008-05-08.  ^ "SCDOT Page Not Found". scdot.org.  ^ Michael Grunwald (December 16, 2009). "Person of the Year 2009". Time. Archived from the original on December 18, 2009. Retrieved January 30, 2010. 


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.  Lowenstein, Roger (Jan. 20, 2008). "The Education of Ben Bernanke." New York Times
New York Times

Further reading[edit]

Stewart, James B., "Eight Days: the battle to save the American financial system", The New Yorker
The New Yorker
magazine, September 21, 2009. Pages 58–81. Summarizing Sept 15–23, 2008 with interviews by James Stewart of Paulson, Bernanke, Geitner.

External links[edit]

Wikiquote has quotations related to: Ben Bernanke

Wikimedia Commons has media related to Ben Bernanke.

Statements and Speeches of Ben S. Bernanke Monitoring the Impact of Bernanke's 1st Press Conference on a Professional Market Terminal, video Ben Bernanke
Ben Bernanke
on IMDb Appearances on C-SPAN " Ben Bernanke
Ben Bernanke
collected news and commentary". The New York Times.  Works by or about Ben Bernanke
Ben Bernanke
in libraries ( WorldCat
catalog) Bernanke Papers and Sources[permanent dead link] at UNJobs IDEAS/RePEc "A Crash Course for Central Bankers" by Ben Bernanke, Foreign Policy, September 1, 2000 Bernanke's "printing press" speech, November 21, 2002 "Downside Danger" 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
Ben Bernanke
to an economics class at George Washington University March 2012

"Chairman Ben Bernanke
Ben Bernanke
Lecture Series Part 1" Recorded live on March 20, 2012 10:35 am MST "Chairman Ben Bernanke
Ben Bernanke
Lecture Series Part 3" Recorded live on March 27, 2012 10:38 am MST

Ben Bernanke's Blog at Brookings Institution. Ben Bernanke's Book
The Courage to Act Chairman Bernanke's Schedule Works of Ben Bernanke

Political offices

Preceded by Harvey Rosen Chair of the Council of Economic Advisers 2005–2006 Succeeded by Edward Lazear

Government offices

Preceded by Alan Greenspan Chair of the Federal Reserve 2006–2014 Succeeded by Janet Yellen

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George Akerlof Ben Bernanke Olivier Blanchard Alan Blinder Guillermo Calvo Richard Clarida Brad DeLong Huw Dixon Stanley Fischer Jordi Galí Mark Gertler Robert J. Gordon Stephany Griffith-Jones Nobuhiro Kiyotaki Paul Krugman Greg Mankiw Marc Melitz Maurice Obstfeld Edmund Phelps Ricardo Reis Kenneth Rogoff David Romer Julio Rotemberg Nouriel Roubini Robert Shiller Andrei Shleifer Joseph Stiglitz Lawrence Summers John B. Taylor Michael Woodford

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Time Persons of the Year


Charles Lindbergh
Charles Lindbergh
(1927) Walter Chrysler
Walter Chrysler
(1928) Owen D. Young
Owen D. Young
(1929) Mohandas Gandhi (1930) Pierre Laval
Pierre Laval
(1931) Franklin D. Roosevelt
Franklin D. Roosevelt
(1932) Hugh S. Johnson
Hugh S. Johnson
(1933) Franklin D. Roosevelt
Franklin D. Roosevelt
(1934) Haile Selassie
Haile Selassie
(1935) Wallis Simpson
Wallis Simpson
(1936) Chiang Kai-shek
Chiang Kai-shek
/ Soong Mei-ling
Soong Mei-ling
(1937) Adolf Hitler
Adolf Hitler
(1938) Joseph Stalin
Joseph Stalin
(1939) Winston Churchill
Winston Churchill
(1940) Franklin D. Roosevelt
Franklin D. Roosevelt
(1941) Joseph Stalin
Joseph Stalin
(1942) George Marshall
George Marshall
(1943) Dwight D. Eisenhower
Dwight D. Eisenhower
(1944) Harry S. Truman
Harry S. Truman
(1945) James F. Byrnes
James F. Byrnes
(1946) George Marshall
George Marshall
(1947) Harry S. Truman
Harry S. Truman
(1948) Winston Churchill
Winston Churchill
(1949) The American Fighting-Man (1950)


Mohammed Mosaddeq (1951) Elizabeth II
Elizabeth II
(1952) Konrad Adenauer
Konrad Adenauer
(1953) John Foster Dulles
John Foster Dulles
(1954) Harlow Curtice
Harlow Curtice
(1955) Hungarian Freedom Fighters (1956) Nikita Khrushchev
Nikita Khrushchev
(1957) Charles de Gaulle
Charles de Gaulle
(1958) Dwight D. Eisenhower
Dwight D. Eisenhower
(1959) U.S. Scientists: George Beadle / Charles Draper / John Enders / Donald A. Glaser / Joshua Lederberg
Joshua Lederberg
/ Willard Libby
Willard Libby
/ Linus Pauling
Linus Pauling
/ Edward Purcell / Isidor Rabi / Emilio Segrè
Emilio Segrè
/ William Shockley
William Shockley
/ Edward Teller / Charles Townes / James Van Allen
James Van Allen
/ Robert Woodward (1960) John F. Kennedy
John F. Kennedy
(1961) Pope John XXIII
Pope John XXIII
(1962) Martin Luther King Jr.
Martin Luther King Jr.
(1963) Lyndon B. Johnson
Lyndon B. Johnson
(1964) William Westmoreland
William Westmoreland
(1965) The Generation Twenty-Five and Under (1966) Lyndon B. Johnson
Lyndon B. Johnson
(1967) The Apollo 8
Apollo 8
Astronauts: William Anders
William Anders
/ Frank Borman
Frank Borman
/ Jim Lovell (1968) The Middle Americans (1969) Willy Brandt
Willy Brandt
(1970) Richard Nixon
Richard Nixon
(1971) Henry Kissinger
Henry Kissinger
/ Richard Nixon
Richard Nixon
(1972) John Sirica
John Sirica
(1973) King Faisal (1974) American Women: Susan Brownmiller / Kathleen Byerly
Kathleen Byerly
/ Alison Cheek / Jill Conway / Betty Ford
Betty Ford
/ Ella Grasso / Carla Hills / Barbara Jordan / Billie Jean King
Billie Jean King
/ Susie Sharp / Carol Sutton / Addie Wyatt (1975)


Jimmy Carter
Jimmy Carter
(1976) Anwar Sadat
Anwar Sadat
(1977) Deng Xiaoping
Deng Xiaoping
(1978) Ayatollah Khomeini (1979) Ronald Reagan
Ronald Reagan
(1980) Lech Wałęsa
Lech Wałęsa
(1981) The Computer (1982) Ronald Reagan
Ronald Reagan
/ Yuri Andropov
Yuri Andropov
(1983) Peter Ueberroth
Peter Ueberroth
(1984) Deng Xiaoping
Deng Xiaoping
(1985) Corazon Aquino
Corazon Aquino
(1986) Mikhail Gorbachev
Mikhail Gorbachev
(1987) The Endangered Earth (1988) Mikhail Gorbachev
Mikhail Gorbachev
(1989) George H. W. Bush
George H. W. Bush
(1990) Ted Turner
Ted Turner
(1991) Bill Clinton
Bill Clinton
(1992) The Peacemakers: Yasser Arafat
Yasser Arafat
/ F. W. de Klerk
F. W. de Klerk
/ Nelson Mandela
Nelson Mandela
/ Yitzhak Rabin
Yitzhak Rabin
(1993) Pope John Paul II
Pope John Paul II
(1994) Newt Gingrich
Newt Gingrich
(1995) David Ho
David Ho
(1996) Andrew Grove
Andrew Grove
(1997) Bill Clinton
Bill Clinton
/ Ken Starr
Ken Starr
(1998) Jeffrey P. Bezos (1999) George W. Bush
George W. Bush


Rudolph Giuliani (2001) The Whistleblowers: Cynthia Cooper / Coleen Rowley
Coleen Rowley
/ Sherron Watkins (2002) The American Soldier (2003) George W. Bush
George W. Bush
(2004) The Good Samaritans: Bono
/ Bill Gates
Bill Gates
/ Melinda Gates
Melinda Gates
(2005) You (2006) Vladimir Putin
Vladimir Putin
(2007) Barack Obama
Barack Obama
(2008) Ben Bernanke
Ben Bernanke
(2009) Mark Zuckerberg
Mark Zuckerberg
(2010) The Protester (2011) Barack Obama
Barack Obama
(2012) Pope Francis
Pope Francis
(2013) Ebola Fighters: Dr. Jerry Brown / Dr. Kent Brantly
Kent Brantly
/ Ella Watson-Stryker / Foday Gollah / Salome Karwah
Salome Karwah
(2014) Angela Merkel
Angela Merkel
(2015) Donald Trump
Donald Trump
(2016) The Silence Breakers (2017)


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