Charles L. Evans facts for kids
Quick facts for kids
Charles Evans
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Evans in 2022
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| President of the Federal Reserve Bank of Chicago | |
| In office September 1, 2007 – January 9, 2023 |
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| Preceded by | Michael H. Moskow |
| Succeeded by | Austan Goolsbee |
| Personal details | |
| Born | January 15, 1958 |
| Education | University of Virginia (BA) Carnegie Mellon University (MA, PhD) |
Charles L. Evans (born January 15, 1958) is an important American economist. He used to be the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. He held this position from 2007 to 2023.
During his time as president, he was a member of the Federal Open Market Committee (FOMC). This committee is a very important group within the Federal Reserve System. It makes decisions about the country's money supply and interest rates.
Contents
Understanding Charles Evans's Career
His Role at the Federal Reserve Bank
Before becoming president in September 2007, Charles Evans held other key roles at the Federal Reserve Bank of Chicago. He was the director of research and a senior vice president. In this job, he oversaw studies on how money policy affects the economy. He also looked at banking, financial markets, and local economic conditions.
Earlier, he was a vice president and senior economist. He was in charge of a group that researched how the overall economy works. His own research focused on understanding how the Federal Reserve's money decisions affect the U.S. economy. This includes things like how much the economy grows, how prices change (inflation), and the value of financial assets.
His Background and Education
Charles Evans has also shared his knowledge by teaching. He taught at several universities, including the University of Chicago, the University of Michigan, and the University of South Carolina.
He earned his first degree, a bachelor's degree in economics, from the University of Virginia. Later, he received his doctorate (PhD) in economics from Carnegie Mellon University in Pittsburgh. In 2024, he was given an honorary Doctor of Public Service degree from Carnegie Mellon's Tepper School of Business.
Charles Evans is married and has two children.
The Evans Rule and Economic Policy
What Was the Evans Rule?
In December 2012, the Federal Open Market Committee (FOMC) decided to make its plans for the economy clearer. They introduced something similar to what was called the "Evans Rule." Charles Evans had been suggesting a version of this rule for many months.
The Evans Rule said that the FOMC would keep interest rates very low (near zero). They would do this until the unemployment rate fell below 6.5%. They would also keep rates low unless inflation (prices rising) went above 2.5%. This rule helped people understand what the Federal Reserve's plans were for the economy.
Changes to the Policy
In March 2014, the FOMC decided to remove the exact numbers (like 6.5% unemployment) from their public statements. However, they made it clear that their overall plan for managing the economy had not changed. They still aimed to support job growth and keep prices stable.
