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, goods, and services are made and used. He is currently the president of the Federal Reserve Bank of Chicago. This bank is part of the United States' central banking system.
Before this, Goolsbee was a professor of economics at the University of Chicago. He also worked for President Barack Obama. He was the chairman of the Council of Economic Advisers from 2010 to 2011. This council gives economic advice to the President. He was also a member of President Obama's cabinet.
Goolsbee was part of the Council of Economic Advisers before leading it. He also served as the chief economist for a special board. This board was created to help the country recover from the 2007–2008 financial crisis.
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Early Life and Education
Austan Goolsbee was born in Waco, Texas, on August 18, 1969. He grew up mostly in Whittier, California. His father, Arthur Leon Goolsbee, was an executive at a manufacturing company.
He went to Milton Academy for high school. After that, he studied at Yale University. He earned two degrees in economics from Yale in 1991. He then went on to get his Ph.D. (Doctor of Philosophy) in economics. He received this advanced degree from the Massachusetts Institute of Technology (MIT) in 1995.
He was recognized for his academic work. He received an Alfred P. Sloan Fellowship and was a Fulbright Scholar. These are special awards for talented researchers.
Academic Career
Goolsbee has held many important research positions. He was a research fellow at the American Bar Foundation. He also worked as a research associate at the National Bureau of Economic Research. This group studies economic issues.
He was also part of a group of economic advisors. This group advised the Congressional Budget Office. The Congressional Budget Office gives economic information to the U.S. Congress.
Goolsbee's research often looked at how the Internet affects the economy. He also studied how taxes and government rules impact businesses. He helped create a way to measure online inflation. This means tracking how prices change for things bought online.
As a professor, Goolsbee taught classes to MBA students. He taught about how businesses compete and how economic policies work. He was known as a great teacher. One business school news site called him one of the 'World's 50 Best Business School Professors'.
Goolsbee also worked as a journalist. He hosted a TV show called History's Business on the History Channel. He wrote columns for The New York Times about economic topics. Before that, he wrote for Slate.com. He won an award for his journalism there.
Public Service
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 officially started this job on January 9, 2023.
He said one of his main goals was to connect more with the local economy. He traveled a lot in the 7th District. This district covers parts of Illinois, Indiana, Iowa, Michigan, and Wisconsin.
Goolsbee believed that in 2023, the economy could achieve a special outcome. He thought that inflation could drop a lot without causing a major recession. He called this the 'Golden Path'. He knew this would be unusual but felt it was possible. He thought it could happen because of good supply-side changes and the Fed's strong reputation.
Service in the Obama Administration
President Obama nominated Goolsbee to join the Council of Economic Advisers. The Senate approved him on March 10, 2009. He became the chairman of the Council on September 10, 2010. He took over from Christina Romer.
At the same time, he was the chief economist for the Economic Recovery Advisory Board. This board was led by Paul Volcker. Goolsbee looked up to Volcker as a great mentor.
In these roles, Goolsbee often spoke to the media for the Obama administration. He also appeared in "White House Whiteboards" videos. These videos explained government policies in a simple way. Journalists praised his ability to explain complex ideas clearly.
Goolsbee also appeared on comedy shows. He was a guest on The Daily Show with Jon Stewart several times. He also appeared on The Colbert Report. In 2009, he was called "Washington's funniest celebrity."
In 2011, Goolsbee announced he would return to the University of Chicago. He was expected to help with Obama's 2012 presidential campaign from Chicago.
Campaign Advising
Goolsbee advised President Obama during his 2004 U.S. Senate campaign. He was also a senior economic policy adviser during Obama's 2008 presidential campaign.
In 2019, he supported Pete Buttigieg during the Democratic Party presidential primary. For the 2020 election, he helped lead the Economic Advisory Council for Joe Biden's presidential campaign.
Recognition
In 2024, Chicago Magazine listed him as one of the "50 Most Powerful Chicagoans."
In earlier years, the World Economic Forum named Goolsbee one of the 100 Global Leaders for Tomorrow. The Financial Times called him one of the six "Gurus of the Future." He was also recognized by Crain's Chicago Business and the Chicago Sun-Times.
The New Yorker listed him as one of the Ten Most Intriguing Political Personalities of 2010. Salon.com also named him to a list of notable men in 2010.
The National Speech and Debate Association honored Goolsbee as the 2011 Communicator of the Year. He was a national champion in extemporaneous speaking. He was also a very successful debater in college. In 1991, he and his debate partner were named the National Team of the Year. They even beat future senator Ted Cruz and his partner for the honor.
Many news outlets have featured Goolsbee. These include The New York Times, NPR, and the Chicago Tribune.
Personal Life
Austan Goolsbee married Robin Winters on November 1, 1997. They have three children.
