On March 17, Professor Jong Ahn PARK from the U.S. Federal Reserve gave a lecture on the Fed and the long way it has gone since its foundation. He started with a brief introduction of how the Fed was founded and explained the importance of the Fed as the central bank of the United States. He also introduced the five general functions the Fed utilizes to promote the effective operation of the U.S. economy and, more generally, the public interest; however, he put a particular emphasis on the role the Fed has at promoting stability in the U.S. economy through the monetary policy.

In addition, as the topic of this article suggests, the lecture focused on the Federal Reserve through it Chairs. Professor PARK continued the presentation by briefing students on the history of the Federal Reserve Chairman and the decisions made during their period of governance. By providing a clear view of how good and bad decisions have been taken by previous Chairman of the Fed, Professor PARK contributed to the students’ understanding of how the decision-making process goes inside the Fed and the important role this decision-making process plays in determining the direction of the U.S. economy. A point worth mentioning in this part of his presentation was the introduction of Janet YELLEN, the first female chairperson of the Fed. Even though, as with another previous chairman, there are so many eyes put on the impact her governance will bring to the economy, female presence at the Board of Governors of the Federal Reserve System is definitely a step forward at the Federal Reserve.

Despite the fact that many students had to leave before the lecture finished, Professor PARK did not leave it there and concluded his presentation by sharing one last story inside the Fed: Michelle’s Smith path as the chief spokesperson for the Board.

By Lucia Nathali Salazar MEDINA [2016 MPP, Guatemala]