There are many disputes about the merits and demerits of the first ＂female head＂ of the Federal Reserve in the past 100 years.

　　BEIJING, Feb. 5 (Qi Jun) Powell, the new chairman of the Federal Reserve, will be sworn in on the 5th local time. janet yellen, the former chairman who stepped down a few days ago, is not only the first "female head" in the 105-year history of the Federal Reserve, but also the first chairman of the Federal Reserve who has not been re-elected in the past 40 years. The "Yellen era" of the Federal Reserve has come to an end. However, there are many controversies about the merits and demerits of this "female head".

　　Data Map: On November 17, 2016, local time, Federal Reserve Chairman Yellen attended the hearing held by the Joint Economic Committee of the American Congress in Washington and looked forward to the US economic situation. China News Service reporter Zhang Weiran photo

　　Xueba: Dr. Harvard became the first female chairman of the Federal Reserve.

　　The 71-year-old Yellen was born in a Jewish family in Brooklyn, new york. She obtained a doctorate in economics from Yale University in 1971 with excellent academic performance since childhood. She was also the only woman among more than 20 doctors in economics who graduated in the same session.

　　After graduation, Yellen worked in research and teaching for several years. In 1994, under the nomination of former US President Bill Clinton, Yellen began to serve as a member of the Federal Reserve, and then successively served as the chairman of the President’s Council of Economic Advisers and the vice chairman of the Federal Reserve.

　　In 2014, Yellen became the chairman of the Federal Reserve and became the first female chairman in the institution’s 100-year history.

　　It is worth mentioning that Yellen’s husband, george akerlof, is also an economist and won the Nobel Prize in Economics in 2001. His research on the impact of information asymmetry on the market is considered as a milestone.

　　Data Map: After the outbreak of the financial crisis in 2008, Ben Bernanke, then chairman of the Federal Reserve, promoted unconventional adjustment measures including three rounds of quantitative easing to boost the economy and create employment opportunities. The heavy responsibility of how to bring unconventional monetary policy back to the right track in an orderly manner fell on Yellen.

　　Steady: "Doves" raise interest rates and gradually shrink their watches.

　　After the subprime mortgage crisis in the United States in 2008, the Federal Reserve once pursued the quantitative easing policy and successfully "rescued the market" by printing a lot of money and buying US Treasury bonds and mortgage bonds, but it also left a balance sheet of about 4.5 trillion US dollars for the United States.

　　How to smoothly raise interest rates and shrink the balance sheet (reducing the scale of assets and liabilities) has become the top priority of the Fed’s next work, and it has also become the key to the smooth recovery of the US economy. It was at this time that Yellen took over the baton of the Federal Reserve.

　　In the face of "hot potato", Yellen patiently analyzed the changes in economic data with the prudent attitude of economists and adjusted policies in time. Since 2014, the Federal Reserve has raised interest rates five times. Yellen has always advocated a gradual interest rate hike and communicated with the market in advance as openly and transparently as possible, which effectively avoided panic and pushed the US monetary policy back on track.

　　Data Map: Yellen said at the beginning of her tenure: "Although our work needs to be realized through financial markets, our goal is to help ordinary people, not Wall Street."

　　Sincerity: Pay attention to ordinary people and advocate "economic justice"

　　In the outside world’s evaluation of Yellen, in addition to stability and peace, there is another word: sincerity. This may come from her concern for every ordinary person in the labor market.

　　At a meeting in 2017, Yellen bluntly said that a large amount of evidence shows that if a child is raised in a poor family, it will be more difficult to succeed in adulthood.

　　In this regard, Yellen suggested that we should pay more attention to the education of children and adolescents and the skills training of young people, so as to feed back the investment return of education to the future labor market with a longer-term perspective.

　　In addition, Yellen believes that in addition to the employment rate and the improvement of labor skills, economic data should also consider "economic justice", that is, to enable everyone to work steadily and meaningfully.

　　Data Map: On January 2, 2018, local time, Trump nominated Jerome Powell, director of the Federal Reserve Board of the United States, to succeed Yellen as the next chairman of the Federal Reserve.

　　Regret: Is she the last economist of the Federal Reserve?

　　Yellen is the first Fed chairman who has not been re-elected since 1979. Her position as chairman of the Federal Reserve will be held by Federal Reserve Governor Powell.

　　Some analysts pointed out that in the past few decades, no matter how the American economy fluctuated, economists and Keynesianism seemed to be the "main theme" of governing the country, but Trump, who was different from others since he took office, pursued mercantilism. This may be one of the main reasons why Yellen was not nominated by Trump.

　　As a woman, Yellen’s contributions to racial differences in employment, opportunities for women in the economic field, and setting an example for professional women are praised, but the final result can’t help but make people feel that women are not easy.

　　Lagarde, the president of the World Monetary Fund, who is also a strong woman, also said that the resilience and meticulousness of female leaders gave them the advantage of "cleaning up the mess", but when the situation turned around, "men would come back inexplicably."

　　Data Map: On January 17, 2018, local time, the Dow Jones index broke through 26,000 points. During Yellen’s tenure, the unemployment rate in the United States also fell to its lowest point in 16 years.

　　Curtain call: Yellen’s Fed career will come to an end.

　　According to the regulations, the chairman of the Federal Reserve can continue to serve as a director of the Federal Reserve after the end of his term. Yellen’s term of office as a director could have ended on January 31, 2024, but since Yellen has indicated that he will resign as a director when the Fed chairman expires, it may also mean that Yellen will take a curtain call from the Fed.

　　During Yellen’s tenure, the inflation rate in the United States was controlled near the ideal level of 2%, while the unemployment rate dropped to 4.4%, the lowest level in 16 years. In the Wall Street Journal survey, most economists gave Yellen an "A" rating, which was recognized by peers and provided a powerful footnote for Yellen’s Fed career.

　　However, there are also criticisms that Yellen keeps a close eye on the inflation rate of 2%, which makes the pace of raising interest rates not fast enough. The leftists also accused Yellen of not taking enough measures to promote the wages of the middle class and the working class when the rich made a lot of money through the stock market surge. In addition, some experts believe that Yellen also has shortcomings in politics and diplomacy, especially when dealing with Congress.

　　But in the final analysis, at least one thing is beyond doubt: Yellen deserves applause when she leaves the Fed. (End)