In previous issues you have been introduced to several members of the FOMC. We would now like to complement the series and introduce you to two new members of the Board of Governors.
Donald L. Kohn took office on August 5, 2002, as a member of the Board of Governors of the Federal Reserve System for a full term ending January 31, 2016. Dr. Kohn was born on November 7, 1942, in Philadelphia, Pennsylvania. He received a B.A. in economics in 1964 from the College of Wooster and a Ph.D. in economics in 1971 from the University of Michigan.
Dr. Kohn is a veteran of the Federal Reserve System. Before becoming a member of the Board, he served on its staff as Adviser to the Board for Monetary Policy (2001-02), Secretary of the Federal Open Market Committee (1987-2002), Director of the Division of Monetary Affairs (1987-2001), and Deputy Staff Director for Monetary and Financial Policy (1983-87). He also held several positions in the Board's Division of Research and Statistics--Associate Director (1981-83), Chief of Capital Markets (1978-81), and Economist (1975-78). Dr. Kohn began his career as a Financial Economist at the Federal Reserve Bank of Kansas City (1970-75).
Dr. Kohn has written extensively on issues related to monetary policy and its implementation by the Federal Reserve. He was awarded the Distinguished Achievement Award from The Money Marketeers of New York University (2002) and the Distinguished Alumni Award from the College of Wooster (1998).
Ben S. Bernanke took office on August 5, 2002, as a member of the Board of Governors of the Federal Reserve System to fill an unexpired term ending January 31, 2004. Dr. Bernanke was born on December 13, 1953, in Augusta, Georgia. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.
Before becoming a member of the Board, Dr. Bernanke was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and Chair of the Economics Department at Princeton University (1996-2002). Dr. Bernanke had served as a Professor of Economics and Public Affairs at Princeton since 1985. Before arriving at Princeton, Dr. Bernanke had been an Associate Professor of Economics (1983-85) and an Assistant Professor of Economics (1979-83) at the Graduate School of Business at Stanford University. His teaching career also included serving as a Visiting Professor of Economics at New York University (1993) and at the Massachusetts Institute of Technology (1989-90).
At the time of his appointment, Dr. Bernanke had already served the Federal Reserve System in several roles. He had been a visiting scholar at the Federal Reserve Banks of Philadelphia (1987-89), Boston (1989-90), and New York (1990-91, 1994-96), and he had served on the Academic Advisory Panel at the Federal Reserve Bank of New York (1990-2002). Dr. Bernanke has published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. Dr. Bernanke's work with civic and professional groups includes having served two terms as a member of the Montgomery Township (N.J.) Board of Education.
Baltimore Federal Reserve Bank held its Fed Challenge Finals on March 24, 2003. The three finalists were Richard Montgomery High School, Severn School and St. Albans School. Severn School took first place and will compete in the District Finals at Richmond, Virginia to be held on April 1, 2003.
In addition, the winner of the Novice Award is Conestoga High School.
Congratulations to all teams for outstanding performances!
The Maryland Bankers Association will honor a school teacher who emphasizes financial education principles and concepts in their class instruction. This is an opportunity to recognize the innovative methods of incorporating financial education in Maryland classrooms. Public, private and parochial teachers in Maryland currently engaged in high school level classroom instruction are eligible for consideration for the award. Instruction may be part of a formal personal finance course or integrated into other class curricula, including business, finance, economics, citizenship, life skills, or other classroom instruction.
Anyone can nominate a teacher for the award. Students, parents, another teacher, a principal, colleague, supervisor, or member of the community may submit a nomination form. And, teachers can nominate themselves.
The Teacher of the Year nominees may be profiled in short television spots to be featured on Baltimore's Fox 45 and WB 54 as part of the SoundCents financial education program. The Teacher of the Year award will be presented in a special awards ceremony to air on the Fox 45 and WB 54 broadcast networks. The recipient will also receive a $500.00 award to be used for educational purposes.
All nominations must be postmarked no later than May 1, 2003.
For more information and/or to request a nomination package, please contact Gretchen Wyatt at the Maryland Bankers Association at 410-269-5977 or via e-mail at gwyatt@mdbankers.com
From the Federal Reserve:
Speech by Governor Donald L. Kohn
The strength in consumer durables and housing: policy stabilization or problem in the making?![[www.federalreserve.gov]](/site/images/offsite_blue_clear.gif)
Speech by Vice Chairman Roger W. Ferguson, Jr.
Rules and flexibility in monetary policy
Speeches by Governor Ben S. Bernanke
"Constrained discretion" and monetary policy
A perspective on inflation targeting
At the Annual Washington Policy Conference of the National Association of Business Economists, Washington, D.C.
Japanese Monetary Policy, 1991-2001
U.S. Monetary Policy: An Introduction
How Gas Prices Work
Learn how gas prices are determined. This site includes information on U.S. gasoline usage and consumption, a percentage breakdown of components that determine gas prices, control and impact of the oil market by the Organization of the
Petroleum Exporting Countries (OPEC), U.S. domestic production and supplies, and related resources.
www.howstuffworks.com/gas-price.htm
Are Wars Good for the Economy?
The Broken Window Fallacy
http://economics.about.com/library/weekly/aa032003a.htm
Recession? Depression?
What's the Difference?
http://economics.about.com/library/weekly/aa112002a.htm
NewsTrawler
A search engine for news archives. Search for articles from the archives of hundreds of online information sources from around the world. Students can research news items for projects; teachers can use it as a research aid for teaching.
http://www.newstrawler.com/nt/NT_home.html
Do Changes in Stock Prices Cause Recessions?
http://economics.about.com/library/weekly/aa112302a.htm
A Beginner's Guide to Exchange Rates and the Foreign Exchange Market
http://economics.about.com/library/weekly/aa022703a.htm
Central Banking Resource Center
A directory of central bank sites from all over the world. For bankers, economists, academics, policymakers, regulators, financial journalists, consultants and others. In addition to central bank home pages, includes links to information about central banks.
http://patriot.net/~bernkopf/
