Glenn Stevens
Encyclopedia
Glenn Robert Stevens is an Australia
n economist
and the current Governor of the Reserve Bank of Australia.
from which he received the degree of Bachelor of Economics with first class honours in 1979. He subsequently obtained a Masters degree from the University of Western Ontario
.
.
Subsequently, Stevens held positions as Head of the Economic Analysis Department, the Head of the International Department, and was Assistant Governor (Economic) from 1996 to 2001, prior to his appointment as Deputy Governor in December 2001.
who retired in September 2006, after 10 years as governor of the Reserve. Stevens is committed to the style of operation of the Reserve established under Ian Macfarlane; the independence of the Reserve, the 2-3% inflation target over the course of the economic cycle, and the accountability of the Reserve when the decision is made to change interest rates.
Early in 2008 Stevens announced an official interest rate rise by 50 basis points, predicting ongoing inflation pressures. This drew strong criticism from The Daily Telegraph
newspaper. As the Global financial crisis of 2008–2009 progressed, Stevens announced large cuts to the official rate. It was discovered that high interest rates had contributed to halting economic growth in September. By the end of 2008, the Reserve Bank board, chaired by Stevens, had cut interest rates a total of 300 basis points, returning them to mid-2002 levels.
. He is also a recreational pilot with Commercial Pilot License (CPL) and Command Instrument Rating (CIR). He owns a Piper PA-34 Seneca.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n 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...
and the current Governor of the Reserve Bank of Australia.
Early life and education
Stevens was born in Sydney in 1958. He was educated at the University of SydneyUniversity of Sydney
The University of Sydney is a public university located in Sydney, New South Wales. The main campus spreads across the suburbs of Camperdown and Darlington on the southwestern outskirts of the Sydney CBD. Founded in 1850, it is the oldest university in Australia and Oceania...
from which he received the degree of Bachelor of Economics with first class honours in 1979. He subsequently obtained a Masters degree from the University of Western Ontario
University of Western Ontario
The University of Western Ontario is a public research university located in London, Ontario, Canada. The university's main campus covers of land, with the Thames River cutting through the eastern portion of the main campus. Western administers its programs through 12 different faculties and...
.
Career
After holding various positions in the Bank prior to 1990, he accepted a position as Visiting Scholar at the Federal Reserve Bank of San FranciscoFederal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states-—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--plus the Northern Mariana Islands, American Samoa,...
.
Subsequently, Stevens held positions as Head of the Economic Analysis Department, the Head of the International Department, and was Assistant Governor (Economic) from 1996 to 2001, prior to his appointment as Deputy Governor in December 2001.
RBA Governor
He replaced Ian MacfarlaneIan Macfarlane (economist)
Ian John Macfarlane, AC , Australian economist, and Governor of the Reserve Bank of Australia , Australia's central bank, from 1996 to 17 September 2006...
who retired in September 2006, after 10 years as governor of the Reserve. Stevens is committed to the style of operation of the Reserve established under Ian Macfarlane; the independence of the Reserve, the 2-3% inflation target over the course of the economic cycle, and the accountability of the Reserve when the decision is made to change interest rates.
Early in 2008 Stevens announced an official interest rate rise by 50 basis points, predicting ongoing inflation pressures. This drew strong criticism from The Daily Telegraph
The Daily Telegraph (Australia)
The Daily Telegraph is an Australian tabloid newspaper published in Sydney, New South Wales, by Nationwide News, part of News Corporation.The Tele, as it is also known, was founded in 1879. From 1936 to 1972, it was owned by Frank Packer's Australian Consolidated Press. That year it was sold to...
newspaper. As the Global financial crisis of 2008–2009 progressed, Stevens announced large cuts to the official rate. It was discovered that high interest rates had contributed to halting economic growth in September. By the end of 2008, the Reserve Bank board, chaired by Stevens, had cut interest rates a total of 300 basis points, returning them to mid-2002 levels.
Personal life
Stevens is a committed Christian, and plays the guitar at his local Baptist Church. He has spent most of his life living in the Sutherland ShireSutherland Shire
The Sutherland Shire is a Local Government Area in the Southern Sydney region of Sydney, Australia. Geographically, it is the area to the south of Botany Bay and the Georges River...
. He is also a recreational pilot with Commercial Pilot License (CPL) and Command Instrument Rating (CIR). He owns a Piper PA-34 Seneca.
External links
- Biographical Summary of Glenn Stevens on the Reserve Bank of Australia's website
- Transcript of Glenn Stevens' speech on economic conditions and prospects 2006 Address to the Australian Business Economists and the Economic Society of Australia (NSW Branch) Annual Forecasting Conference Dinner.