Stanley Fischer dies, the teacher who taught macroeconomics in the world | Economy
Stanley Fischer, One of the most influential economists in the world in recent decades, According to the Banca di Israel died this Saturday at the age of 81. Fischer had a double race. As an academic, it formed generations of economists both in their classes of the University of Chicago and of the Massachusetts Institute (MIT) and through their books, in particular its 1978 manual Macroeconomics, who wrote with his colleague Rudi Dornbusch. As a political manager, he occupied the positions of number two of the International Monetary Fund (IMF), governor of the Bank of Israel e Vice -president of the Federal Reserve.
He directed Ben Bernanke’s doctoral thesis, who would later become president of the Federal Reserve and considered his mentor Fischer. He also had among his students by Mario Draghi, future president of the European Central Bank and Prime Minister of Italy; Lawrence Summers, who held the position of secretary of the United States Treasury with Bill Clinton as president; Greg Mankiw, who directed the Council of Economic Consultants of President George W. Bush; Kazuo Ueda, appointed governor of the Banca del Japan in 2023, and two main economists of the IMF, Olivier Blanchard and Maurice Obstfeld.
“Stan was my mentor and my friend. He was an exceptional economist, an exceptional politician Blanchard wrote this Sunday on the Social Network X. In 2023, Blanchard himself, who published a macroeconomic book in 1989 with his teacher, He wrote about him: “It is difficult to think of another living macroeconist that has had such a direct and indirect influence, through their research, their students and their political decisions, in macroeconomic politics around the world”.
Fischer was born in Lusaka, in Zambia, in October 1943, within a community of Baltic origin that had emigrated to southern Africa. He graduated and his master in economics from the London School of Economics. In 1969, he was a doctorate in economics at the Massachusetts Institute.
He was an economy professor at MIT from 1977 to 1999 and associated professor from 1973 to 1977. Before joining the Mit teaching staff, he was professor of economics and post -Dotto at the University of Chicago. In parallel, from January 1988 to August 1990, He was the Economist Chief of the World Bank. He held the position of the first deputy director of the International Monetary Fund since September 1994 Until August 2001, when he resigned. AS number two By Michel Camdessus in the IMF, He had to face financial crises In Mexico, Russia, Brazil, Thailand, Indonesia and South Korea. When he left the international agency, he was vice -president of Citigroup from February 2002 to April 2005.
He had the double American and Israeli nationality since 2005 has been 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 load them the following year in response to the signals of financial recovery. Decades before being part of the team of economists who developed the stabilization plan that had to face the economic crisis in Israel in 1985 and served to overcome a prolonged period of weak growth, three -digit inflation and fall into the exchange reserves.
“Professor Fischer had a great impact on the economy of Israel, both in the 80s, when he was a representative of the International Monetary Fund in Israel and played a key role in the elaboration of the 1985 economic stabilization plan, as later, during his mandate as a governor, when he directed a responsible economic policy for a difficult period, including the 2008 world financial crisis,” ” The Israeli bank recalled this Sunday in a note.
Fischer In 2011 he was running as a candidate for the CEO of the IMF After the resignation of Dominique Strauss-Kahn. “An extraordinary and not planned opportunity emerged, perhaps the only one that will be, and I made the decision after reflecting a lot”, Fischer said in a statement. There have been two obstacles to this: with 67 years, he exceeded the age limit of 65 years requested and, moreover, the position is traditionally reserved for a European. The choice was Christine Lagarde.
After leaving Israel Bank, Fischer was appointed by Barack Obama in 2014 Vice President of the Federal Reserve. During his mandate, he held the position of President of the Financial Stability and the Financial Research and Research Committee Committee. The Fed on the financial stability council, the Bank of International Payments, the G20, the G7, the IMF and the organization for economic cooperation and development (OECD).
Resigned in 2017 to retire, Although in 2019 he accepted a role of Blackrock Advisor. “The acute perceptions of Stan, based on an exemplary academic life and public service life, contributed in an injection to our resolutions on monetary policy. He represented the advice with international distinction and led our efforts to promote financial stability,” said the then president of Fed Janet Yellen, When you announce your resignation.
