Meet Janet Yellen Children – Janet’s parents were Anna Ruth, a former elementary school teacher turned stay-at-home mother, and Julius Yellen, a family physician who operated his practice from their home.
Janet has an older brother named John, who works as a program director for archaeology at the National Science Foundation. Yellen is affiliated with the Democratic Party.
Janet Yellen Biography
Janet Louise Yellen, born on August 13, 1946, in Brooklyn, New York City, is an accomplished American economist. She hails from a Polish Jewish family and grew up in the Bay Ridge neighborhood of Brooklyn.
Career
In 2004, Yellen made history when she was appointed as the president and CEO of the Federal Reserve Bank of San Francisco, becoming the first woman to hold this position. As a member of the Federal Open Market Committee (FOMC), she actively participated in shaping monetary policy.
During her tenure, she expressed concerns about the risks associated with the booming housing market and warned about the heavy concentration of risky loans in banks. However, she did not take specific actions against Countrywide Financial, the largest lender in the United States at the time.
Advocate for Proactive Monetary Policy
In 2009, Yellen advocated for raising interest rates earlier to prevent another housing bubble. She believed that higher short-term interest rates could help control the demand for housing and high-risk mortgages. Her views highlighted the importance of proactive measures to address potential economic imbalances.
Vice Chair of the Federal Reserve
In 2010, Yellen was confirmed by the Senate as the vice chair of the Federal Reserve, a position she held until 2014. During this time, she played a significant role in formulating monetary policy and urged more forceful actions to stimulate the economy and reduce unemployment.
Yellen also supported the adoption of a two percent inflation target, which was eventually embraced by the Federal Reserve.
Chair of the Federal Reserve
In 2014, Yellen made history once again when she became the chair of the Federal Reserve, succeeding Ben Bernanke. She was the first woman to hold this prestigious position and the first Democrat since 1979.
During her tenure, Yellen oversaw the gradual increase of key interest rates, marking the end of the era of historically low rates. She defended the Dodd-Frank Act, a crucial financial regulation legislation, and emphasized the importance of maintaining the resilience of the financial system.
Legacy and Contributions
Yellen’s leadership at the Federal Reserve was marked by a significant decline in unemployment, reaching its lowest level in 17 years.
However, inflation remained below the target rate of two percent, prompting some to argue that more could have been done to bolster the economy without risking higher prices.
Yellen’s extensive career spans various roles within the Federal Reserve, making her the first person in history to serve as chair, vice chair, district president, Fed governor, and staff economist.
Janet Yellen Children: Janet Yellen Has How Many Children
Janet Yellen, the former Chair of the Federal Reserve and current Secretary of the Treasury, has a son named Robert. Robert is an economics professor at the University of Warwick in the United Kingdom.
Janet Yellen is married to George Akerlof, a Nobel laureate and economics professor at the University of California, Berkeley. Robert Yellen, the son of Janet Yellen and George Akerlof, followed in his parents’ footsteps and became an economics professor at the University of Warwick in the UK.
His father, George Akerlof, is a renowned economist and Nobel laureate who teaches at UC Berkeley. Janet Yellen and George Akerlof collaborated on a well-known research paper at UC Berkeley.
The paper focused on labor markets and explored the relationship between wages and employment. It delved into the idea that lower wages do not always result in increased employment. The research was influenced by their personal experience of hiring a babysitter for their son Robert.
