Stanley Fischer
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Stanley Fischer | |
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Vice Chairman of the Federal Reserve | |
Assumed office June 16, 2014 |
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President | Barack Obama |
Preceded by | Janet Yellen |
Governor of the Bank of Israel | |
In office May 1, 2005 – June 30, 2013 |
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Preceded by | David Klein |
Succeeded by | Karnit Flug |
First Deputy Managing Director of the International Monetary Fund | |
In office September 1, 1994 – August 31, 2001 |
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Preceded by | Position established |
Succeeded by | Anne Osborn Krueger |
World Bank Chief Economist | |
In office January 1988 – August 1990 |
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Preceded by | Anne Osborn Krueger |
Succeeded by | Lawrence Summers |
Personal details | |
Born | Mazabuka, Northern Rhodesia (now Zambia) |
October 15, 1943
Alma mater | London School of Economics Massachusetts Institute of Technology |
Religion | Judaism |
Signature |
Stanley "Stan" Fischer (Hebrew: סטנלי פישר; born October 15, 1943) is an economist and the vice chair of the U.S. Federal Reserve System. Born in Northern Rhodesia (now Zambia), he holds dual citizenship in Israel and the United States.[1] He served as governor of the Bank of Israel from 2005 to 2013. He previously served as chief economist at the World Bank.[2] On January 10, 2014, United States President Barack Obama nominated Fischer to be Vice-Chairman of the US Federal Reserve Board of Governors.
Contents
Early life and education
Fischer was born into a Jewish family in Mazabuka, Northern Rhodesia (now Zambia). When he was 13, his family moved to Southern Rhodesia (now Zimbabwe), where he became active in the Habonim Zionist youth movement. In 1960, he visited Israel as part of a winter program for youth leaders, and studied Hebrew at kibbutz Ma'agan Michael. He had originally planned to study at the Hebrew University of Jerusalem, but went to the United Kingdom to study after receiving a scholarship from the London School of Economics, and obtained his B.Sc. and M.Sc. in economics from 1962–1966. Fischer then moved to the United States to study at MIT, and earned a Ph.D. in economics in 1969 with a thesis titled Essays on assets and contingent commodities written under the supervision of Franklin M. Fisher.[3][4] He became an American citizen in 1976.
Academic career
In the early 1970s, Fischer worked as an associate professor at the University of Chicago. He served as a professor at the MIT Department of Economics from 1977 to 1988.
In 1977, Fischer wrote the paper "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule"[5] where he combined the idea of rational expectations argued by New classical economists like Robert Lucas with the idea that price stickiness still led to some degree of market shortcomings that an active monetary policy could help mitigate in times of economic downturns. The paper made Fischer a central figure in New Keynesian economics.[6][7]
He authored three popular economics textbooks, Macroeconomics (with Rüdiger Dornbusch and Richard Startz), Lectures on Macroeconomics (with Olivier Blanchard), and the introductory Economics, with David Begg and Rüdiger Dornbusch. He was also Ben Bernanke's, Mario Draghi's and Greg Mankiw's Ph.D. thesis advisor.[8]
In 2012, Fischer served as Humanitas Visiting Professor in Economic Thought at the University of Oxford.[9]
Banking career
From January 1988 to August 1990 he was Vice President, Development Economics and Chief Economist at the World Bank. He then became the First Deputy Managing Director of the International Monetary Fund (IMF), from September 1994 until the end of August 2001. By the end of 2001, Fischer had joined the influential Washington-based financial advisory body, the Group of Thirty. After leaving the IMF, he served as Vice Chairman of Citigroup, President of Citigroup International, and Head of the Public Sector Client Group. Fischer was an executive at Citigroup from February 2002 to April 2005, earning millions of dollars in salary and stock.[10]
Central Banks
Bank of Israel
Fischer was appointed Governor of the Bank of Israel in January 2005 by the Israeli cabinet, after being recommended by Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu. He took the position on May 1, 2005, replacing David Klein, who ended his term on January 16, 2005. Fischer became an Israeli citizen but did not renounce his American citizenship. [11][12][13]
He had been involved in the past with the Bank of Israel, having served as an American government adviser to Israel's economic stabilization program in 1985. On May 2, 2010, Fischer was sworn in for a second term.[14]
Under his management, in 2010, the Bank of Israel was ranked first among central banks for its efficient functioning, according to IMD's World Competitiveness Yearbook.[15]
Fischer has earned plaudits across the board for his handling of the Israeli economy in the aftermath of the global financial crisis. In September 2009, the Bank of Israel was the first bank in the developed world to raise its interest rates.[16]
In 2009, 2010, 2011 and 2012 Fischer received an "A" rating on the Central Banker Report Card published by Global Finance magazine.[17][18]
In June 2011, Fischer applied for the post of IMF managing director to replace Dominique Strauss-Kahn, but was barred as the IMF stipulates that a new managing director must be no older than 65, and he was 67 at the time.[19]
On June 30, 2013, Fischer stepped down as governor of the Bank of Israel midway through his second term,[20] despite high popularity.[21]
U.S. Federal Reserve
American President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the United States' central bank, in January 2014.[22] In nominating Fischer for the position, Obama stated he brought "decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel".[22]
On May 21, 2014, the Senate confirmed Fischer's appointment to the Federal Reserve Board of Governors.[23] In a separate vote on June 12, he was confirmed as the vice chair.[23] Fischer succeeded Janet Yellen as vice chair; Yellen became chair of the Federal Reserve earlier in 2014.
Recognition
Fischer received an honorary doctorate from Hebrew University in 2006.[24] In October 2010, Fischer was declared Central Bank Governor of the Year by Euromoney magazine.[25]
He is a member of the Bilderberg Group and attended the Swiss 2011 Bilderberg conference in St. Moritz, Switzerland.[26] He is also a Distinguished Fellow in the Council on Foreign Relations (CFR). Fischer was named a Distinguished Fellow of the American Economic Association in 2013.
Personal life
Fischer is married to Rhoda Fischer (née Keet), whom he met during his days in Habonim. The couple has three children. When they moved to Israel, Rhoda became honorary president of Aleh Negev, a rehabilitation village for the disabled.
References
- ↑ Stanley Fischer firms as top choice to become US Fed vice, The Sydney Morning Herald, via Bloomberg News, December 12, 2013.
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- ↑ Stanley Fischer at the Mathematics Genealogy Project
- ↑ (Stanley Fischer (1977) Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule Journal of Political Economy.
- ↑ Binyamim Appelbaum (December 12, 2013) Young Stanley Fischer and the Keynesian Counterrevolution New York Times. Retrieved 15 December 2014
- ↑ Dylan Matthews (January 13, 2014) Stanley Fischer saved Israel from the Great Recession. Now Janet Yellen wants him to help save the U.S. Washington Post. Retrieved January 15, 2014
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ "Humanitas Visiting Professorship in Economic Thought", Institute for Strategic Thought, University of Oxford, 5–6 November 2012.
- ↑ "Stanley Fischer, Fed Nominee, Has Long History of Policy Leadership", New York Times, March 12, 2014.
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- ↑ http://www.washingtonpost.com/blogs/wonkblog/wp/2013/02/15/stan-fischer-saved-israels-economy-can-he-save-Americas
- ↑ 22.0 22.1 Obama nominates former Bank of Israel chief Stanley Fischer as Fed vice chairman, Associated Press, Reuters and Haaretz, January 10, 2014.
- ↑ 23.0 23.1 Lua error in package.lua at line 80: module 'strict' not found.
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External links
- Profile at the Bank of Israel
- Profile at the International Monetary Fund
- Profile at Bloomberg Businessweek
- Profile at the Council on Foreign Relations
- Profile at the Peterson Institute for International Economics
- Publications at the National Bureau of Economic Research
- Statements and Speeches of Stanley Fischer
- Column archive at Project Syndicate
- Appearances on C-SPAN
- Stanley Fischer at the Internet Movie Database
- Works by or about Stanley Fischer in libraries (WorldCat catalog)
- Stanley Fischer collected news and commentary at Ha'aretz
- Stanley Fischer collected news and commentary at The Jerusalem Post
- Stanley Fischer collected news and commentary at The New York Times
- Stanley Fischer collected news and commentary at The Wall Street Journal and MarketWatch
- Interview: Stanley Fischer, Commanding Heights, PBS, May 9, 2001
- Articles
- "Exchange Rate Regimes: Is the Bipolar View Correct?", International Monetary Fund, Distinguished Lecture on Economics in Government, American Economic Association and the Society of Government Economists. Delivered at the Meetings of the American Economic Association, New Orleans, January 6, 2001
- Stanley Fischer: The Life of an Internationally Renowned Economist, Citigroup, August 13, 2004
- Why so gloomy on the global economy?, The Banker, 4 October 2004
- Citigroup's Fischer to Head Israel's Central Bank, Bloomberg, January 9, 2005
- Israel looks to US for bank chief, BBC News, 10 January 2005
- C. Peter McColough Series on International Economics: The Israeli Economy: Thriving in a Complicated Environment, Council on Foreign Relations, October 18, 2007
Diplomatic posts | ||
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Preceded by | World Bank Chief Economist 1988–1990 |
Succeeded by Lawrence Summers |
New office | First Deputy Managing Director of the International Monetary Fund 1994–2001 |
Succeeded by Anne Osborn Krueger |
Civic offices | ||
Preceded by | Governor of the Bank of Israel 2005–2013 |
Succeeded by Karnit Flug |
Preceded by | Vice Chairman of the Federal Reserve System 2014–present |
Incumbent |
- Articles containing Hebrew-language text
- Governors of the Bank of Israel
- 1943 births
- Alumni of the London School of Economics
- American economists
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- American Jews
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- Fellows of the Econometric Society
- Group of Thirty
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- International finance economists
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- Living people
- Macroeconomists
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