Janet Yellen is a prominent American economist widely and head of the U.S. Federal reserve after her nomination by the President, Barack Obama. Yellen has been a key figure in devising the U.S. monetary policy over the years due to her involvement in various capacities with the Federal Reserve.
After acquiring her bachelor’s degree in economics from Brown University, Yellen sought to pursue a doctorate in the discipline as well. She achieved that feat in 1971 when she received her Ph.D. in economics from Yale University. Her educational endeavors continued with teaching experiences at Harvard University, London School of Economics and Political Science, and the University of California, Berkley, including a brief stint at the Federal Reserve in between the years 1977 and 1978. Yellen was soon married to George Akerlof, another renowned heavyweight in the field of economics, who too was a faculty member at Berkley.
In the 1990’s, Janet Yellen held office in the Federal Reserve Board of Governors. She gave up that position to constitute the team of President Bill Clinton’s White House Council of Economic Advisors in 1997. Her other honors include spearheading the Western Economic Association International and holding the vice president’s office of the American Economic Association.
In 2004, Yellen became the head of the Federal Reserve Bank of San Francisco, operating as the President and Chief Executive Officer. It was during this time that her economic prowess started to manifest and being recognized by other scholars in the field, as she expressed pessimism regarding the then boom of the housing market during the meetings called by the Federal Reserve for deciding monetary policy. Although she didn’t quite estimate the extent of the repercussions, as one of the few people to actually foresee the eventual catastrophe, she gained widespread admiration in the economic community for her insight and intellectual acumen.
Her breakthrough was soon followed by election as the vice-chairman of the Board of Governors at the Federal Reserve by President Obama in 2010. After assuming power, Yellen has expressed her desire to use the influence of the office to get jobs for Americans without work, even if it comes at the expense of a little inflation. The aforementioned feat was soon followed by nomination for the presidency of the Federal Reserve in October 2013, culminating in an appointment in February 2014. This made Janet Yellen the first female chairman of the Federal Reserve in the history of the United States of America. She also became the first Democrat in over 3 decades to hold such office since the appointment of Paul Volcker in 1979.
Amongst her endless list of achievements, Yellen has also earned a name for herself as a respected author of economic papers and publications, some of which she co-wrote with her husband. Her work in the discipline landed her the Wilbur Lucius Cross Medal from Yale University.
Yellen is widely acknowledged for her pedigree in monetary policy in addition to being labeled a “traditional American Keynesian” by others in the field for her support of certain macroeconomic policies. She is known to oppose conventional notions of respecting free market principles, epitomized by her condoning of the Fed’s unusual act of purchasing gigantic totals of bonds to stimulate economic activity and progress. However, it is this ability to think outside the box in her lauded by her fellow professionals and has brought her enormous success in her professional career.