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Jeremy C. Stein

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Jeremy Stein
Member of the Federal Reserve Board of Governors
In office
May 30, 2012 – May 28, 2014
PresidentBarack Obama
Preceded byKevin Warsh
Succeeded byRandal Quarles
Personal details
Born
Jeremy Chaim Stein

(1960-10-17) October 17, 1960 (age 64)
Chicago, Illinois, U.S.
Political partyDemocratic
Children3
RelativesElias M. Stein (father)
EducationPrinceton University (BA)
Massachusetts Institute of Technology (MA, PhD)
Academic career
Doctoral
advisor		Oliver Hart[1]
Information at IDEAS / RePEc

Jeremy Chaim Stein (born October 17, 1960) is an American economist and the Moise Y. Safra Professor of Economics at Harvard University; he also chaired Harvard's economics department. He served as a member of the Federal Reserve Board of Governors from 2012 to 2014. Stein served as president of the American Finance Association in 2008.

Early life and education

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Stein was born to a secular Jewish family,[2] the son of mathematician Elias M. Stein and Elly Intrator.[3] Both his parents were Jewish refugees during World War II who immigrated to the United States.[3][4] He graduated summa cum laude with an A.B. in economics from Princeton University in 1983 after completing a 118-page senior thesis titled "Pseudo-Securities: An Analysis of Financially Hedged Positions."[5] While at Princeton, he was co-captain of the men's gymnastics team, specializing in rings.[6] In 1986, he earned a PhD in economics from MIT. His 1998 paper "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach" with Kenneth A. Froot won the Jensen Prize.[7]

Career

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After serving a one-year internship at Goldman Sachs Group Inc.,[6] he became an assistant professor of finance at the Harvard Business School from 1987-1990, and finance faculty of MIT’s Sloan School of Management for ten years after that. Stein rejoined Harvard in 2000.[8]

Stein received the Fama-DFA Prize, which is an annual prize given to authors with the best capital markets and asset pricing research papers published in the Journal of Financial Economics for 2002.[9]

He was also a senior adviser to the Treasury secretary and was on the staff at the National Economic Council in 2009.[10]

Federal Reserve Board

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On December 27, 2011, President Barack Obama announced that he planned to nominate Stein to fill one of the two vacancies on the seven-member Federal Reserve Board. Stein's nomination was filibustered by Republicans in the United States Senate. On May 15, 2012, Senate Majority Leader Harry Reid motioned to invoke cloture and break the filibuster on both the nominations of Stein and of Powell.[11] On May 17, 2012, a Senate floor vote was held on Stein's nomination with a required 60-vote threshold for confirmation. Senators voted 70-24 to confirm Stein.[12]

On April 3, 2014, Stein announced that he would resign his position at the Federal Reserve and return to Harvard in May.[13]

Research

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Stein's research covers subjects including behavioral finance and market efficiency; corporate investment and financing decisions; risk management; capital allocation inside firms; banking; financial regulation; and monetary policy. [14]

Stein is a research associate at the National Bureau of Economic Research. He is also a member of the American Academy of Arts and Sciences. [15]

Personal life

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Stein is divorced with three children and lives in Boston. His daughter Carolyn is an economist at the University of California, Berkeley.[6] He is a registered Democrat.[16]

References

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  1. ^ Stein, Jeremy C. (1986). Economic models with heterogeneously informed participants (Ph.D.). Massachusetts Institute of Technology. Retrieved 30 October 2016.
  2. ^ Center for Jewish History: "AHC interview with Elly Stein" 2012 | minute 27:30| "So I am not religious even though I am nostalgic for religion...My husbands very non-religious...My son married a non-Jewish woman. My grandchildren will tell you if you ask them: I'm a little Jewish and a little Christian"
  3. ^ a b University of St Andrews, Scotland - School of Mathematics and Statistics: "Elias Menachem Stein" by J.J. O'Connor and E F Robertson February 2010
  4. ^ Center for Jewish History: "AHC interview with Elly Stein" 2012
  5. ^ Stein, Jeremy C. (1983). "Pseudo-Securities: An Analysis of Financially Hedged Positions". {{cite journal}}: Cite journal requires |journal= (help)
  6. ^ a b c McGrane, Victoria; Hilsenrath, Jon (March 18, 2013). "Inside a Warier Fed, Watch the New Guy". The Wall Street Journal. pp. C1, C7.
  7. ^ Froot, K.A., and J. Stein. “Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach.” Journal of Financial Economics 47, no. 1 (1998): 55–82.
  8. ^ Wallack, Todd (27 December 2011). "Harvard professor to be nominated to Federal Reserve". Boston Globe. Retrieved 27 December 2011.
  9. ^ Joseph Chen; Harrison Hong; Jeremy C. Stein (2002). "Breadth of ownership and stock returns". Journal of Financial Economics. 66 (2–3): 171–205. CiteSeerX 10.1.1.297.3149. doi:10.1016/S0304-405X(02)00223-4.
  10. ^ Stevenson, Alexandra, "Former Fed Board Member to Advise Hedge Fund", New York Times, March 23, 2015. Retrieved 2015-03-24.
  11. ^ Beth, Richard S., "Cloture Attempts on Nominations: Data and Historical Development", senate.gov, June 26, 2013.
  12. ^ Smith, Donna, "Senate votes put Fed board at full strength", reuters.com, May 17, 2012.
  13. ^ Steve Goldstein (April 3, 2014). "Jeremy Stein to resign from Federal Reserve". Market watch, Wall Street Journal. Retrieved April 3, 2014.
  14. ^ "Jeremy Stein".
  15. ^ "Jeremy Stein".
  16. ^ Appelbaum, Binyamin (27 December 2011). "Obama to Nominate Two for Vacancies on Fed Board". The New York Times.
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Government offices
Preceded by Member of the Federal Reserve Board of Governors
2012–2014 		Succeeded by
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