Ben Bernanke Biography

Early Life & Childhood

Ben Bernanke was born on December 13, 1953 in Augusta, Georgia. Shortly after his birth, his family moved to South Carolina. His father, Philip Bernanke, worked as a pharmacist and part-time theatre manager, while his mother, Esther, was an elementary school teacher. Ben was the oldest of three siblings and grew up in a financially stable household. He showed a sharp intellect from a young age and quickly learned the Hebrew language. Ben’s father had inherited a drug store from his grandfather, and Ben occasionally worked there as a child while his mother took over the store after leaving her teaching job. Ben was raised to be independent and started supporting himself after graduating from Dillon High School. He developed an interest in music and played the saxophone in his school’s marching band. Despite his school not offering calculus, Ben taught himself the subject and continued to pursue his passion for learning. He worked odd jobs as a waiter and on construction sites to save money for college.

Education and Career

In 1971, Ben enrolled at Harvard University, where he earned his Bachelor’s and Master’s degrees in Economics. He then went on to pursue his PhD in economics from the Massachusetts Institute of Technology (MIT). After completing his education, Ben worked as a teacher at the Stanford Graduate School of Business and as a guest lecturer at New York University. He eventually joined the Department of Economics at Princeton University, where he chaired the department for six years. In 2002, he served on the board of Federal Reserve governors and developed impactful analytical strategies for the country’s economic landscape. His famous “Bernanke Doctrine” was derived from a speech he delivered as a governor of the bank. In 2005, Ben was offered a position in the Council of Economic Advisors by President George Bush, who saw his potential as the Chairman of the Federal Reserve. Ben served on the council until January 2006 when he became the Chairman of the Federal Reserve. During his tenure, he faced criticism for his efforts to make Fed policies more transparent and public. He implemented unorthodox solutions to the financial crisis of the late 2000s, including lowering interest rates to 0% and implementing Quantitative Easing. His effective policies were praised by President Barack Obama, who nominated him for a second term as Chairman of the Federal Reserve in 2010. Ben faced opposition and scrutiny during his second term but continued to make significant contributions to the field of economics.

Personal Life and Other Endeavors

Ben Bernanke is married to Anna and they have two children. He met his wife on a blind date while she was working as a schoolteacher and he was studying at MIT. In 2009, Ben became a victim of identity theft, a federal crime that was prevalent during the financial crisis. Outside of his career, Ben is a sports fan, particularly of baseball, and supports the Washington Nationals. He has also published numerous articles and books on economics, including two textbooks. He has received several prestigious fellowships and was appointed as the editor of the American Economic Review in the early 2000s. After leaving the Federal Reserve, Ben joined the Economic Studies Program at Brookings Institution as a Distinguished Fellow in Residence and became a senior advisor at Citadel in 2015.