Jeremy C. Stein
Jeremy Stein | |
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Member of the Federal Reserve Board of Governors | |
In office May 30, 2012 – May 28, 2014 | |
President | Barack Obama |
Preceded by | Kevin Warsh |
Succeeded by | Randal Quarles |
Personal details | |
Born | Jeremy Chaim Stein October 17, 1960 Chicago, Illinois, U.S. |
Political party | Democratic |
Children | 3 |
Relatives | Elias M. Stein (father) |
Education | Princeton University (BA) Massachusetts Institute of Technology (MA, PhD) |
Academic career | |
Doctoral advisor | Oliver Hart[1] |
Information at IDEAS / RePEc | |
Jeremy Chaim Stein (born October 17, 1960) an American macroeconomist. He is the Moise Y. Safra Professor of Economics at Harvard University, the chair of the Department of Economics at Harvard, and an investment industry consultant. Stein was president of the American Finance Association in 2008, and a member of the Board of Governors of the U.S. Federal Reserve from 2012 to 2014.
Early life and education[]
Stein was born to a secular Jewish family,[2] the son of mathematician Elias M. Stein and Elly Intrator.[3] Both his parents were Jewish refugees during World War II who immigrated to the United States.[3][4] He graduated summa cum laude with an A.B. in economics from Princeton University in 1983 after completing a 118-page senior thesis titled "Pseudo-Securities: An Analysis of Financially Hedged Positions."[5] While at Princeton, he was co-captain of the men's gymnastics team, specializing in rings.[6] In 1986, he earned a PhD in economics from MIT. His 1998 paper "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach" with Kenneth A. Froot won the Jensen Prize.[7]
Career[]
After serving a one-year internship at Goldman Sachs Group Inc.,[6] he became an assistant professor of finance at the Harvard Business School from 1987-1990, and finance faculty of MIT’s Sloan School of Management for ten years after that. Stein rejoined Harvard in 2000.[8]
Stein received the Fama-DFA Prize, which is an annual prize given to authors with the best capital markets and asset pricing research papers published in the Journal of Financial Economics for 2002.[9]
He designed quantitative asset-management strategies for Guggenheim Partners from 2005 to 2007, was also a senior adviser to the Treasury secretary and was on the staff at the National Economic Council in 2009.[10]
Federal Reserve Board[]
On December 27, 2011, President Barack Obama announced that he planned to nominate Stein to fill one of the two vacancies on the seven-member Federal Reserve Board. Stein's nomination was filibustered by Republicans in the United States Senate. On May 15, 2012, Senate Majority Leader Harry Reid motioned to invoke cloture and break the filibuster on both the nominations of Stein and of Powell.[11] On May 17, 2012, a Senate floor vote was held on Stein's nomination with a required 60-vote threshold for confirmation. Senators voted 70-24 to confirm Stein.[12]
On April 3, 2014 Stein announced that he would resign his position at the Federal Reserve and return to Harvard by May 28.[13]
After the Fed[]
In addition to the post at Harvard, in March 2015, Stein began working as a consultant for hedge fund BlueMountain Capital.[10]
Research[]
Stein's research covers subjects including behavioral finance and market efficiency; corporate investment and financing decisions; risk management; capital allocation inside firms; banking; financial regulation; and monetary policy. [14]
Stein worked as a research associate at the National Bureau of Economic Research. He is also a member of the American Academy of Arts and Sciences. [15]
Personal life[]
Stein is married with three children and lives in Boston. His daughter Carolyn is an economist at University of California - Berkeley.[6] He is a registered Democrat.[16]
References[]
- ^ Stein, Jeremy C. (1986). Economic models with heterogeneously informed participants (Ph.D.). Massachusetts Institute of Technology. Retrieved 30 October 2016.
- ^ Center for Jewish History: "AHC interview with Elly Stein" 2012 | minute 27:30| "So I am not religious even though I am nostalgic for religion...My husbands very non-religious...My son married a non-Jewish woman. My grandchildren will tell you if you ask them: I'm a little Jewish and a little Christian"
- ^ Jump up to: a b University of St Andrews, Scotland - School of Mathematics and Statistics: "Elias Menachem Stein" by J.J. O'Connor and E F Robertson February 2010
- ^ Center for Jewish History: "AHC interview with Elly Stein" 2012
- ^ Stein, Jeremy C. (1983). "Pseudo-Securities: An Analysis of Financially Hedged Positions". Cite journal requires
|journal=
(help) - ^ Jump up to: a b c McGrane, Victoria; Hilsenrath, Jon (March 18, 2013). "Inside a Warier Fed, Watch the New Guy". The Wall Street Journal. pp. C1, C7.
- ^ Froot, K.A., and J. Stein. “Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach.” Journal of Financial Economics 47, no. 1 (1998): 55–82.
- ^ Wallack, Todd (27 December 2011). "Harvard professor to be nominated to Federal Reserve". Boston Globe. Retrieved 27 December 2011.
- ^ Joseph Chen; Harrison Hong; Jeremy C. Stein (2002). "Breadth of ownership and stock returns". Journal of Financial Economics. 66 (2–3): 171–205. CiteSeerX 10.1.1.297.3149. doi:10.1016/S0304-405X(02)00223-4.
- ^ Jump up to: a b Stevenson, Alexandra, "Former Fed Board Member to Advise Hedge Fund", New York Times, March 23, 2015. Retrieved 2015-03-24.
- ^ Beth, Richard S., "Cloture Attempts on Nominations: Data and Historical Development", senate.gov, June 26, 2013.
- ^ Smith, Donna, "Senate votes put Fed board at full strength", reuters.com, May 17, 2012.
- ^ Steve Goldstein (April 3, 2014). "Jeremy Stein to resign from Federal Reserve". Market watch, Wall Street Journal. Retrieved April 3, 2014.
- ^ https://scholar.harvard.edu/stein/home
- ^ https://scholar.harvard.edu/stein/home
- ^ https://www.nytimes.com/2011/12/28/business/economy/obama-to-nominate-economics-professor-and-ex-treasury-official-to-fed-board.html
External links[]
- Statements and Speeches of Jeremy C. Stein
- Jeremy C. Stein publications indexed by Google Scholar
- "Jeremy C. Stein". JSTOR.
- 1960 births
- 20th-century American economists
- 21st-century American economists
- American people of Belgian-Jewish descent
- Economists from Illinois
- Federal Reserve System governors
- Fellows of the American Academy of Arts and Sciences
- Fellows of the Econometric Society
- Financial economists
- Harvard University faculty
- Living people
- MIT School of Humanities, Arts, and Social Sciences alumni
- Princeton University alumni
- Writers from Chicago
- Obama administration personnel
- Presidents of the American Finance Association