Austan Goolsbee, who was a top economic adviser to President Barack Obama, has been chosen as the next president of the Federal Reserve Bank of Chicago.
Goolsbee was chair of the Obama White House’s Council of Economic Advisers from 2010 to 2011 after having served as a member of the council since 2009. He received a Ph.D. in economics from the Massachusetts Institute of Technology.
Like many economists, Goolsbee initially characterized the current bout of inflation as a temporary one that would likely pass. In response to a survey by the University of Chicago’s Booth Business School, in July 2021, he suggested that the then-elevated unemployment rate of about 7% made it unlikely that high inflation would persist.
He urged the Fed to take a “data dependent” approach to its rate decisions and said, “If the Fed keeps raising rates, that’s been the most common cause of recessions in the history of the United States.” “I hope that we’ve peaked, but I think that the rate at which it comes down, it might not be as rapid as everyone wants,” he said.
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