Austan Goolsbee
Austan Goolsbee | |
|---|---|
| Born | Austan Dean Goolsbee August 18, 1969 Waco, Texas, U.S. |
| Occupation(s) | Economist, author, professor |
| Known for | President of the Federal Reserve Bank of Chicago; Chair of the Council of Economic Advisers |
Austan Dean Goolsbee (born August 18, 1969) is an American economist and author who currently holds the position of president at the Federal Reserve Bank of Chicago and serves as the Robert P. Gwinn Professor of Economics at the University of Chicago's Booth School of Business. From 2010 to 2011, he led the Council of Economic Advisers under President Barack Obama, holding a cabinet-level role. Additionally, Goolsbee was a member of the Chicago Board of Education between 2018 and 2019.
Before his tenure as chair of the Council, he was part of the President's Economic Recovery Advisory Board during the 2008 financial crisis, working as chief economist and chief-of-staff to Paul Volcker.
Early life and education
Goolsbee was born in Waco, Texas, to Linda Catherine (née Dean) and Arthur Leon Goolsbee, who was an executive at Utility Trailer Manufacturing Company. He spent much of his upbringing in Whittier, California, completed his secondary education at Milton Academy, and earned both his B.A. (summa cum laude) and M.A. in economics from Yale University in 1991, where he was affiliated with the Skull and Bones society. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1995.
He was honored as an Alfred P. Sloan Fellow from 2000 to 2002 and awarded a Fulbright Scholarship for the 2006–07 academic year.
Academia
Goolsbee has held research fellowships at institutions including the American Bar Foundation and the National Bureau of Economic Research located in Cambridge, Massachusetts. He also contributed to the Panel of Economic Advisors for the Congressional Budget Office. His professional experience includes roles as a Senior Economist at the Progressive Policy Institute and Distinguished Senior Fellow at the Center for American Progress.
His research primarily examines empirical issues related to the Internet, productivity, taxation, government policy, and inflation dynamics. Together with co-author Pete Klenow from Stanford University, he played a key role in creating the Adobe Digital Price Index, an extensive tool for measuring online inflation.
In his academic career, Goolsbee has taught MBA courses covering microeconomics, platform competition, as well as economics and policy within telecom, media, and technology sectors. He has also instructed Ph.D. students in public economics. Poets & Quants recognized him among the "World's 50 Best Business School Professors."
Beyond academia, Goolsbee has experience as a journalist and was previously host of History's Business on the History Channel. Beginning in 2006, he authored the Economic Scene column for The New York Times, which was later renamed Economic View. He also contributed Slate.com's "Dismal Science" column and received the 2006 Peter Lisagor Award for Exemplary Journalism. His scholarly work includes numerous publications in peer-reviewed journals and books.
Federal Reserve Bank of Chicago
On December 1, 2022, Goolsbee was named the 10th President and CEO of the Federal Reserve Bank of Chicago, officially starting his term on January 9, 2023. Since assuming office, he has emphasized active engagement with the economy across the 7th District by undertaking extensive regional visits.
He introduced the idea of a 'Golden Path' scenario for the macroeconomic outlook in 2023, forecasting a notable decline in inflation levels without precipitating a deep recession. This unique projection was attributed to advantageous supply-side conditions combined with the Federal Reserve’s strong reputation for managing inflation expectations effectively.
Service during the Obama administration
President Obama nominated Goolsbee to join the Council of Economic Advisers, with Senate confirmation occurring on March 10, 2009. He was appointed as chair on September 10, 2010, following Christina Romer’s tenure. Simultaneously, he held the positions of chief economist and chief of staff at the Economic Recovery Advisory Board under Paul Volcker, whom Goolsbee considered a mentor.
In these capacities, Goolsbee became a prominent spokesperson for the Obama administration in the media and featured in the White House Whiteboards series, designed to make policy concepts more accessible to the public. His ability to communicate complex economic ideas was highly regarded by leading publications such as Politico and The Wall Street Journal.
Goolsbee also made regular appearances on satirical shows like The Daily Show and The Colbert Report, contributing to greater public comprehension of economic policies. In 2009, he was recognized as "Washington's funniest celebrity" and was known for participating in playful office pranks that reflected his personable demeanor.
In January 2011, he confidently predicted that Congress would increase the U.S. debt ceiling despite political resistance, highlighting the critical repercussions that a failure to do so would entail.
On June 6, 2011, Goolsbee announced his decision to return to the University of Chicago while continuing to provide informal advice for President Obama’s 2012 reelection campaign.
Political campaign advising
Goolsbee offered his expertise during President Obama’s 2004 U.S. Senate campaign and later served as senior economic policy adviser for Obama’s 2008 presidential bid.
In the 2019 Democratic presidential primary, he publicly supported Pete Buttigieg.
For the 2020 general election cycle, Goolsbee co-led the Economic Advisory Council for Joe Biden’s presidential campaign.
Honors and accolades
In 2024, Chicago Magazine placed him seventh on its list of the "50 Most Powerful Chicagoans."
His earlier recognitions include being named among the World Economic Forum’s 100 Global Leaders for Tomorrow, one of six "Gurus of the Future" by the Financial Times, as well as selections in Crain's Chicago Business “40 Under 40” and the Chicago Sun-Times “30 Under 30.”
In 2010, The New Yorker ranked him at the top of its Ten Most Intriguing Political Personalities list, while Salon.com included him among its 15 Sexiest Men of that year.
The National Speech and Debate Association honored him as their 2011 Communicator of the Year; he was a national champion in extemporaneous speaking and, alongside partner David Gray, earned National Team of the Year honors in 1991.
Profiles covering Goolsbee have been published by major outlets such as The New York Times, NPR, George Will in The Washington Post, the Financial Times, Reuters TV, the Chicago Tribune, Crain's Chicago Business, and Politico.
Personal details
On November 1, 1997, Goolsbee married Robin Winters. At that time, she worked as a management consultant with McKinsey & Company and had formerly been director of business development at MTV International.