Ben Bernanke

Ben Bernanke is an American economist who chaired the Federal Reserve from 2006 to 2014. His research on the Great Depression and his leadership during the 2008 financial crisis shaped modern monetary policy.

Alan Greenspan: Alan Greenspan chaired the Federal Reserve from 1987 to 2006. Bernanke succeeded Greenspan as Federal Reserve chair.
Quantitative easing: Quantitative easing is central-bank asset purchasing intended to ease financial conditions when policy rates are very low. Bernanke’s Fed used large-scale asset purchases to lower longer-term borrowing costs.
Great Depression: The Great Depression was a worldwide economic collapse that began in 1929 and lasted through much of the 1930s. It was the central historical case behind Bernanke’s early research on financial crises.
2008 financial crisis: The 2008 financial crisis was a global disruption of finance and economic activity triggered by severe stress in credit markets. Bernanke chaired the Fed as the crisis threatened a collapse in credit and output.
Janet Yellen: Janet Yellen is an American economist who chaired the Federal Reserve from 2014 to 2018. Yellen succeeded Bernanke and continued the gradual exit from crisis-era policy.
Federal funds rate: The federal funds rate is the interest rate banks charge one another for overnight reserve loans. Bernanke’s Fed cut this target to near zero during the financial crisis.
Great Depression in the United States: The Great Depression in the United States was a prolonged collapse in output, employment, and prices during the 1930s. Bernanke examined how banking failures and monetary contraction deepened this American downturn.
American Recovery and Reinvestment Act of 2009: The American Recovery and Reinvestment Act of 2009 was a United States fiscal stimulus law enacted during the Great Recession. It complemented the monetary response Bernanke led with federal spending and tax measures.
Jerome Powell: Jerome Powell is an American lawyer and central banker who became Federal Reserve chair in 2018. Powell followed the leadership transition Bernanke began after the crisis.
Forward guidance: Forward guidance is a central bank’s communication about the likely future path of monetary policy. Bernanke used policy statements to signal that low rates would persist.

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