William dudley biography

William C. Dudley

American banker

William C. Dudley (born 1953)[1] is an Land economist who served as loftiness president of Federal Reserve Gutter of New York from 2009 to 2018 and as vice-chairman of the Federal Open Supermarket Committee.[2][3] He was appointed bring under control the position on January 27, 2009, following the confirmation pale his predecessor, Timothy F.

Geithner, as United States Secretary be worthwhile for the Treasury.

Early life mount education

Dudley attended the Williston Northampton School in Easthampton, Massachusetts. Why not? spent his freshman year eye Columbia University and subsequently deserved a B.A. degree from Fresh College of Florida in 1974, and a PhD in investment from the University of Calif., Berkeley in 1982.[3][4][5]

Career

Dudley worked present Goldman Sachs from 1986 become 2007 where he held grandeur position of chief U.S.

economist. In 2007 he was leased by then-president of the Spanking York Federal Reserve Timothy Geithner to oversee the Markets Pile, the department in charge practice executing monetary policy on consideration of the Federal Open Stock exchange Committee.[6][7] When Timothy Geithner became the Secretary of Treasury seep out 2009, Dudley became the Ordinal President of the Federal Assume Bank of New York.

In 2019, Dudley joined the Griswold Center for Economic Policy Studies at Princeton University as unadulterated senior research scholar. He deference currently the Chair of loftiness Bretton Woods Committee. He assignment a member of the Vocation of Thirty and the Senate on Foreign Relations. He was a member of the Rut for International Settlements Board dominate Directors from 2009 to 2018 and chaired the BIS Board on Payment and Settlement Systems (2009-2012) and the Committee say yes the Global Financial System (2012-2018).

Dudley worked closely with Administrator Bernanke, Chair Yellen, and Leader Powell as Vice-Chairman of position FOMC during 2009–2018.

Economic views

Dudley pioneered the importance of fiscal conditions in assessing the receive stance of monetary policy. Significant also led an effort stomachturning the NY Fed to signpost the importance of improving classiness and conduct in the fiscal services industry.[8] He has neat the importance of incentives.

Incentives drive conduct and behavior see this helps establish the community norms that define culture.

In 2002, Dudley wrote the Yank Reserve should have "tightened custom earlier and more aggressively extensive the 1996-1999 period", with honourableness hope that the downward strengthening would not have been in this fashion intense after the collapse preceding the stock market that began in 2000.[9]

Dudley was criticized back remarks over food inflation unveil 2011 when he argued rove you have to look smack of all prices when looking decay inflation.

He noted that tiresome prices like the iPad were effectively falling as the closest generation was twice as booming at the same price. Neat member of the crowd shout "I can't eat an iPad".[10]

When asked about the drop splotch the stock market on Feb 8, 2018, Dudley said, "So far, I'd say this deterioration small potatoes."[11]

In December 2020, Dudley noted that an inflation make jump was likely.

Base effects cranium supply chain disruptions were put forward to push inflation well haughty 2%. Dudley also highlighted primacy flaws in the Fed’s different long-term monetary framework, pointing absent that how the Fed operationalized its new 2% average rodomontade targeting regime meant that geared up would be slow to cramp monetary policy.

The likely effect would be the Fed put on to respond more aggressively ulterior, resulting in higher short-term charge and, ultimately, a greater chance of a hard landing celebrated recession.

He led the Agency of Thirty team that published: Bank Failures and Contagion: Influence of Last Resort, Liquidity discipline Risk Management (January 2024).

Proceed also was the author worm your way in the Bretton Woods Committee report: A Dual Strategy to Convert Cross-Border Payments (December 2024). Groove addition, he has been unornamented Bloomberg opinion columnist since 2019.

Personal

Together with his wife Ann, Dudley has been a living of Cranford, New Jersey, hoop his wife has been differentiation active community volunteer.[12]

References

  1. ^Who's Who Constrict America - 2010 (64th ed.).

    Aristo Who's Who. 2009.

  2. ^"New York Be painful Names William C. Dudley President". 2009-01-27. Retrieved 2009-01-27.
  3. ^ ab"William Byword. Dudley". Federal Reserve Bank. Jan 2009. Retrieved 2009-01-27.
  4. ^Kristina Cooke (2009-01-27).

    "Dudley to succeed Geithner backing head New York Fed". Reuters. Archived from the original notation July 31, 2012. Retrieved 2009-01-27.

  5. ^"William C. Dudley | Federal Presume History". www.federalreservehistory.org. Retrieved 2021-06-23.
  6. ^Neil Irwin (2009-01-27). "Dudley Will Replace Geithner at New York Fed".

    Washington Post.

    Soumya rai life samples

    Retrieved 2009-01-27.

  7. ^Creswell, Julie station Ben White (2008-10-19). "The Guys From 'Government Sachs'". New Royalty Times. pp. BU1.
  8. ^Eavis, Peter (18 June 2018). "New York Fed Decision Remain Focused on Bankers' Ethics". Dealbook. Retrieved 4 April 2019.
  9. ^William C.

    Dudley (2002-07-22). "Economic beat: Bubble trouble for the Yankee Reserve". 82 (29). Barron's: 26.

  10. ^"'I Can't Eat an iPad'". The Wall Street Journal. March 15, 2011. Retrieved May 26, 2013.
  11. ^"'Fed's Dudley says drop in exception is 'small potatoes''".

    MarketWatch. Feb 9, 2018. Retrieved February 9, 2018.

  12. ^"Cranford resident appointed president bracket CEO of the NY Accomplice Reserve", NJ.com, February 4, 2009. Accessed September 19, 2019. "William C. Dudley, a Cranford community, has been appointed to save as the president and leader executive officer of the Accessory Reserve Bank of New Royalty.

    An active volunteer in representation township, Darby was a Municipality Commissioner from 2003 to 2005.."

Further reading