With extraordinary access to an extremely busy Janet Yellen as well her family, close friends, and colleagues, Owen Ullmann traces the path Yellen took from Fort Hamilton High School in Brooklyn to the highest rungs of the US government with exacting detail and insight. Ullmann reveals how Yellen overcame obstacles, outmaneuvered hostile men, and held onto all the values that led her to study economics in the first placeall to the great benefit of the American people. When you finish this book, you really know who Yellen is and why she has been so successful and influential.
David Wessel, the Brookings Institution, author of Only the Rich Can Play
Few people have had as great an impact on Americas economy as Yellen, the first woman to serve both as chair of the Federal Reserve and as treasury secretary. In Empathy Economics , Ullmann masterfully traces her rise from precocious Brooklyn schoolgirl to the corridors of power in Washington. Ullmann artfully weaves together Yellens life and career, showing how her lived experience informed her view of economic policies that put American families at the forefront. This deeply human portrait brings to life one of the countrys towering trailblazers, who is still paving the way for women in economics and beyond.
Joanne Lipman, author of Thats What She Said , and former editor-in-chief, USA Today
Empathy Economics is a terrific read, well researched, and well written. Ullmann captures the characteristics that have made Yellen the leader of three of the nations key economic-policy institutions, the Council of Economic Advisers, the Federal Reserve, and the Treasurythe only person to have held all three positions. Yellen combines sharp intelligence, and a deep commitment to fact-based objective economic analysis, with empathy, a big heart, and a deep dedication to public service. She is strong yet humble; she has taken on leadership roles and their onerous 24/7 responsibilities not for prestige or power but to improve the lives of ordinary Americans. No one has brought more knowledge, experience, and empathy to addressing the core economic challenges facing the nation. The book also provides a fascinating history of the evolution of Federal Reserve policy during Yellens leadership, including the adoption of an explicit inflation target and greater transparency in Fed decision-making.
Laura Tyson, distinguished professor, Haas School, University of California; former chair, White House Council of Economic Advisers; and director, White House National Economic Council
Ullmanns excellent biography of Yellen documents the origins and trajectory of Yellens remarkable career and what lies behind her successintelligence, diligence, and deeply held values of equity and inclusion that inform the content of her work as well as her working style. A valuable bonus is that Ullmanns clear explication of the issues that have confronted Yellen provides a thorough overview of the major financial, tax, and growth policies of the past several decades. Yellens inspiring story of succeeding in a mans world to tweak economic policy at the highest levels and achieve positive outcomes for many is a good read. Every economist should apply her values to our discipline and profession to make economics much more useful and humane.
Heidi Hartman , research professor, George Washington University, and president, Institute for Womens Policy Research
Copyright 2022 by Owen Ullmann
Cover design by Pete Garceau
Cover photograph copyright Peter Hapak/Trunk Archive
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First Edition: September 2022
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Lyrics to Whos Yellen Now by Dessa 2021, reprinted with permission.
Library of Congress Cataloging-in-Publication Data
Names: Ullmann, Owen, author.
Title: Empathy economics : Janet Yellens remarkable rise to power and her drive to spread prosperity to all / Owen Ullmann.
Description: First edition. | New York : PublicAffairs, [2022] | Includes bibliographical references and index.
Identifiers: LCCN 2022001445 | ISBN 9781541701021 (hardcover) | ISBN 9781541701045 (ebook)
Subjects: LCSH: Yellen, Janet L. (Janet Louise), 1946 | Board of Governors of the Federal Reserve System (U.S.)Officials and employeesBiography. | EconomistsUnited StatesBiography. | Monetary policyUnited States. | United StatesEconomic policy.
Classification: LCC HB119.Y45 U45 2022 | DDC 330.092 [B]dc23/eng/20220113
LC record available at https://lccn.loc.gov/2022001445
ISBNs: 9781541701021 (hardcover), 9781541701045 (ebook)
E3-20220819-JV-NF-ORI
To Lois, Cara, and Daniel
The men who had led the Federal Reserve Board ever since the nations central bank system was established by the US Congress in 1913 had always kept their focus on the needs of Wall Street and the financial industry. But when Janet Louise Yellen became the first female chair of the powerful institution in February 2014, she was determined to show that it represented the economic interests of all Americans. To underscore that commitment, she decided to make her first out-of-town speech as chair at a community reinvestment conference on March 31, 2014, in Chicago. The conference, sponsored by the Fed and other banking agencies, was held each year to discuss ways to help economically depressed neighborhoods. Yellen used the forum to highlight the plight of millions who had lost their jobs during the Great Recession of 20072009.
The past six years have been difficult for many Americans, but the hardships faced by some have shattered lives and families, Yellen told the audience. Too many people know firsthand how devastating it is to lose a job at which you had succeeded and be unable to find another; to run through your savings and even lose your home, as months and sometimes years pass trying to find work; to feel your marriage and other relationships strained and broken by financial difficulties. And yet many of those who have suffered the most find the will to keep trying.
Yellen pointed out that the Fed had taken extraordinary steps to spur economic activity and create jobs by keeping interest rates low to make homes more affordable; to lower the cost of buying a car; to help small businesses build, expand, and hire. She then introduced three unemployed workers and shared with the audience their personal stories of how they struggled to find jobs at decent wages. Dorine Poole had lost her job processing medical insurance claims at the start of the recession. Despite fifteen years of steady employment, Poole found employers unwilling to hire her because she had been out of work for two years. Jermaine Brownlee lost his job as an apprentice plumber when the recession hit and had to settle for a lower-paying job. Vicki Lira lost her full-time job of twenty years at a printing plant when it shut down in 2006. At times homeless, she found part-time work serving food samples to customers at a grocery store.