About the Author
Andrew B. Abel
The Wharton School of the University of Pennsylvania
Ronald A. Rosenfeld Professor of Finance at The Wharton School and professor of economics at the University of Pennsylvania, Andrew Abel received his A.B. summa cum laude from Princeton University and his Ph.D. from the Massachusetts Institute of Technology.
He began his teaching career at the University of Chicago and Harvard University and has held visiting appointments at both Tel Aviv University and The Hebrew University of Jerusalem.
A prolific researcher, Abel has published extensively on fiscal policy, capital formation, monetary policy, asset pricing, and Social Security–as well as serving on the editorial boards of numerous journals. He has been honored as an Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. Abel has served as a visiting scholar at the Federal Reserve Bank of Philadelphia, as a member of the Panel of Economic Advisers at the Congressional Budget Office, and as a member of the Technical Advisory Panel on Assumptions and Methods for the Social Security Advisory Board. He is also a Research Associate of the National Bureau of Economic Research and a member of the Advisory Board of the Carnegie-Rochester Conference Series.
Ben S. Bernanke
Previously the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University, Ben Bernanke received his B.A. in economics from Harvard University summa cum laude–capturing both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the Economics Department. Like coauthor Abel, he holds a Ph.D. from the Massachusetts Institute of Technology.
Bernanke began his career at the Stanford Graduate School of Business in 1979. In 1985 he moved to Princeton University, where he served as chair of the Economics Department from 1995 to 2002. He has twice been visiting professor at M.I.T. and once at New York University, and has taught in undergraduate, M.B.A., M.P.A., and Ph.D. programs. He has authored more than 60 publications in macroeconomics, macroeconomic history, and finance.
Bernanke has served as a visiting scholar and advisor to the Federal Reserve System. He is a Guggenheim Fellow and a Fellow of the Econometric Society. He has also been variously honored as an Alfred P. Sloan Research Fellow, a Hoover Institution National Fellow, a National Science Foundation Graduate Fellow, and a Research Associate of the National Bureau of Economic Research. He has served as editor of the American Economic Review. In 2005 he became Chairman of the President’s Council of Economic Advisers. He is currently Chairman and a member of the Board of Governors of the Federal Reserve System.
Robins School of Business, University of Richmond