Last Updated:

2024-02-08 13:13:12

Ben Bernanke

American economist, 14th Federal Reserve chairman

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American economist, 14th Federal Reserve chairman

Ben Bernanke, an American economist, served as the 14th chairman of the Federal Reserve from 2006 to 2014. He was awarded the Nobel Memorial Prize in Economic Sciences in 2022 for his research on banks and financial crises. Bernanke is known for his role in overseeing the Federal Reserve's response to the late-2000s financial crisis and for his analysis of the Great Depression.

Alan Greenspan Janet Yellen Paul Volcker John Maynard Keynes Jerome Powell Benjamin Graham Bill Ackman Bank of England Federal Reserve System Milton Friedman

1891-01-23

Jonas Bernanke's Immigration to the United States

Jonas Bernanke, Ben Bernanke's paternal grandfather, immigrated to the United States from Boryslav, Austria-Hungary (now part of Ukraine), on June 30, 1921, with his wife Pauline. They arrived at Ellis Island, and Jonas's occupation was listed as 'clerk' and Pauline's as 'doctor med'.

1953-12-13

Ben Bernanke's birth

Ben Bernanke was born on December 13, 1953, in Augusta, Georgia. His upbringing and family background influenced his journey to becoming a prominent economist and leader in the field of finance.

1971

Ben Bernanke's Enrollment at Harvard College

Ben Bernanke enrolled at Harvard College in 1971, where he lived in Winthrop House and graduated Phi Beta Kappa with an A.B. degree. He later graduated summa cum laude with an A.M. in economics in 1975.

1979

Ben Bernanke's Ph.D. Graduation from MIT

Ben Bernanke received a Ph.D. degree in economics from the Massachusetts Institute of Technology in 1979 after completing and defending his dissertation, 'Long-Term Commitments, Dynamic Optimization, and the Business Cycle'.

1985

Bernanke's Move to Montgomery Township, New Jersey

Ben Bernanke moved to Montgomery Township, New Jersey in 1985 when he left Stanford to accept a position at Princeton. His children attended the local public schools there.

2002-01-01

Bernanke joins the Board of Governors of the Federal Reserve System

In 2002, Ben Bernanke became a member of the Board of Governors of the Federal Reserve System, where he served until 2005. During this time, he delivered a speech titled 'Deflation: Making Sure It Doesn't Happen Here', outlining what has been referred to as the Bernanke doctrine.

2004-02-20

Bernanke's Speech on the Great Moderation

In February 2004, as a member of the board of governors of the Federal Reserve System, Bernanke gave a speech postulating the concept of the Great Moderation, suggesting that modern macroeconomic policy has decreased the volatility of the business cycle.

2005-06-01

Bernanke becomes Chairman of President George W. Bush's Council of Economic Advisers

In June 2005, Ben Bernanke was appointed as the chairman of President George W. Bush's Council of Economic Advisers, which was seen as a test run to determine if he could succeed Greenspan as Fed chairman the following year.

2005-07-01

Ben Bernanke's Resignation from Princeton University

Ben Bernanke resigned from his position at Princeton University on July 1, 2005.

2006-02-01

Ben Bernanke becomes Chairman of the Federal Reserve

Ben Bernanke assumed the position of Chairman of the Federal Reserve on February 1, 2006, succeeding Alan Greenspan. He played a crucial role in overseeing the Federal Reserve's response to the late-2000s financial crisis.

2007-11-26

Larry Summers urges Federal Reserve to lower federal funds rate

Larry Summers, an economist who later served as Director of the White House's National Economic Council, urged the Federal Reserve to lower the federal funds rate, emphasizing the importance of maintaining demand during a likely recession.

2008-01-30

David Leonhardt's assessment of Bernanke's forecasts

David Leonhardt of The New York Times assessed Bernanke's economic forecasts, noting that while his recent forecast had been too optimistic, it had been more accurate than Wall Street's in mid-2006.

2008-11-01

Fed's Quantitative Easing under Bernanke's Leadership

As the Great Recession deepened, Bernanke oversaw the Fed's unorthodox measures, including lowering the funds interest rate to 0.0% and initiating quantitative easing, creating $1.3 trillion from November 2008 to June 2010 to buy financial assets from banks and the government.

2009-02-21

Ben Bernanke Interchange

The South Carolina Department of Transportation (SCDOT) Commission approved a resolution on February 21, 2009 to name Exit 190 along Interstate Highway 95 in Dillon County the Ben Bernanke Interchange.

2009-04-23

Merrill Lynch Merger Controversy

Bernanke was mentioned in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America, related to the disclosure of losses at Merrill Lynch to Bank of America.

2009-06-25

Congressional Hearings on Merrill Lynch Merger Controversy

Congressional hearings were conducted with Bernanke testifying that he did not bully Bank of America's CEO and that the Fed did nothing illegal or unethical in its efforts to convince Bank of America not to end the merger.

2009-08-25

Bernanke Nominated for Second Term as Chairman of the Federal Reserve

President Obama announced his intention to nominate Bernanke for a second term as chairman of the Federal Reserve, praising Bernanke's contributions in preventing another Great Depression in 2008.

2010-01-26

Whistleblower Discloses Bernanke's Role in AIG Bailout

A whistleblower revealed documents detailing Bernanke's involvement in the AIG bailout, raising concerns about the necessity of the decision. Senator Jim Bunning also stated that Bernanke overruled staff recommendations in the bailout.

2010-01-28

Bernanke confirmed for a second term as Chairman of the Federal Reserve

On January 28, 2010, Ben Bernanke was confirmed for a second term as Chairman of the Federal Reserve, after being renominated by President Barack Obama. This reaffirmed his influential role in shaping the country's monetary policies.

2010-04-07

Bernanke's Speech on Deficit Reduction and Social Security/Medicare Reform

During a speech on April 7, 2010, Bernanke warned about the pending funding crisis faced by entitlement programs such as Social Security and Medicare, emphasizing the need for a credible plan to address the deficit.

2014-01-31

End of Ben Bernanke's second term as Chairman of the Federal Reserve

Ben Bernanke's second term as Chairman of the Federal Reserve ended on January 31, 2014, and he was succeeded by Janet Yellen on February 3, 2014. His leadership during this period was significant in stabilizing the economy after the financial crisis.

2015-04-16

Bernanke's Employment with Citadel and PIMCO

On April 16, 2015, it was publicly announced that Bernanke would work with Citadel as a senior adviser. In the same month, it was revealed that he would also join PIMCO as a senior advisor.

2020

The New Tools of Monetary Policy

Ben Bernanke published 'The New Tools of Monetary Policy' in the American Economic Review, discussing innovative approaches to monetary policy.

2021

Member of the National Academy of Sciences

In 2021, Ben Bernanke became a member of the National Academy of Sciences.

2022

Nobel Memorial Prize in Economic Sciences

In 2022, Bernanke was awarded the Nobel Memorial Prize in Economic Sciences for his research on the causes of the Great Depression, particularly credit market stress and the failing gold standard.

2023

Nobel Prize Lecture: Banking, Credit, and Economic Fluctuations

Ben Bernanke delivered his Nobel Prize Lecture on the topic of Banking, Credit, and Economic Fluctuations, discussing the impact of these factors on the economy.

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Ben Bernanke