Ben Bernanke - Federal Reserve Chairman Assignment

Ben Bernanke - Federal Reserve Chairman - Assignment Example Ben found himself being an American since his paternal grandfather immigrated to Ellis Island on January 23, 1891. They shifted from New York to Dillon in the 1940s (Snowdown, 2002). This paper will seek to discuss Ben Bernanke’s history, education, background, and policy at the Federal Reserve. When Ben was a young adult or teenager, he worked construction and as a waiter at a nearby restaurant within the surroundings of his hometown of Dillon prior joining college. In order to afford upkeep for himself while he was at school, he worked during summers along the South of the Border. Ben was a religious person who used to assist with rolling the Torah scrolls in Dillon’s local synagogue. Despite the fact that Ben keeps his religious beliefs private, a close friend Mark asserted that, Ben embedded in who he is. This factor had his family concerned as they worried about him losing his Jewish identity (Snowdown, 2002). Education Ben Bernanke received his elementary educatio n at East Elementary, joined Martin Junior High, and then Dillon High School. Additionally, he played saxophone in the school’s marching band. Following the fact that Dillon High School did not offer calculus at that time, Ben resolved to teach it to himself. Surprisingly, he happened to achieve a SAT score reading 1590 over 1600. Given his tremendous performance, he joined Harvard University where he resided under the same roof with Lloyd Blankfein who would become the Chief Executive officer of Golden Sachs in the future. Bernanke graduated with a Bachelor of Arts in economics in 1975. From there, he went to study at the Massachusetts Institute of Technology where graduated in 1979 and received a doctorate philosophical degree in economics. This took place upon completing and defending his so-called dissertation long-term commitments, the business cycle, and dynamic optimization (Singleton, 2010). Bernanke had a thesis advisor named Stanley Fischer who would later become th e governor of the Bank of Israel in the future. Still on education, Ben Bernanke also taught at the Stanford Graduate School of Business beginning 1979 to 1985. Besides visiting the University of New York partly as a professor, he also went ahead to assume a part time professorate at the Princeton University in the Economics Department. Matters of education or academics revolved around his life as he chaired the Princeton University Department of Economics from 1996 to September 2002. However, his long-term related life around schools ceased when he left for a public service leave where he resigned his outstanding position at Princeton University on the first day of July in 2005 (Singleton, 2010). Background Ben Bernanke used to serve among members of the Board of Governors of the Federal Reserve System as from 2002 until 2005. Ensuring his essence within the board, he delivered his first speech entitled Deflation that outlined what contemporary econometrics today refers to as the B ernanke Doctrine. As a Reserve System Reserve board member, he stipulated, on 20 February 2004, that the world is experiencing new era that he termed as the Great Moderation. He expounded that this is a situation where modern macroeconomic policies are decreasing the business cycle’s volatility to a particular point that it should no longer be a central concern in economics (Singleton, 2010).