Yellen

“A vivid portrait of an exceptional woman and a lively history of the economic and financial crises that helped make the treasury secretary and former Fed chair who she is today.” —Sylvia Nasar, #1 New York Times bestselling author of A Beautiful Mind “Captivating. . . . Part biography, part history of ideas, the book provides a fascinating window into the ways thinking on economic policy has evolved in the last 25 years. . . . A must-read for anyone seeking to understand the current economic challenges we face.” —Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance An engrossing and deeply human chronicle of the past fifty years of American economic and social upheaval, viewed through the consequential life of the most powerful woman in American economic history, Janet Yellen, and her unconventional partnership in marriage and work with Nobel Laureate George Akerlof. At the dawn of the 21st century, many of America’s leaders believed that free trade, modern finance, technology, and wise government policy had paved the way for a new era of prosperity. Then came a cascade of disasters—a bursting tech bubble, domestic terror attacks, a housing market implosion, a financial system crisis, a deadly global pandemic. These events led to serial recessions, deepened America’s political fractures and widened the divide between those best off and everyone else. Award-winning economics writer Jon Hilsenrath examines what happened, viewing events through the experiences of two historic figures: Janet Yellen was Treasury Secretary, Federal Reserve Chairwoman and Chair of the White House Council of Economic Advisers. Her husband, George Akerlof, was an imaginative Nobel prize–winning economist. Long before the upheaval of the past two decades, Akerlof warned of flaws in modern economic thinking; then Yellen had to fix the economy on the fly as it cracked. In telling their story, Hilsenrath explores long-running intellectual battles over the fragile balance between unruly democratic government and unpredictable markets. He introduces readers to the cast of modern intellectuals and policy makers who deciphered, shaped, and steered these systems through prosperity, chaos, and reformation. And he explains what went wrong, why, and what might happen next. What emerges is an absorbing examination of how humans think and behave, and how those actions shape markets, inform economic policy, and could determine the future of a now-deeply divided nation. Hilsenrath reminds us that economics is neither science nor ideology, as some once wished or promised. Economics is an endeavor. Most good love stories are, too. This definitive account of the American economy reveals the untold story of the past fifty years: A Powerful Partnership: Follow the remarkable story of Janet Yellen and her Nobel Prize-winning husband George Akerlof, whose unconventional marriage shaped their work and modern economic thought. Crisis and Consequence: Get a behind-the-scenes look at the major economic disasters of our time—from the tech bubble and housing market implosion to the global pandemic—through the eyes of the woman called upon to fix them. The Battle for Ideas: Understand the high-stakes intellectual clashes between economic titans over free markets, government’s role, inflation, and unemployment that define our world today. Three Historic Posts: Discover the inside story of Yellen’s consequential journey through the three most powerful economic jobs in America: Federal Reserve Chair, Treasury Secretary, and Chair of the White House Council of Economic Advisers.