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Monday, July 29, 2013

And the monetary power couple is...

Official FRBSF photo

Janet Yellen is Vice Chairman of the Board of Directors of the Federal Reserve, making her next in line to succeed Ben Bernanke as Fed chairman in January 2014. In order for her to be granted this position, Yellen will have to be appointed by President Barack Obama and confirmed by the Senate. According to her Federal Reserve bio,  "Dr. Yellen has written on a wide variety of macroeconomic issues, while specializing in the causes, mechanisms, and implications of unemployment."

Her husband, George Akerlof, is an American economist and Nobel Prize winner.  Akerlof coauthor Efficiency Wage Models of the Labor Market with his wife. Their theories "propose rationales for the efficiency wage hypothesis in which employers pay above the market-clearing wage, in contradiction to the conclusions of neoclassical economic," according to Wikipedia.
Photo by Wyap91

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