Biography of Janet Yenell (Annotated Bibliography Sample)

Biography of Janet Yenell
Name
Institution
Abstract
This research focused on Janet Louise Yellen, the first female chairperson, nominated by President Barack Obama to chair the Federal Reserve Board, succeeding Ben Bernanke. This paper looked deep into the background, education and Yellen's previous undertakings before her current position. A perusal of books and different sites was done to generate the information needed. Born in Brooklyn, New York, in 1946, Janet Yellen earned a bachelor's degree from Brown University in 1967. She got her Ph.D. in 1971 from Yale University (In Dieterle, D. A. 2013). In 2004, she was president and CEO of the Federal Reserve Bank of San Francisco and then selected as vice chair of the Federal Reserve Board of Governors in 2010 before President Barack Obama nominated her to become the board's chairperson in October 2013.
Yellen's first major decisions were to deal with the Federal's current economic stimulus policies and the unemployment rate. According to Friedman, B. Solow. & Taylor, J. B. (2001 pg.98), Yellen is considered by many to be more concerned with unemployment more than with inflation, and so she is not likely to advocate Federal Reserve interest rate hikes, like the former Federal presidents. However, some predict Yellen could act more like the rest if economic circumstances dictate. President Obama, on the other hand, referred her to as one of the nation's foremost policy makers and economists who were renowned for her good judgment.
Life Background and Education
Yellen was born to a middle-class Jewish family in Brooklyn, New York, the daughter of Anna (née Blumenthal) and Julius Yellen, a physician (Boyes, W. J., & Melvin, M. 2014). Her father's family originally came from the Polish town of Suwałki. She completed Fort Hamilton High School in the Bay Ridge section of Brooklyn, and then graduated from summa cum laude from Pembroke College (Brown University) with a degree in economics in 1967. Yellen then switched her planned from philosophy to economics (Boyes, W. J., & Melvin, M. 2014) with the influence of professors George Borts and Herschel Grossman.
She obtained her Ph.D. in economics from the Yale University in 1971 for a thesis titled Employment, Output, and Capital Accumulation in an Open Economy (In Dieterle, D. A. 2013). In May 2015, Yellen received an honorary Doctor of Social Science degree from Yale University then received another honorary Doctor of Laws degree from the University of influential economists and policymakers in October 2015.
Yellen is characterized as a brilliant thinker who focuses on the human side of economics. She looks way beyond the technical institutions unto how they affect people. That makes her feel sympathetic for the jobless. She is a person who is concerned about the human welfare and hence tries to help the people who need her aid both directly and indirectly. (Akarloff, G. A., & Kranton, R. E. 2010).
Janet Yellen was awarded some academic honors during the time of her career, including the Wilbur Cross Medal from Yale in the year 1997, besides; she got an honorary doctor of laws degree in Brown 1998, and an honorary doctor of humane letters from Bard College in 2000. She has also written on a diverse set of macroeconomic issues, mostly specializing in the mechanisms, causes and implications of joblessness. Yellen is married to an economist, George Arkerlof and has an adult son called Robert.
Work History
Yellen is the current Chair, Board of Governors, Federal Reserve System since 2014 to date. Previously, she was the Vice Chair from 2010 to 2014. Following her chairing of the President's Council of Economic Advisers in the years 1997 to 1999, she was further taken as the President and CEO of the Federal Bank of San Francisco between years 2004 to 2010. Janet Yellen was a member of the Board of Governors of the Federal Reserve System in 1994 to 1997, after serving as a professor at Haas School of Business in 1985 to 2005. In 2005, Yellen became the first federal policy maker that described increasing housing prices as a matter that might cause economic damage.
As an Associate Professor, she served at Haas School of Business, UC Berkeley between 1980–1985 after lecturing Economic units in The London School of Economic and Political Science. In 1977 to 1978 Yellen acted as an Economist, Division of International Finance, Trade and Financial Studies Section, Board of Governors of the Federal Reserve System (Friedman, B. Solow. & Taylor, J. B. 2001). The honor came up after her five years' service as an assistant professor, Department of Economics, Harvard University. Yellen was a Research Fellow, Massachusetts Institute of Technology in 1974 (In Bordo, In Roberds, W. 2013).
The economist was both a fellow at American Academy of Arts and Sciences and Vice President, Western Economics Association in 2000. She had a membership at the National Academy of Sciences Panel on Ensuring the Best Presidential Science and Technology Appointments. In the year 1999, Janet Yellen was a research associate at the National Bureau of Economic Research and acted as the Advisory Board of the Center for International Political Economy and Brookings Panel on Economic Activity. In succession to the President's Interagency Committee on Women's Business Enterprise in 1997, Yellen took over to be the chairperson of the Economic Policy Committee of the Organization for Economic Cooperation and Development between the years, 1997 and 1999.
Difference from other Economists
A leading American economist, Janet Yellen was the first woman to become chair of the board. Yellen is considered to be a much concerned with unemployment than she is concerned with inflation and hence she is not likely to advocate Federal Reserve interest rate hikes, as compared to the previous Federal Presidents example, however, some predict Yellen could act more as if economic circumstances dictate.
Yellen is a kind of economist who encourages the use of fiscal rules in stabilizing business practices over the cycle of business. She believes in the current version of the Phillips curve which originally was an observation about an inverse relationship between unemployment and inflation (Friedman, B. Solow. & Taylor, J. B. 2001 pg.98). Yellen addressed that occasionally letting inflation rise could be a wise and humane policy if it increases output. At the same time, she also stated that each percentage point reduction in inflation results in a loss of Gross Domestic Product.
Yellen offers the groundwork for the Federation's strength to maintain inflation at two percent, arguing that finding ways to eliminate inflation completely would do mo...