NEWS RELEASE, 6/9/99 Janet Yellen, Clinton's chief economist, announces plans to return to teaching at UC Berkeley

By Janet Gilmore, Public Affairs

BERKELEY-- Janet L. Yellen, who is stepping down as chair of President Clinton's Council of Economic Advisers, announced today (Wednesday, June 9) that she will return to teaching at the University of California, Berkeley. Yellen will hold a joint appointment, teaching at the campus's Haas School of Business and the Department of Economics. No exact date has been set for her to begin teaching, but Yellen will return after ensuring an orderly transition with her successor on the council. "I am looking forward to returning to teaching at UC Berkeley," said Yellen. "I have appreciated the opportunity to serve in Washington and hope that I will be able to share my Washington experiences with my students." Yellen first began teaching at UC Berkeley in 1980. She left the campus in 1994 when she was appointed to the Board of Governors of the Federal Reserve System. In late 1996, she was named head of the White House's Council of Economic Advisers, serving as President Clinton's chief economist. Campus officials are extremely pleased with the news that Yellen soon will return. "We are absolutely delighted that she will be back this fall," said Maurice Obstfeld, chair of the Department of Economics. "Janet is a top-flight academic scholar who also has extensive experience at the highest levels of economic policy making. In addition to the economics research and teaching community, the campus at large also will benefit tremendously from her presence." Laura Tyson, who also has served as chair of the Council of Economic Advisers and is dean of the Haas School of Business, stated that the business school, too, will benefit greatly from her presence. "Janet was one of our most popular teachers and an outstanding researcher at Haas before her service in Washington," said Tyson. "Her experiences at the Federal Reserve and the CEA will undoubtedly make her an even more valuable teacher and colleague. We are delighted that she is returning to the Haas and Berkeley communities." Yellen's husband, George Akerlof, continues to teach economics at UC Berkeley. ###