Ben s. Bernanke, former chairman Princeton’s Economics department. He is a well known American economist and former member of the board of governors of the federal reserve system in the united states. He became chairman of the US Federal reserve in 2006 and is noted great depression scholar now guiding world’s largest economy through great recession.
Ben Bernanke Biography
Birth and parentage
Ben Bernanke was born on December 13, 1953 in Augusta, Georgia. He later moved to Dillon, south Carolina. There he grew up under the watchful eyes of his father, a pharmacist, and his mother, a school teacher. The Bernankes were one of few Jewish families in the area and followed the customs of their faith. He was learning Hebrew from his grandfather, a professional teacher of Hebrew and a torah reader.
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As a boy, he attended east elementary for his preliminary education followed by J.V. Martin junior high and Dillon high school. Bernanke was a stellar student and even went out of the classroom to teach himself of calculus and edit the school news-paper. He later graduated as valedictorian of his class. He achieved in south Carolina for that year.
After passing high school in 1971, Bernanke attended Harvard college from which he graduated in 1975 with a degree in economics. Then he joined that Massachusetts institute of technology (MIT) where he received a Ph.D. In economics in 1979.
Lecturer and writer
Just after graduation, Bernanke began teaching at the Stanford graduated school of business until 1985 when he changed schools to teach at new York university as a tenured professor and ended up ad the Chairman of the economics department from 1996 until 2002.
At Princeton, Bernanke became well known for his lectures worldwide and wrote three textbook on macroeconomics and one on microeconomics. For a time, Bernanke even edited the American economic review. Bernanke leads a happy conjugal life his wife and the couple has two children.
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later on, Ben Bernanke resigned from his position at Princeton in 2002. However, he continued to work in economics. He liked to focus on the idea of “deflation” of the dollar and its influence over the economy. He had the beliefs that the government can prevent deflation by simply printing more money and therefore create “inflation”. His views were based more on monetary policy rather on fiscal policy. When he was Criticized he defended his position by stating that politicians were hired to determine taxation and deficits.
Thereafter, Bernanke became chairman of the U.S. President’s council of economic advisers (CEA) in January 2005 and remained with the CEA until January 2006. He was also a member of the board of governors of the federal reserve from 2002 to 2005.
He was appointed by president George w. Bushas chairman of the federal reserve on October 24, 2005. He was sworn in on February 1, 2006. He succeeded Alan Greenspan as chairman of the reserve. The chairmanship for the federal reserve typically lasts 14 years.