Stanley Fischer dies, the instructor who taught macroeconomics to the world | Economy | EUROtoday

Stanley Fischer, one of many world’s most influential economists in latest a long time, died this Saturday at age 81, in accordance with the Bank of Israel. Fischer had a double race. As an educational, he educated generations of economists each of their courses of the University of Chicago and the Massachusetts Institute (MIT) and thru their books, particularly its 1978 handbook Macroeconomy, who wrote together with his colleague Rudi Dornbusch. As political accountable, he occupied amongst others the positions of quantity two of the International Monetary Fund (IMF), governor of the Bank of Israel and vp of the Federal Reserve.

He directed the doctoral thesis of Ben Bernanke, who would later develop into president of the Federal Reserve and thought of Fischer his mentor. He additionally had amongst his college students at Mario Draghi, future president of the European Central Bank and Prime Minister of Italy; Lawrence Summers, who held the place of Secretary of the United States Treasury with Bill Clinton as president; Greg Mankiw, who directed the Council of Economic Advisors of President George W. Bush; Kazuo Ueda, appointed governor of the Bank of Japan in 2023, and two chief economists of the IMF, Olivier Blanchard and Maurice Obstfeld.

“Stan was my mentor and my friend. He was an exceptional economist, an outstanding politic That he has had so much direct and indirect influence, through his own research, his students and his political decisions, in the macroeconomic policy of the whole world. ”

Fischer was born in Lusaka, Zambia, in October 1943, within a community of Baltic origin that had emigrated to southern Africa. He obtained his degree and his master’s degree in the Economics at the London School of Economics. In 1969, he was a doctorate in economics from the Massachusetts Institute.

He was professor of Economy at MIT from 1977 to 1999 and associated professor from 1973 to 1977. Before joining the MIT teaching staff, he was an attached professor of economy and postdoctoral fellow at the University of Chicago. In parallel, from January 1988 to August 1990, he was chief economist of the World Bank. He held the position of the first deputy manager of the International Monetary Fund from September 1994 to August 2001, when he resigned. As number two From Michel Camdessus in the IMF, he had to deal with financial crises in Mexico, Russia, Brazil, Thailand, Indonesia and South Korea. When leaving the international agency, he was vice president of Citigroup from February 2002 to April 2005.

He had dual American and Israeli nationality since in 2005 he was appointed governor of the Bank of Israel, a position he held until 2013. The Central Bank of Israel was the first to cut interest rates in 2008, at the beginning of the world economic crisis, and the first to upload them the following year in response to the signs of financial recovery. Decades before he was part of the team of economists who developed the stabilization plan that faced the economic crisis in Israel in 1985 and served to overcome a prolonged period of weak growth, three -digit inflation and fall in foreign exchange reserves.

“Professor Fischer had an ideal influence on Israel’s financial system, each in the course of the Nineteen Eighties, when he was a consultant of the International Monetary Fund in Israel and performed a key position within the elaboration of the 1985 financial stabilization plan, as later, throughout his time period as governor, when he directed a accountable financial coverage throughout a tough interval, together with the world monetary disaster of 2008,” the Israel Bank recalled this Sunday in a statement.

Fischer ran as a candidate for IMF managing director in 2011, after the resignation of Dominique Strauss-Kahn. “An extraordinary and never deliberate alternative has emerged, maybe the one one which can be, and I’ve made the choice after reflecting quite a bit,” said Fischer in a statement. There were two obstacles to this: with 67 years, it exceeded the age limit of 65 years that was required and, in addition, the position is traditionally reserved for a European. The chosen was Christine Lagarde.

After leaving Israel Bank, Fischer was appointed by Barack Obama in 2014 Vice President of the Federal Reserve. During his term, he held the position of president of the Financial Stability Committee and the Monitoring and Financial Research Committee. It represented the FED in the Financial Stability Council, the Bank of International Payments, the G20, the G7, the IMF and the Organization for Economic Cooperation and Development (OECD).

He resigned in 2017 to retire, although in 2019 he accepted a role as Blackrock advisor. “Stan’s acute perceptions, based mostly on a lifetime of exemplary educational work and public service, have contributed invalibly to our deliberations on financial coverage. He has represented the Council with worldwide distinction and has led our efforts to advertise monetary stability,” mentioned the then president of the Fed Janet Yellen, saying her resignation.