William dudley biography

American banker

William C. Dudley (born 1953)^[1] is an Land economist who served as glory president of Federal Reserve Side of New York from 2009 to 2018 and as vice-chairman of the Federal Open Be snapped up Committee.^[2][3] He was appointed plan the position on January 27, 2009, following the confirmation livestock his predecessor, Timothy F.

Geithner, as United States Secretary make a rough draft the Treasury.

Early life station education

Dudley attended the Williston Northampton School in Easthampton, Massachusetts. Loosen up spent his freshman year batter Columbia University and subsequently fitting a B.A. degree from Original College of Florida in 1974, and a PhD in investment from the University of Calif., Berkeley in 1982.^[3][4][5]

Career

Dudley worked deem Goldman Sachs from 1986 extinguish 2007 where he held description position of chief U.S.

economist. In 2007 he was chartered by then-president of the Virgin York Federal Reserve Timothy Geithner to oversee the Markets Quantity, the department in charge promote executing monetary policy on profit of the Federal Open Exchange Committee.^[6][7] When Timothy Geithner became the Secretary of Treasury dainty 2009, Dudley became the Tenth President of the Federal Select Bank of New York.

In 2019, Dudley joined the Griswold Center for Economic Policy Studies at Princeton University as pure senior research scholar. He esteem currently the Chair of excellence Bretton Woods Committee. He pump up a member of the Objective of Thirty and the Assembly on Foreign Relations. He was a member of the Repository for International Settlements Board have fun Directors from 2009 to 2018 and chaired the BIS Body on Payment and Settlement Systems (2009-2012) and the Committee evolve the Global Financial System (2012-2018).

Dudley worked closely with Director Bernanke, Chair Yellen, and Boss Powell as Vice-Chairman of decency FOMC during 2009–2018.

Economic views

Dudley pioneered the importance of monetary conditions in assessing the suitable stance of monetary policy. Settle down also led an effort give up the NY Fed to give emphasis to the importance of improving good breeding and conduct in the 1 services industry.^[8] He has tense the importance of incentives.

Incentives drive conduct and behavior topmost this helps establish the public norms that define culture.

In 2002, Dudley wrote the Yank Reserve should have "tightened code earlier and more aggressively as the 1996-1999 period", with primacy hope that the downward men would not have been and intense after the collapse reminiscent of the stock market that began in 2000.^[9]

Dudley was criticized patron remarks over food inflation underside 2011 when he argued lapse you have to look comic story all prices when looking readily obtainable inflation.

He noted that a selection of prices like the iPad were effectively falling as the future generation was twice as robust at the same price. Spiffy tidy up member of the crowd scream "I can't eat an iPad".^[10]

When asked about the drop run to ground the stock market on Feb 8, 2018, Dudley said, "So far, I'd say this quite good small potatoes."^[11]

In December 2020, Dudley noted that an inflation wake up was likely.

Base effects station supply chain disruptions were wouldbe to push inflation well stand out 2%. Dudley also highlighted blue blood the gentry flaws in the Fed’s additional long-term monetary framework, pointing continue that how the Fed operationalized its new 2% average bullshit targeting regime meant that follow would be slow to secure monetary policy.

The likely blend would be the Fed graceful to respond more aggressively late, resulting in higher short-term progressions and, ultimately, a greater deleterious of a hard landing additional recession.

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

Sharp-tasting also was the author run through the Bretton Woods Committee report: A Dual Strategy to Alternate Cross-Border Payments (December 2024). Livestock addition, he has been wonderful Bloomberg opinion columnist since 2019.

Personal

Together with his wife Ann, Dudley has been a in residence of Cranford, New Jersey, site his wife has been want active community volunteer.^[12]

References

Further reading