Austan Goolsbee

Last updated

Robin Winters
​
(m. 1997)​
Austan Goolsbee
Austan Goolsbee official portrait 2.jpg
President of the Federal Reserve Bank of Chicago
Assumed office
January 9, 2023
Children3
Education Yale University (BA, MA)
Massachusetts Institute of Technology (PhD)

Austan Dean Goolsbee (born August 18, 1969) is an American economist and writer. He is the president of the Federal Reserve Bank of Chicago. Goolsbee formerly served as the Robert P. Gwinn Professor of Economics at the University of Chicago's Booth School of Business. [1] He was the chairman of the Council of Economic Advisers from 2010 to 2011 and a member of President Barack Obama's cabinet. [2] He served as a member of the Chicago Board of Education from 2018 to 2019. [3]

Contents

Goolsbee was a member of the Council of Economic Advisers before becoming chair. He was also the Chief economist and chief-of-staff to Paul Volcker at the President's Economic Recovery Advisory Board—the board was formed in the wake of the 2007–2008 financial crisis. [4]

Early life and education

Goolsbee was born in Waco, Texas, [5] the son of Linda Catherine (née Dean) and the late Arthur Leon Goolsbee, a former executive of Utility Trailer Manufacturing Company. [6] [7] He was raised primarily in Whittier, California. [8]

He graduated from Milton Academy and received both his B.A. summa cum laude and M.A. in economics from Yale University in 1991. Goolsbee also was a member of the Skull and Bones secret society there. [9] He went on to receive his Ph.D. in economics at the Massachusetts Institute of Technology in 1995.

He was named an Alfred P. Sloan Fellow (2000–02) and Fulbright Scholar (2006–07). [10]

Academia

Goolsbee has been a research fellow at the American Bar Foundation; [11] research associate at the National Bureau of Economic Research in Cambridge, Massachusetts; [12] and a member of the Panel of Economic Advisors to the Congressional Budget Office. [13] He was previously named a Senior Economist to the Progressive Policy Institute (PPI) and a Distinguished Senior Fellow at the Center for American Progress. [14] [15]

Goolsbee's academic research is empirical and focuses on the Internet, productivity, taxes and government policy, and inflation. [16] He and co-author Peter Klenow of Stanford University helped develop the Adobe Digital Price Index, a comprehensive measure of online inflation. [17]

Goolsbee taught MBA classes on microeconomics, platform competition, economics and policy in the telecom, media and technology industries and economic policy (jointly with Raghuram Rajan) and Ph.D. classes in public economics and was an award winning teacher with the leading business school news site Poets & Quants naming him one of the 'World's 50 Best Business School Professors'. [18] [19]

Goolsbee was also a journalist while serving as an academic. Goolsbee is the former host of the television show History's Business on the History Channel. In April 2006, Goolsbee began writing for the Economic Scene column in The New York Times . This column was later moved to Sundays and renamed the Economic View. Prior to this, he wrote the "Dismal Science" column for Slate.com, for which he won the 2006 Peter Lisagor Award for Exemplary Journalism. He has published papers in various peer-reviewed journals and books. [20]

Public service

Federal Reserve Bank of Chicago

Goolsbee was announced to be the 10th President and CEO of the Federal Reserve Bank of Chicago on December 1, 2022. [21] He assumed office on January 9, 2023. [22]

He expressed that one important goal for his Presidency was to be more involved with the regional economy of the 7th District where he traveled extensively upon taking office. [23]

Goolsbee was early in arguing that the unusual conditions in 2023 could enable an unusual outcome for the Macroeconomy, where inflation would fall dramatically but without causing a major recession. He called this the 'Golden Path' and acknowledged that such an outcome would be without historical precedent but that he believed it was possible because of favorable supply-side developments post-pandemic coupled with the Fed's credibility having kept inflation expectations from rising. [24] [25]

Service in Obama administration

Goolsbee was nominated by President Obama to serve on the Council of Economic Advisers. Goolsbee was confirmed by the Senate on March 10, 2009. [26] He was designated chair of the Council on September 10, 2010, succeeding Christina Romer. [27] He concurrently served as chief economist and chief of staff at the Economic Recovery Advisory Board chaired by Paul Volcker. Goolsbee called Volcker his great mentor and one of his personal heroes. [28] He joked that his life's goal was to try to be 80% Paul Volcker and 20% Muhammad Ali. [29]

In these roles, Goolsbee acted as a frequent media surrogate for the Obama administration. [30] [31] He also starred in the White House Whiteboards which aimed to explain administration policy in an accessible way. A New York Times article about the series reported "praise for Mr. Goolsbee’s performance from journalists at Politico, The Wall Street Journal, The Economist and other outlets". [32]

Outside of the standard political news shows, Goolsbee was a frequent guest on comedy shows, as well. He was interviewed by Jon Stewart for The Daily Show on August 11, 2009; [33] February 1, 2010; [34] October 25, 2010; February 24, 2011; August 3, 2011; and September 6, 2012.

He also appeared in Daily Show segments on November 11, 2009, [35] where he was interviewed by Josh Gad about whether the Cash for Clunkers program had ruined demolition derby. On an episode airing on March 17, 2009, [36] he stated that executives at American International Group (AIG) deserved the "Nobel prize for evil" ) for their role in the 2008 financial crisis. Jon Stewart described him as "Eliot Ness meets Milton Friedman".

On June 15, 2009, he appeared as a guest on The Colbert Report . He made a second appearance on The Colbert Report on October 13, 2010 and a third on May 18, 2011.

In 2009, he was voted the Funniest Celebrity in Washington. One practical joke was giving a dead fish to the departing White House chief of staff Rahm Emanuel, who has been known to give dead fish to political opponents. [37]

In January 2011, Goolsbee expressed the administration's confidence that the U.S. debt limit would be raised, noting that rhetoric from some members of Congress, who suggested the routine increase should be opposed, "[appear] to reflect a deep misunderstanding of the consequences of default". [38] [39]

On June 6, 2011, Goolsbee announced that he would return to the University of Chicago. [40] He was expected to play an informal role from Chicago in Obama's 2012 campaign. [41]

Campaign advising

He advised President Obama during his 2004 U.S. Senate race and was senior economic policy adviser during the 2008 Obama presidential campaign. [42] [43]

In 2019, he endorsed Pete Buttigieg during the Democratic Party presidential primary. [44]

In the 2020 general election, he co-chaired the Economic Advisory Council for Joe Biden's presidential campaign. [45]

Recognition

In 2024,Chicago Magazine ranked him 7th on its list of the '50 Most Powerful Chicagoans'. [46]

In past years, Goolsbee was named one of the 100 Global Leaders for Tomorrow by the World Economic Forum in Switzerland, one of the six "Gurus of the Future" by the Financial Times , one of the 40 Under 40 by Crain's Chicago Business , and one of the 30 Under 30 by the Chicago Sun-Times . [20]

He topped The New Yorker's list of the Ten Most Intriguing Political Personalities of 2010. [47] Salon.com named him to its list of the 15 Sexiest Men of 2010. [48] To this he remarked on NPR's quiz show Wait Wait...Don't Tell Me, "I didn't even know Salon was printed in Braille." [49]

Additionally, the National Speech and Debate Association (formerly National Forensic League) recognized Goolsbee, the former national champion in extemporaneous speaking, as the 2011 Communicator of the Year. [50] He was a successful debater in college. He and his partner David Gray were the National Team of the Year in 1991, defeating future senator Ted Cruz and his partner for the honor. [51]

Press profiles of him include those done by The New York Times, NPR, George Will, [52] the Financial Times, [53] Reuters TV, [54] the Chicago Tribune , Crain's Chicago Business, [55] and Politico . [56]

Personal life

Goolsbee married Robin Winters on November 1, 1997. She was a management consultant with McKinsey & Company at the time and earlier the director of business development at MTV International. [57]

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References

  1. ↑ Austan Goolsbee Archived April 20, 2007, at the Wayback Machine
  2. ↑ Weisman, Jonathan (September 2010), "Goolsbee to Chair Council of Economic Advisers", The Wall Street Journal
  3. ↑ Superville, Denisa R. (December 17, 2018). "Former Obama Adviser Appointed to Chicago School Board". Education Week. ISSN   0277-4232 . Retrieved May 12, 2022.
  4. ↑ "PERAB: First Quarterly Meeting". whitehouse.gov. May 20, 2009. Retrieved May 12, 2022.
  5. ↑ "Births". The Alcalde . Emmis Communications. 58 (3): 45. November 1969. ISSN   1535-993X.
  6. ↑ "Class of 1967". Texas Law: Alumni and Giving. Retrieved September 25, 2021.
  7. ↑ "Obituary of Arthur Leon Goolsbee, 1940-2021". Hamil Family Funeral Home. Retrieved September 25, 2021.
  8. ↑ Sibley, James Scarborough (1982). The Sibley family in America, 1629-1972: Volume 2. p. 1153.
  9. ↑ "The 13 most powerful members of 'Skull and Bones'". Business Insider .
  10. ↑ "Austan D. Goolsbee". The University of Chicago Booth School of Business. Retrieved May 12, 2022.
  11. ↑ Research Fellows - Austan Goolsbee American Bar Foundation
  12. ↑ Austan Goolsbee National Bureau of Economic Research
  13. ↑ Panel of Economic Advisers Congressional Budget Office
  14. ↑ DLC: Austan Goolsbee Archived October 20, 2007, at the Wayback Machine Democratic Leadership Council
  15. ↑ "RELEASE: Austan Goolsbee Named Distinguished Senior Fellow at Center for American Progress". Center for American Progress. September 24, 2013. Retrieved May 12, 2022.
  16. ↑ "Austan Goolsbee". scholar.google.com. Retrieved March 3, 2024.
  17. ↑ Adobe Inc. "Adobe Digital Price Index". Adobe Digital Price Index. Retrieved March 3, 2024.
  18. ↑ Carter, Andrea (October 29, 2012). "World's 50 Best Business School Professors". Poets&Quants. Retrieved March 3, 2024.
  19. ↑ Carter, Andrea (October 22, 2012). "World's Best B-School Professors: Austan Goolsbee". Poets&Quants. Retrieved March 3, 2024.
  20. 1 2 Goolsbee's Curriculum Vitae Archived April 24, 2007, at the Wayback Machine
  21. ↑ "Announcement of the Chicago Fed's Next President - Federal Reserve Bank of Chicago". www.chicagofed.org. Retrieved March 3, 2024.
  22. ↑ "Federal Reserve Bank of Chicago". Board of Governors of the Federal Reserve System. Retrieved March 3, 2024.
  23. ↑ "Five States in Six Months: President Goolsbee on His 'Whirlwind' Travels in the District - Federal Reserve Bank of Chicago". www.chicagofed.org. Retrieved March 3, 2024.
  24. ↑ "Goolsbee Says Fed on Path to Curb Inflation Without Triggering Recession". Bloomberg.com. July 7, 2023. Retrieved March 3, 2024.
  25. ↑ "The 2023 Economy: Not Your Grandpa's Monetary Policy Moment - Federal Reserve Bank of Chicago". www.chicagofed.org. Retrieved March 3, 2024.
  26. ↑ The White House. Nominations & Appointments, row 331, accessed April 4, 2011.
  27. ↑ The White House (10-09-10). "President Obama Appoints Austan Goolsbee as Chair of the Council of Economic Advisers,", accessed April 4, 2011.
  28. ↑ "Austan Goolsbee on the 'Golden Path' to a Soft Landing". Bloomberg.com. October 5, 2023. Retrieved March 3, 2024.
  29. ↑ "Austan Goolsbee - The FRONTLINE Interview". FRONTLINE. Retrieved March 3, 2024.
  30. ↑ Letters From Washington: On Message and On Everywhere The New York Times, Albert Hunt, June 21, 2009
  31. ↑ Politico Ben Smith, March 30, 2009
  32. ↑ Chan, Sewell (October 20, 2010). "White House Economist Puts Message on the Web". The New York Times. ISSN   0362-4331 . Retrieved May 12, 2022.
  33. ↑ Austan Goolsbee interviewed by Jon Stewart, The Daily Show , August 11, 2009
  34. ↑ Austan Goolsbee interviewed by Jon Stewart, The Daily Show, February 1, 2010
  35. ↑ Crash for Clunkers, The Daily Show, November 11, 2009,
  36. ↑ The Notorious AIG - Outrage, The Daily Show, March 17, 2009
  37. ↑ Knoller, Mark (October 1, 2010). "White House Staff Gives Rahm Emanuel Dead Fish as Parting Gift". CBS News . Retrieved October 25, 2010.
  38. ↑ Debt cap to be raised, Obama adviser says – MarketWatch
  39. ↑ Montgomery, Lori (January 7, 2011). "Raise debt limit to avoid national catastrophe, Geithner warns Congress". The Washington Post.
  40. ↑ "Obama's top economist returning to classroom". CNN. June 7, 2011.
  41. ↑ Calmes, Jackie (June 6, 2011). "Austan Goolsbee to Leave Obama Team". The New York Times.
  42. ↑ The Advisers Are Writing Our Future David Leonhardt, The New York Times, April 18, 2007.
  43. ↑ Seeking Clues to Obamanomics, Deborah Solomon, The Wall Street Journal, April 24, 2007
  44. ↑ Phillip, Abby (December 5, 2019). "Pete Buttigieg scores endorsements from former Obama officials". CNN. Retrieved December 6, 2019.
  45. ↑ Tankersley, Jim; Kaplan, Thomas (June 11, 2020). "Biden's Brain Trust on the Economy: Liberal and Sworn to Silence". The New York Times. ISSN   0362-4331 . Retrieved May 12, 2022.
  46. ↑ "The 50 Most Powerful Chicagoans, Ranked". Chicago Magazine. Retrieved March 3, 2024.
  47. ↑ Top Ten Most Intriguing Political Personalities of 2010 Ryan Lizza The New Yorker, December 9, 2010
  48. ↑ "Salon's Men on Top 2010 Archived November 23, 2010, at the Wayback Machine Salon.com, November 17, 2010
  49. ↑ "NPR Media Player". NPR . Archived from the original on March 4, 2016. Retrieved April 2, 2018.
  50. ↑ "Archived copy" (PDF). Archived from the original (PDF) on March 14, 2012. Retrieved June 19, 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  51. ↑ Roller, Emma (August 21, 2013). "That Time When Ted Cruz Faced off Against Austan Goolsbee in a Pickup Basketball Game". Slate Magazine. Retrieved May 12, 2022.
  52. ↑ "The Democratic Economist" George Will The Washington Post, October 4, 2007
  53. ↑ "Green Youth and Academic Colours" Jeremy Grant, Financial Times, September 18, 2005
  54. ↑ Obama's Economic Alter Ego Reuters TV, February 1, 2008
  55. ↑ 40 under 40, 2006 Chicago Business
  56. ↑ Goolsbee Sets Populist Tone Ben Smith, Politico, March 30, 2009
  57. ↑ WEDDINGS; Robin Winters and Austan Goolsbee The New York Times, November 2, 1997
Political offices
Preceded by Chair of the Council of Economic Advisers
2010–2011		Succeeded by
Other offices
Preceded by President of the Federal Reserve Bank of Chicago
2023–present		Incumbent
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