Jeremy C. Stein
Jeremy C. Stein | |
|---|---|
| Born | October 17, 1960 |
| Occupation(s) | Economist, academic |
| Years active | 1987–present |
| Known for | Member of the Federal Reserve Board of Governors (2012–2014), Moise Y. Safra Professor of Economics at Harvard University, President of the American Finance Association (2008) |
Jeremy Chaim Stein (born October 17, 1960) is a distinguished American economist currently holding the position of Moise Y. Safra Professor of Economics at Harvard University, where he has also led the economics department as chair. Between 2012 and 2014, he was a member of the Federal Reserve Board of Governors, and in 2008, he served as president of the American Finance Association.
Early life and education
Stein was raised in a secular Jewish household, born to Elias M. Stein, a mathematician, and Elly Intrator—both Jewish refugees who fled to the United States during World War II. He completed his undergraduate studies at Princeton University in 1983, graduating summa cum laude with an A.B. in economics. His senior thesis was entitled "Pseudo-Securities: An Analysis of Financially Hedged Positions." While at Princeton, he also co-captained the men's gymnastics team. Subsequently, Stein obtained his PhD in economics from MIT in 1986. His collaborative 1998 publication with Kenneth A. Froot, titled "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach," earned the prestigious Jensen Prize.
Career
Following a one-year internship at Goldman Sachs Group Inc., Stein began his academic career as an assistant professor of finance at Harvard Business School from 1987 until 1990. He then spent ten years on the finance faculty at MIT's Sloan School of Management before returning to Harvard in 2000.
In 2002, Stein received the Fama-DFA Prize for exceptional research on capital markets and asset pricing published in the Journal of Financial Economics. He also contributed as a senior adviser to the Treasury secretary and was part of the United States National Economic Council staff in 2009.
Federal Reserve Board
President Barack Obama nominated Stein to the Federal Reserve Board's seven-member panel on December 27, 2011. Although initially obstructed by Republican filibusters, Senate Majority Leader Harry Reid successfully filed for cloture on May 15, 2012, overcoming these delays. Stein was confirmed by the Senate with a vote tally of 70–24 on May 17, 2012.
He stepped down from his Federal Reserve role on April 3, 2014, and resumed his academic duties at Harvard the following month.
Research
Stein’s scholarly work encompasses behavioral finance, market efficiency, corporate investment and financing strategies, risk management practices, internal capital distribution within firms, banking systems, financial regulatory frameworks, and monetary policy analysis.
He holds a position as a research associate at the National Bureau of Economic Research and is an elected fellow of the American Academy of Arts and Sciences.
Personal life
Living in Boston, Stein is divorced and has three children. His daughter Carolyn is an economist affiliated with the University of California, Berkeley. Politically, he is registered with the Democratic Party.
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