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szdaily -> World
Yellen has new job after stepping down as Fed chief
    2018-February-5  08:53    Shenzhen Daily

U.S. Federal Reserve Chairwoman Janet L. Yellen won’t be joining the ranks of the unemployed she worked to try to reduce during her tenure leading the nation’s central bank.

Yellen, 71, whose term as Fed chief ended Saturday, will start today as a distinguished fellow in residence in the economic studies program at the Brookings Institution in Washington, the think tank announced Friday.

She’ll be the second straight Fed chair to join Brookings. Her predecessor, Ben S. Bernanke, has been a distinguished fellow in residence there since 2014. Both will be part of the institution’s Hutchins Center on Fiscal and Monetary Policy. Brookings, founded in 1916, is one of the most prestigious think tanks in the nation’s capital. It was the first private organization devoted to analyzing public policy issues at the national level.

The nonprofit does not advocate a particular political philosophy. Among its 300 experts are Republicans, such as Bernanke and former Rep. David Dreier, as well as Democrats, Yellen’s party affiliation.

Yellen, a former UC Berkeley professor, joins three other former Fed governors affiliated with Brookings: Alan Blinder, Donald Kohn and Alice Rivlin.

“Yellen’s expertise on such a broad range of issues — from labor economics and unemployment to monetary policy — will be an invaluable contribution to our research,” said Ted Gayer, Brookings’ director of economic studies. “Her work will no doubt enrich our efforts to research and promote polices that foster an economy that works on behalf of all Americans.”

Yellen said she looked forward to “continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues.”

Yellen departed after a historic tenure as the first woman ever to lead the Fed.

She has drawn bipartisan praise for strengthening the economy, including helping to reduce unemployment to 4.1 percent, the lowest since 2000, while also starting to unwind the extraordinary steps the Fed took to fight the Great Recession.

Despite those accomplishments, President Donald Trump opted not to renominate her to a second term. The decision meant Yellen had the shortest tenure for a Fed leader in nearly four decades. (SD-Agencies)

 

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