Jeremy Chaim Stein (born October 17, 1960) is an American macroeconomist and the Moise Y. Safra Professor of Economics at

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...

; he also chaired Harvard's economics department. He served as a member of the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the m ...

from 2012 to 2014. Stein works as an investment industry consultant and served as president of the

American Finance Association The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the '' Journal of Finance'', was first published in 1946. ...

in 2008.

Early life and education

Stein was born to a secular

Jewish Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...

family, the son of mathematician

Elias M. Stein Elias Menachem Stein (January 13, 1931 – December 23, 2018) was an American mathematician who was a leading figure in the field of harmonic analysis. He was the Albert Baldwin Dod Professor of Mathematics, Emeritus, at Princeton University, w ...

and Elly Intrator.University of St Andrews, Scotland - School of Mathematics and Statistics: "Elias Menachem Stein" by J.J. O'Connor and E F Robertson
February 2010 Both his parents were Jewish refugees during

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing ...

who immigrated to the United States. He graduated summa cum laude with an A.B. in economics from

Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...

in 1983 after completing a 118-page senior thesis titled "Pseudo-Securities: An Analysis of Financially Hedged Positions." While at Princeton, he was co-captain of the men's gymnastics team, specializing in rings. In 1986, he earned a PhD in economics from

MIT The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the m ...

. His 1998 paper "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach" with Kenneth A. Froot won the Jensen Prize.

Career

After serving a one-year internship at Goldman Sachs Group Inc., he became an assistant professor of finance at the Harvard Business School from 1987-1990, and finance faculty of MIT’s Sloan School of Management for ten years after that. Stein rejoined Harvard in 2000. Stein received the Fama-DFA Prize, which is an annual prize given to authors with the best capital markets and asset pricing research papers published in the

Journal of Financial Economics The ''Journal of Financial Economics'' is a peer-reviewed academic journal published by Elsevier, covering the field of finance. It is considered to be one of the premier finance journals. According to the ''Journal Citation Reports'', the journa ...

for 2002. He designed quantitative asset-management strategies for

Guggenheim Partners Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services. Organization The firm is headquartered in New York City an ...

from 2005 to 2007, was also a senior adviser to the Treasury secretary and was on the staff at the National Economic Council in 2009.

Federal Reserve Board

On December 27, 2011, President Barack Obama announced that he planned to nominate Stein to fill one of the two vacancies on the seven-member Federal Reserve Board. Stein's nomination was filibustered by Republicans in the United States Senate. On May 15, 2012, Senate Majority Leader

Harry Reid Harry Mason Reid Jr. (; December 2, 1939 – December 28, 2021) was an American lawyer and politician who served as a United States senator from Nevada from 1987 to 2017. He led the Senate Democratic Caucus from 2005 to 2017 and was the Sena ...

motioned to invoke

cloture Cloture (, also ), closure or, informally, a guillotine, is a motion or process in parliamentary procedure aimed at bringing debate to a quick end. The cloture procedure originated in the French National Assembly, from which the name is taken. ' ...

and break the filibuster on both the nominations of Stein and of Powell. On May 17, 2012, a Senate floor vote was held on Stein's nomination with a required 60-vote threshold for confirmation. Senators voted 70-24 to confirm Stein. On April 3, 2014, Stein announced that he would resign his position at the Federal Reserve and return to Harvard in May.

After the Fed

In addition to the post at Harvard, in March 2015, Stein began working as a consultant for

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

BlueMountain Capital Assured Investment Management previously BlueMountain Capital Management and Assured Guaranty, is a diversified alternative asset manager founded in 2003 based in the United States'. Company BlueMountain was formed in 2003 with offices in New Yo ...

.Stevenson, Alexandra
"Former Fed Board Member to Advise Hedge Fund"
New York ''Times'', March 23, 2015. Retrieved 2015-03-24.

Research

Stein's research covers subjects including behavioral finance and market efficiency; corporate investment and financing decisions; risk management; capital allocation inside firms; banking; financial regulation; and monetary policy. Stein worked as a research associate at the National Bureau of Economic Research. He is also a member of the American Academy of Arts and Sciences.

Personal life

Stein is married with three children and lives in Boston. His daughter Carolyn is an economist at the

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant u ...

. He is a registered Democrat.

References

External links

Statements and Speeches of Jeremy C. Stein
* * {{DEFAULTSORT:Stein, Jeremy 1960 births 20th-century American economists 21st-century American economists American people of Belgian-Jewish descent Economists from Illinois Federal Reserve System governors Fellows of the American Academy of Arts and Sciences Fellows of the Econometric Society Financial economists Harvard University faculty Living people MIT School of Humanities, Arts, and Social Sciences alumni Princeton University alumni Writers from Chicago Obama administration personnel Presidents of the American Finance Association