Lawrence Summers

Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States Secretary of the Treasury from 1999 to 2001 and as the 8th Director of the National Economic Council from 2009 to 2010. He is a former president of Harvard University (2001–2006),[1][2] where he is currently (as of March 2017) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.[1][3][4]

Lawrence Summers
8th Director of the National Economic Council
In office
January 20, 2009  January 20, 2011
PresidentBarack Obama
DeputyDiana Farrell
Jason Furman
Preceded byKeith Hennessey
Succeeded byGene Sperling
27th President of Harvard University
In office
July 1, 2001  June 30, 2006
Preceded byNeil Rudenstine
Succeeded byDerek Bok
71st United States Secretary of the Treasury
In office
July 2, 1999  January 20, 2001
PresidentBill Clinton
DeputyStuart E. Eizenstat
Preceded byRobert Rubin
Succeeded byPaul H. O'Neill
7th United States Deputy Secretary of the Treasury
In office
August 11, 1995  July 2, 1999
PresidentBill Clinton
Preceded byFrank N. Newman
Succeeded byStuart E. Eizenstat
Under Secretary of the Treasury for International Affairs
In office
April 5, 1993  August 11, 1995
PresidentBill Clinton
Preceded byDavid Mulford
Succeeded byMichael Bruno
Chief Economist of the World Bank
In office
January 14, 1991  January 14, 1993
PresidentBarber Conable
Lewis Thompson Preston
Preceded byStanley Fischer
Succeeded byMichael Bruno
Personal details
Born
Lawrence Henry Summers

(1954-11-30) November 30, 1954 (age 67)
New Haven, Connecticut, U.S.
Political partyDemocratic
Spouse(s)
Victoria Perry
(m. 19842003)

(m. 2005)
Children3
EducationMassachusetts Institute of Technology (SB)
Harvard University (AM, PhD)
Signature
Academic career
FieldMacroeconomics
School or
tradition
New Keynesian economics
Doctoral
students
Alan Krueger, Kiminori Matsuyama, James R. Hines Jr.
Information at IDEAS / RePEc
Academic background
ThesisAn asset price approach to the analysis of capital income taxation (1982)

Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Vice President of Development Economics and Chief Economist at the World Bank from 1991 to 1993.[5][6][1] In 1993, Summers was appointed Under Secretary for International Affairs of the United States Department of the Treasury under President Bill Clinton's administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.[6][1][7] While working for the Clinton administration, Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.

Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end", and less to patterns of discrimination and socialization.

After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession.[6][1] After his departure from the NEC in December 2010, Summers worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position. As of 2017, Summers retains his Harvard University status as former president emeritus and Charles W. Eliot University Professor. He also regularly writes opinion columns for The Washington Post.[8]


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