Bernanke taught at the Stanford Graduate School of Business from untilwas a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He said "The U. In particular, during the past few years, the key asset-price effects of the global saving glut appear to have occurred in the market for residential investment, as low mortgage rates have supported record levels of home construction and strong gains in housing prices.
As the WSJ conveniently adds, the selection of regional bank presidents has become a hot-button issue. The factors underlying the U. In my view, a key reason for the change in the current account positions of developing countries is the series of financial crises those countries experienced in the past decade or so.
Return to Bernanke thesis advisor 3. Back then, he resisted calls for further interest rate increases because he thought the economy might be weakening. The extensive attention paid to the trade imbalance in the media and elsewhere has tempted some observers to ascribe the growing current account deficit to factors such as changes in the quality or composition of U.
As I say, in a closed economy investment would equal national saving in each period; but, in fact, virtually all economies today are open economies, and well-developed international capital markets allow savers to lend to those who wish to make capital investments in any country, not just their own.
On February 1,Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman after having been nominated by President Bush in late The effects of these crises included rapid capital outflows, currency depreciation, sharp declines in domestic asset prices, weakened banking systems, and recession.
Instead, an alternative perspective on the current account appears likely to be more useful for explaining recent developments. Table 1 provides a basis for a discussion of recent changes in global saving and financial flows by showing current account balances for different countries and regions, in billions of U.
The professor says director slots now reserved for financial professionals regulated by the Fed should be eliminated, and that directors who oversee and advise the regional banks should be selected in a public process involving the Washington governors and local elected officials.
Louis, Missouri, on April 14, Little evidence supports the view that the motivation to save has declined substantially in the industrial countries in recent years; indeed, as I have noted already, demographic factors should lead the industrial countries to try to save more, not less.
Although these two ways of viewing the current account derive from accounting identities and thus are ultimately two sides of the same coin, each provides a useful lens for examining the issue.
To be more specific, I will argue that over the past decade a combination of diverse forces has created a significant increase in the global supply of saving--a global saving glut--which helps to explain both the increase in the U.
Those who emphasize the role of low U. Worse, the actual org chart of who owns what is not disclosed, even as the vast majority of the U. As a consequence of high desired saving and the low prospective returns to domestic investment, the mature industrial economies as a group seek to run current account surpluses and thus to lend abroad.
He also wants the regional Fed banks to be covered under the Freedom of Information Act. In the first three quarters ofthe U. Control of the money supply implies that the government can always avoid deflation by simply issuing more money. Using a more inclusive definition of investment could well change our perceptions of U.
Rather, I believe that understanding the influence of global factors on the U. For example, a lowering of risk premiums resulting from increased macroeconomic and monetary stability has likely played some role. In the United States, national saving is currently quite low and falls considerably short of U.
Effectively, governments have acted as financial intermediaries, channeling domestic saving away from local uses and into international capital markets.
A second issue concerns the uses of international credit in the United States and other industrial countries with external deficits. Most countries have been largely successful in meeting each of these objectives.
As we will see, a possibly more important source of the rise in the global supply of saving is the recent metamorphosis of the developing world from a net user to a net supplier of funds to international capital markets.He was my thesis advisor.
In later years, when I was first a governor in the Fed and MR. BERNANKE: And looking back what was the most exciting work that you did. Bernanke thesis advisor, - Thesis bibliography generator. We are proud of ensuring individual approach to every customer who needs our help.
We are convinced that high-quality custom essays written by our experts will meet your expectations. Economist Stanley Fischer was Ben Bernanke's thesis advisor at MIT; he knew better than most that his former student had the right stuff to avert a.
Remarks by Governor Ben S. Bernanke At the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia Governor Bernanke presented similar remarks with updated data at the Homer Jones Lecture, St.
Louis, Missouri, on April 14, Essays on the Great Depression [Ben S. Bernanke] on mi-centre.com *FREE* shipping on qualifying offers.
Few periods in history compare to the Great Depression. Stock market crashes, bread lines, bank runs/5(28). Jul 22, · Rep. Jeb Hensarling used Bernanke's own Ph.D thesis in an attempt to make a point about business investment amid fiscal uncertainty.Download