Janet L. Yellen (2024)

FAQs

Is Janet Yellen Democrat or Republican? ›

Janet Louise Yellen (born August 13, 1946) is an American economist and professor. She is a Democrat.

She was the first woman to hold each of those posts. Yellen graduated summa cum laude in economics from Brown University (1967) and received a Ph. D. in economics from Yale University (1971).

US Treasury Secretary Janet Yellen is wrapping up her second trip to China, where she raised American concerns about Chinese overproduction, warned against support for Russia and, unexpectedly, caused a stir on Chinese social media over her travel style and chopstick-wielding skills.

Janet Yellen was inspired to major in economics when she learned about business cycle theory known as Keynesian economics. She then spent her career extending and promoting the theory as it evolved to New Keynesian economics.

Between 2018 and 2020, Yellen received over $7 million in speaking fees from financial companies such as Barclays, Citigroup, Goldman Sachs, and the hedge fund Citadel after leaving the Federal Reserve.

Yellen graduated summa cum laude from Brown University with a degree in economics in 1967. She received her doctorate in economics from Yale University in 1971. From 1971 to 1976, she was an assistant professor at Harvard University.

China owns around 2.6% of U.S. debt, which it buys because the Chinese yuan is pegged to the dollar. It would be impossible for China to call in all its U.S. debt at once, given the different maturity dates of the U.S. securities that China owns. United States Department of Treasury.

More importantly, China's footprint in the U.S. bond market is a fraction of what it once was. China owns less than 3% of all outstanding Treasuries, the smallest share in 22 years, and again substantially down from the record 14% in 2011. Granted, China also likely holds Treasuries via other countries like Belgium.

If China (or any other nation that has a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.

Early in her academic career, Yellen was strongly influenced by James Tobin, the legendary Yale economics professor and Nobel Prize winner. Yellen wrote her doctoral dissertation under Tobin, who argued central banks should focus more on combating unemployment than inflation.

What is Keynesian beliefs? ›

Keynesians believe that, because prices are somewhat rigid, fluctuations in any component of spending—consumption, investment, or government expenditures—cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase.

During his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction.

Republican Party

Jerome Powell / Party

In the 2022 elections, Republicans took back control of the House, winning a slim majority.

What's next: The updated $1 and $5 dollar bills will be delivered to the Federal Reserve later this month and enter circulation early next year, a Treasury spokesperson said. Yellen's signature appears alongside that of the U.S. Treasurer, Marilynn "Lynn" Malerba — the first Native American to serve in that role.

He became a member of the Federal Reserve Board of Governors after being nominated to the post by President Barack Obama in 2012, he was subsequently elevated to chairman by President Donald Trump (succeeding Janet Yellen), and renominated to the position by President Joe Biden. Powell built his reputation in ...