Donald Kohn
Encyclopedia
Donald Lewis Kohn is an American
economist
who served as the former Vice Chairman of the Board of Governors of the Federal Reserve System
. He is considered a moderate dove on fiscal policy. He retired after 40 years at the central bank in September, 2010.
. He received a B.A.
in economics
in 1964 from The College of Wooster
and a Ph.D.
in economics in 1971 from the University of Michigan
. Kohn and his wife, Gail, have two children, Laura and Jeffrey, both married with children.
(2001-02), Secretary of the Federal Open Market Committee
(1987-2002), Director of the Division of Monetary Affairs (1987-2001), and Deputy Staff Director for Monetary and Financial Policy (1983-87). He also held several positions in the Board's Division of Research and Statistics--Associate Director (1981-83), Chief of Capital Markets (1978-81), and Economist (1975-78). Dr. Kohn began his career as a Financial Economist at the Federal Reserve Bank of Kansas City
(1970-75).
Kohn took office as a member of the Board of Governors of the Federal Reserve on August 5, 2002 for a full term ending January 31, 2016. On May 18, 2006, the White House
announced that Kohn had been nominated by President George W. Bush
to replace Roger W. Ferguson, Jr.
as the new vice chairman of the Federal Reserve System for a four-year term. The United States Senate
approved his nomination, and Kohn began serving his four-year term as Vice Chairman of the Board of Governors of the Federal Reserve System on June 23, 2006.
Upon the completion of this term as Vice-Chairman on June 23, 2010, Kohn retired from the Federal Reserve. When Kohn announced his retirement on March 1, 2010, Fed chairman Ben Bernanke said, "The Federal Reserve and the country owe a tremendous debt of gratitude to Don Kohn for his invaluable contributions over 40 years of public service."
Appointed to the Bank of England's Interim Financial Policy Committee on 17 February 2011.
, the Reserve Bank of Australia
, the Bank of Japan
, the Bank of Korea
, the National Bureau of Economic Research
, and the Brookings Institution
.
He was awarded the Distinguished Achievement Award from The Money Marketeers of New York University
(2002), the Distinguished Alumni Award from the College of Wooster (1998), and the Honorary Degree, Doctor of Laws, from the College of Wooster (2006).
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
who served as the former Vice Chairman of the Board of Governors of the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
. He is considered a moderate dove on fiscal policy. He retired after 40 years at the central bank in September, 2010.
Early life and family
Kohn was born in Philadelphia, PennsylvaniaPhiladelphia, Pennsylvania
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
. He received a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1964 from The College of Wooster
The College of Wooster
The College of Wooster is a private liberal arts college primarily known for its Independent study program. It has roughly 2,000 students and is located in Wooster, Wayne County, Ohio, United States . Founded in 1866 by the Presbyterian church as the University of Wooster, it was from its creation...
and a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in economics in 1971 from the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
. Kohn and his wife, Gail, have two children, Laura and Jeffrey, both married with children.
Federal Reserve career
Kohn is a veteran of the Federal Reserve System. Before becoming a member of the Board, he served on its staff as Adviser to the Board for Monetary PolicyMonetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
(2001-02), Secretary of the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
(1987-2002), Director of the Division of Monetary Affairs (1987-2001), and Deputy Staff Director for Monetary and Financial Policy (1983-87). He also held several positions in the Board's Division of Research and Statistics--Associate Director (1981-83), Chief of Capital Markets (1978-81), and Economist (1975-78). Dr. Kohn began his career as a Financial Economist at the Federal Reserve Bank of Kansas City
Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. The Bank has branches in Denver, Oklahoma City, and Omaha. The current president is...
(1970-75).
Kohn took office as a member of the Board of Governors of the Federal Reserve on August 5, 2002 for a full term ending January 31, 2016. On May 18, 2006, the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
announced that Kohn had been nominated by President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
to replace Roger W. Ferguson, Jr.
Roger W. Ferguson, Jr.
Roger W. Ferguson, Jr. is an American economist, who was Vice Chairman of the Board of Governors of the Federal Reserve System from 1999 to 2006 and is currently the President and Chief Executive Officer of the Teachers Insurance and Annuity Association - College Retirement Equities Fund...
as the new vice chairman of the Federal Reserve System for a four-year term. The United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
approved his nomination, and Kohn began serving his four-year term as Vice Chairman of the Board of Governors of the Federal Reserve System on June 23, 2006.
Upon the completion of this term as Vice-Chairman on June 23, 2010, Kohn retired from the Federal Reserve. When Kohn announced his retirement on March 1, 2010, Fed chairman Ben Bernanke said, "The Federal Reserve and the country owe a tremendous debt of gratitude to Don Kohn for his invaluable contributions over 40 years of public service."
Appointed to the Bank of England's Interim Financial Policy Committee on 17 February 2011.
Economic views and honors
Kohn has written extensively on issues related to monetary policy and its implementation by the Federal Reserve. These works were published in volumes issued by various organizations, including the Federal Reserve System, the Bank of EnglandBank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, the Reserve Bank of Australia
Reserve Bank of Australia
The Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
, the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
, the Bank of Korea
Bank of Korea
The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation...
, the National Bureau of Economic Research
National Bureau of Economic Research
The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
, and the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
.
He was awarded the Distinguished Achievement Award from The Money Marketeers of New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
(2002), the Distinguished Alumni Award from the College of Wooster (1998), and the Honorary Degree, Doctor of Laws, from the College of Wooster (2006).
External links
- Adapted from public domain biography at the Federal Reserve website.
- University of North Carolina Wilmington