Mark Lionel Gertler (born March 31, 1951) is an American

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

, and Henry and Lucy Moses Professor of Economics at

New York University New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then-Secretary of the Treasury Albert Gallatin. In 1832, the ...

(NYU). A specialist in business cycles and monetary policy, he has been an associate and collaborator of

Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...

Chairman

Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Fed, he was appointed a distinguished fellow at the Brookings Institution. Durin ...

for more than 30 years. He is among the 20 most cited economists in the world. Gertler completed his B.A. in May 1973 from the

University of Wisconsin–Madison A university () is an educational institution, institution of higher education, higher (or Tertiary education, tertiary) education and research which awards academic degrees in several Discipline (academia), academic disciplines. Universities ty ...

, and his

Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is a ...

in June 1978 from

Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...

. He worked at

Cornell University Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to teach an ...

and the University of Wisconsin–Madison before joining the faculty at NYU. Gertler and Bernanke published "Should Central Banks Respond to Movements in Asset Prices?" in the ''

American Economic Review The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of ec ...

'' in 2001, five years before Bernanke replaced

Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...

as Chairman of the Federal Reserve Board of Governors. The paper, which deals retrospectively with the

stock market bubble A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation. Behavioral finance theory attributes stock market bub ...

of the Internet years, has become a widely cited policy paper in economics, outside the field as well as within. Bernanke and Gertler argue that the practice of targeting inflation and price stability, as the Federal Reserve has done since the 1980s, should be continued, while the more aggressive approach of managing "asset price bubbles", which some economists have advocated, would be ineffective or counterproductive. In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".BBVA Foundation Frontiers of Knowledge Awards 2020
/ref> Gertler married Cara Lown, a Ph.D. economist, in 1991.

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Personal web page

{{DEFAULTSORT:Gertler, Mark L. 1951 births 21st-century American economists Cornell University faculty Macroeconomists New Keynesian economists New York University faculty Stanford University alumni University of Wisconsin–Madison alumni University of Wisconsin–Madison faculty Living people Fellows of the Econometric Society Fellows of the American Academy of Arts and Sciences

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