Austan Goolsbee facts for kids
Quick facts for kids
Austan Goolsbee
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Official portrait, 2011
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| President of the Federal Reserve Bank of Chicago | |
| Assumed office January 9, 2023 |
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| Preceded by | Charles L. Evans |
| 26th Chair of the Council of Economic Advisers | |
| In office September 10, 2010 – August 5, 2011 |
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| President | Barack Obama |
| Preceded by | Christina Romer |
| Succeeded by | Alan Krueger |
| Personal details | |
| Born |
Austan Dean Goolsbee
August 18, 1969 Waco, Texas, U.S. |
| Spouse |
Robin Winters
(m. 1997) |
| Children | 3 |
| Education | Yale University (BA, MA) Massachusetts Institute of Technology (PhD) |
Austan Dean Goolsbee (born August 18, 1969) is an American economist and writer. An economist studies how money and resources are used. He is currently the president of the Federal Reserve Bank of Chicago. This bank is part of the U.S. central banking system. He also teaches economics at the University of Chicago's Booth School of Business.
Before these roles, he was the chairman of the Council of Economic Advisers from 2010 to 2011. This group advises the U.S. President on economic matters. He was part of President Barack Obama's team. He also helped Paul Volcker on the President's Economic Recovery Advisory Board during the 2008 financial crisis.
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Early Life and School
Austan Goolsbee was born in Waco, Texas. He grew up mostly in Whittier, California. His father, Arthur Leon Goolsbee, was an executive at a company that makes trailers.
He went to Milton Academy for high school. Then, he studied at Yale University, where he earned two degrees in economics in 1991. He graduated with high honors. He was also a member of a secret society called Skull and Bones at Yale. Later, he earned his Ph.D. (a high-level degree) in economics from the Massachusetts Institute of Technology in 1995.
He received special awards like the Alfred P. Sloan Fellow (2000–2002) and Fulbright Scholar (2006–2007).
His Work in Academia
Mr. Goolsbee has worked as a researcher at several important organizations. These include the National Bureau of Economic Research and the Panel of Economic Advisors for the Congressional Budget Office.
His research often looks at topics like the Internet, how productive businesses are, and how government rules and taxes affect the economy. He also studies inflation, which is when prices for things go up. He helped create a way to measure how online prices change.
Goolsbee taught business classes on topics like microeconomics and economic policy. He was known as a great teacher. Poets & Quants, a business school news site, named him one of the 'World's 50 Best Business School Professors'.
He also worked as a journalist. He hosted a TV show called History's Business on the History Channel. From 2006, he wrote an economics column for The New York Times. Before that, he wrote for Slate.com and won an award for his journalism.
Public Service Roles
Leading the Federal Reserve Bank of Chicago
On December 1, 2022, Austan Goolsbee was chosen to be the 10th President and CEO of the Federal Reserve Bank of Chicago. He started this job on January 9, 2023.
He wanted to connect more with the local economy in the area his bank serves. He traveled a lot to meet people and understand the region's needs.
In 2023, Goolsbee suggested that the economy might achieve a "Golden Path." This meant that inflation could go down a lot without causing a major recession (a time when the economy shrinks). He believed this was possible because of good changes in how goods were supplied and because people trusted the Federal Reserve to control prices.
Working for President Obama
Goolsbee was an important economic advisor to President Obama. He joined the Council of Economic Advisers in 2009. In 2010, he became the chairman of this council. He also worked with Paul Volcker on the Economic Recovery Advisory Board. Goolsbee looked up to Volcker as a mentor.
He often spoke to the media to explain the Obama administration's economic plans. He also appeared in "White House Whiteboards" videos, which made government policies easier to understand. Journalists praised his ability to explain complex ideas clearly.
Goolsbee was also a guest on popular comedy shows. He appeared on The Daily Show with Jon Stewart several times. He also appeared on The Colbert Report. People called him "Washington's funniest celebrity" because of his humor.
In 2011, Goolsbee announced he would return to teaching at the University of Chicago. He continued to advise Obama's 2012 presidential campaign informally.
Advising Political Campaigns
He advised President Obama during his 2004 Senate campaign. He was also a senior economic policy advisor for Obama's 2008 presidential campaign.
In 2019, he supported Pete Buttigieg during the Democratic Party presidential primary. In 2020, he helped lead the Economic Advisory Council for Joe Biden's presidential campaign.
Awards and Recognition
In 2024, Chicago Magazine listed him as the 7th most powerful person in Chicago.
In the past, he was named one of the "100 Global Leaders for Tomorrow" by the World Economic Forum. The Financial Times called him one of the "Gurus of the Future." He was also recognized by Crain's Chicago Business and the Chicago Sun-Times as a rising star.
The New Yorker listed him as one of the "Ten Most Intriguing Political Personalities of 2010." He was also recognized for his speaking skills. The National Speech and Debate Association named him their 2011 Communicator of the Year. He was a very successful debater in college.
Personal Life
Austan Goolsbee married Robin Winters on November 1, 1997. She worked as a consultant and was a director at MTV International. They have three children.
