Edward Gramlich
Encyclopedia
Edward M. Gramlich was a professor of economics
at the University of Michigan
and a former member of the Board of Governors of the Federal Reserve.
Gramlich graduated from Williams College
in 1961 and received a master's degree in 1962 and a Ph.D.
in economics
in 1965 from Yale University
. He joined the Federal Reserve as a research economist from 1965-1970, and was a senior fellow
at the Brookings Institution
from 1973-1976. He then taught economics and public policy at the University of Michigan
from 1976 to 1997, including a term as dean of the Gerald R. Ford School of Public Policy
, and returned to Michigan as a professor in 2005.
He was appointed to the Federal Reserve System
by President Bill Clinton
in 1997 and resigned in August 2005. For much of his term, he was the Chair of the Board's Committee on Consumer and Community Affairs.
He was also the chairman of the Air Transportation Stabilization Board
, which was created by Congress after the 9/11 attacks raised concerns about the survival of the U.S. airline industry. Gramlich had also chaired several other lesser-known stabilization boards created by Congress. In an April 2003 speech to the National Economists Club, he concluded that such boards are an ineffective way to help struggling industries because of the time it takes before help arrives and because the industries that are in need of help often have far deeper problems that the stabilization boards cannot fix.
“If Congress wants to bail out an industry in a hurry, it should bail it out. It takes time to act in this program, which means it’s probably not a good program for [emergency] scenarios”, Gramlich told the club.
Gramlich was also formerly the chairman of the Neighborhood Reinvestment Corporation and was seen as an expert on subprime lending
after his years as a banking regulator at the Federal Reserve.
Gramlich had other government experience as well, serving as chairman of the Quadrennial Advisory Council on Social Security from 1994 to 1996 and as deputy director, and then acting director, of the Congressional Budget Office in 1986-1987. He also conducted research in 1992 on the economics of major league baseball and wrote a popular textbook on benefit-cost analysis that is in its second edition.
Gramlich and his wife, Ruth had two children, Sarah and Robert, both married, and six grandchildren.
Edward Gramlich died, aged 68, from leukemia
.
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"...
at 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...
and a former member of the Board of Governors of the Federal Reserve.
Gramlich graduated from Williams College
Williams College
Williams College is a private liberal arts college located in Williamstown, Massachusetts, United States. It was established in 1793 with funds from the estate of Ephraim Williams. Originally a men's college, Williams became co-educational in 1970. Fraternities were also phased out during this...
in 1961 and received a master's degree in 1962 and a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
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 1965 from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
. He joined the Federal Reserve as a research economist from 1965-1970, and was a senior fellow
Fellow
A fellow in the broadest sense is someone who is an equal or a comrade. The term fellow is also used to describe a person, particularly by those in the upper social classes. It is most often used in an academic context: a fellow is often part of an elite group of learned people who are awarded...
at 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...
from 1973-1976. He then taught economics and public policy at 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...
from 1976 to 1997, including a term as dean of the Gerald R. Ford School of Public Policy
Gerald R. Ford School of Public Policy
The Gerald R. Ford School of Public Policy at the University of Michigan, often referred to as the Ford School, is a leading public policy school in the United States. Founded in 1914 as the Institute of Public Administration, it was named in 1999 after former President Gerald Ford, who was a 1935...
, and returned to Michigan as a professor in 2005.
He was appointed to 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...
by President Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
in 1997 and resigned in August 2005. For much of his term, he was the Chair of the Board's Committee on Consumer and Community Affairs.
He was also the chairman of the Air Transportation Stabilization Board
Air Transportation Stabilization Board
The Air Transportation Stabilization Board is an office of United States Department of the Treasury created to assist US airlines in the wake of the September 11, 2001 attacks....
, which was created by Congress after the 9/11 attacks raised concerns about the survival of the U.S. airline industry. Gramlich had also chaired several other lesser-known stabilization boards created by Congress. In an April 2003 speech to the National Economists Club, he concluded that such boards are an ineffective way to help struggling industries because of the time it takes before help arrives and because the industries that are in need of help often have far deeper problems that the stabilization boards cannot fix.
“If Congress wants to bail out an industry in a hurry, it should bail it out. It takes time to act in this program, which means it’s probably not a good program for [emergency] scenarios”, Gramlich told the club.
Gramlich was also formerly the chairman of the Neighborhood Reinvestment Corporation and was seen as an expert on subprime lending
Subprime lending
In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule...
after his years as a banking regulator at the Federal Reserve.
Gramlich had other government experience as well, serving as chairman of the Quadrennial Advisory Council on Social Security from 1994 to 1996 and as deputy director, and then acting director, of the Congressional Budget Office in 1986-1987. He also conducted research in 1992 on the economics of major league baseball and wrote a popular textbook on benefit-cost analysis that is in its second edition.
Gramlich and his wife, Ruth had two children, Sarah and Robert, both married, and six grandchildren.
Edward Gramlich died, aged 68, from leukemia
Leukemia
Leukemia or leukaemia is a type of cancer of the blood or bone marrow characterized by an abnormal increase of immature white blood cells called "blasts". Leukemia is a broad term covering a spectrum of diseases...
.
External links
- August 2007 New York Times Article regarding Mr. Gramlich
- Press release concerning Gramlich's resignation from the Federal Reserve
- June 9, 2007 WSJ article about Gramlich's efforts to get Greenspan to crack down on predatory lending
- List of postings by Edward Gramlich on the Urban Institute website for "nonpartisan economic and social policy research"