Edward Gramlich
Edward M. Gramlich | |
|---|---|
| Born | June 18, 1939 |
| Died | September 5, 2007 (aged 68) |
| Occupation | Economist |
| Known for | Member of the Federal Reserve Board of Governors (1997–2005), Acting Director of the Congressional Budget Office |
Edward M. Gramlich (June 18, 1939 – September 5, 2007) was a distinguished American economist who held a position on the Federal Reserve Board of Governors between 1997 and 2005 and briefly assumed the role of acting director at the Congressional Budget Office.
Gramlich completed his undergraduate studies at Williams College in 1961, followed by a master's degree in 1962 and a Ph.D. in economics in 1965 from Yale University. His early career included work as a research economist at the Federal Reserve (1965–1970), a senior fellowship at the Brookings Institution (1973–1976), and an extensive academic tenure at the University of Michigan (1976–1997), where he also served as dean of the Gerald R. Ford School of Public Policy. He returned to this university as a professor in 2005.
Biography
Gramlich was appointed to the Federal Reserve System by President Bill Clinton in 1997 and stepped down in August 2005. Throughout much of his service, he led the Board's Committee on Consumer and Community Affairs.
He also chaired the Air Transportation Stabilization Board, which was created following the events of September 11 to aid the U.S. airline sector, along with several other congressional stabilization panels. In a 2003 address, Gramlich expressed criticism of these boards, highlighting their inefficiency for emergency financial rescues due to delayed interventions and underlying structural problems within industries.
Previously, he served as chair of the Neighborhood Reinvestment Corporation and was regarded as an authority on subprime lending, drawing from his regulatory experience at the Federal Reserve.
His government service extended to chairing the Quadrennial Advisory Council on Social Security from 1994 to 1996 and holding positions as deputy and acting director of the Congressional Budget Office during 1986–1987. Gramlich also conducted research in sports economics and authored a widely adopted textbook focused on benefit-cost analysis.
Significantly, Gramlich anticipated risks associated with subprime mortgages before the onset of the 2007-09 financial crisis. His publication, Subprime Mortgages: America's Latest Boom and Bust, was released prior to widespread awareness of the crisis.
Gramlich passed away on September 5, 2007, due to acute myeloid leukemia. He is survived by his wife Ruth, two children, and six grandchildren.