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William Dudley (economist)
Encyclopedia
William C. Dudley is the president of Federal Reserve Bank of New York
and vice-chairman of the Federal Open Market Committee
. He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner
, as United States Secretary of the Treasury
.
degree from New College
in 1974, and a PhD
in economics from the University of California, Berkeley
in 1982.
from 1986 to 2007, holding the position of chief economist for ten years before he was hired by then-president of the New York Federal Reserve Timothy Geithner
to oversee the department in charge of buying and selling government securities.
According to salary figures released in 2010, Dudley is paid "more than $410,000 per year", making him one of the two highest-paid of the twelve presidents of the Federal Reserve Banks.
.
.
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and vice-chairman 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...
. He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner
Timothy F. Geithner
Timothy Franz Geithner is an American economist, central banker, and civil servant. He is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama...
, as United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
.
Education
Dudley earned 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...
degree from New College
New College of Florida
New College of Florida is a public liberal arts college located in Sarasota, Florida. It was founded originally as a private institution and is now an autonomous honors college of the State University System of Florida.-History:...
in 1974, and a PhD
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 from the University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
in 1982.
Career
Dudley worked at Goldman SachsGoldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
from 1986 to 2007, holding the position of chief economist for ten years before he was hired by then-president of the New York Federal Reserve Timothy Geithner
Timothy F. Geithner
Timothy Franz Geithner is an American economist, central banker, and civil servant. He is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama...
to oversee the department in charge of buying and selling government securities.
According to salary figures released in 2010, Dudley is paid "more than $410,000 per year", making him one of the two highest-paid of the twelve presidents of the Federal Reserve Banks.
.
Economic views
In 2002, Dudley wrote that the Federal Reserve should have "tightened policy earlier and more aggressively during the 1996-1999 period", with the hope that the downward forces would not have been so intense after the collapse of the stock market that began in 2000Dot-com bubble
The dot-com bubble was a speculative bubble covering roughly 1995–2000 during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more...
.
Criticism
Dudley was criticized for remarks over food inflation in 2011 where he argued that you have to look at all prices when looking at inflation. He noted that some prices like the IPad were effectively falling as the next generation was twice as powerful at the same price. A member of the crowd shouted "I can't eat an iPad".Further reading
- Dudley Brings Crisis Experience to New York Fed Job, Bloomberg, 27 Jan 2009.