Edward Martin M. GRÄMLICH

Background

Gramlich, Edward Martin was born on June 18, 1939 in Rochester, New York, United States. Son of Jacob Edward and Harriet (Williams) Gramlich.

Education

Gramlich graduated from Williams College in 1961 and received a master"s degree in 1962 and a Doctor of Philosophy in economics in 1965 from Yale University.

Career

He joined the Federal Reserve as a research economist from 1965-1970, and was a senior fellow at the Brookings Institution from 1973-1976. He then taught economics and public policy at the University of Michigan from 1976 to 1997, including a term as dean of the Gerald R. Ford School of Public Policy, and returned to Michigan as a professor in 2005. He was appointed to the Federal Reserve System by President Bill Clinton in 1997 and resigned in August 2005.

Foreign much of his term, he was the Chair of the Board"s Committee on Consumer and Community Affairs.

He was also the chairman of the Air Transportation Stabilization Board, which was created by Congress after the 9/11 attacks raised concerns about the survival of the United States. airline industry. Gramlich had also chaired several other lesser-known stabilization boards created by Congress.

In an April 2003 speech to the National Economists Club, he concluded that such boards are an ineffective way to help struggling industries because of the time it takes before help arrives and because the industries that are in need of help often have far deeper problems that the stabilization boards cannot fix. “If Congress wants to bail out an industry in a hurry, it should bail it out.

lieutenant takes time to act in this program, which means it’s probably not a good program for scenarios”, Gramlich told the club

Gramlich was also formerly the chairman of the Neighborhood Reinvestment Corporation and was seen as an expert on subprime lending after his years as a banking regulator at the Federal Reserve. Gramlich had other government experience as well, serving as chairman of the Quadrennial Advisory Council on Social Security from 1994 to 1996 and as deputy director, and then acting director, of the Congressional Budget Office in 1986-1987. He also conducted research in 1992 on the economics of major league baseball and wrote a popular textbook on benefit-cost analysis that is in its second edition

Gramlich highlighted the problems with subprime mortgages prior to the 2007-2009 financial crisis.

His book, "Subprime Mortgages: America"s Latest Boom and Bust" (2007) was published before the crisis was widely recognized and he had spoken out about them earlier. Edward Gramlich died, aged 68, from leukemia.

Achievements

• Edward Martin Gramlich has been listed as a noteworthy public policy educator, federal official by Marquis Who's Who.

Works

• book

  • Benefit-cost Analysis of Government Programs

    (Now available from Waveland Press at a special low price,...)

  • Educational Performance Contracting: An Evaluation of an Experiment (Brookings studies in social experimentation)

    (Great book for research, study, or review! Great educatio...)

Views

My early work was in macroeconomics, building a small macro model for my thesis and then being part of a project to build a large one at the Federal Reserve Board. One of the interesting projects I became involved in then was the question of how to model the fiscal behaviour of State and local governments — a framework I developed then and have used since to look at all kinds of questions regarding grant behaviour, conversion of grants to block form, public employment and swings in State and local saving. Later I became interested in questions of poverty and unemployment and took a job at the Office of Economic Opportunity. Ideas for papers on the distributional impact of the business cycle and minimum wages originated there.

In addition, I was introduced to the fascinating question of programme evaluation, first with the performance contracting experiment and later continuing with my benefit-cost text. That focusses particularly on the evaluation of distributional programmes. These earlier interests continued when I moved to Michigan, and were supplemented by a new one. Tax cut fever was in the air at the time, and I began working on the analytics of government size and growth.

Two colleagues (Paul Courant and Daniel Rubinfeld) and I did some theoretical models on this issue, and we also conducted a voter survey to try to get better data on individual spending demands. Unlike previous surveys, we tried to analyse our data within the context of a median voter model, and we also used it to test a number of hypotheses regarding tastes of public employees, the impact of tax limits, and migration. That, in turn, inspired a more intense interest in the underappreciated migration question and I am now trying to establish, from a theoretical and empirical standpoint, how important a constraint on government behaviour that really is.

Membership

Member research division Federal Reserve Board, 1965-1970, office of economics opportunity policy research division 1970-1973, director, 1971-1973. Member Brookings Panel on Economic Activity, since 1973, Brookings Panel on Social Experimentation, 1973-1974, White House Summit Conference, 1974, Economics Advisory Panel National Institute of Education, 1973-1974, Education Grants Panel, National Institute of Education, 1973-1974, Edition and Human Resources Advisory Board, Rand Corporation, 1975-1978, Committee on Evaluation Research, Social Science Research Council, 1977-1979, New York State Productivity Commission, 1977-1979, Association for Public Policy and Management (policy council, 1979-1984, vice president, 1979-1980, program chairman, 1981), National Academy of Sciences Education Research Foundation, since 1980, State of Michigan Committee on Professor.and Occupational Licensure, 1981-1982, Sime-Dime Review Panel, Department of Health and Human Services, 1980-1981, Visiting Committee Albion College Public Policy School, since 1981, Truman Scholarship Selection Panel, Michigan-Ohio, since 1982, Review Committee, Maryland. Economics Department, 1983, Chairman, National Institute of Education Policy Study Group, 1983.

Interests

• 321 Fiscal Theory & Policy. 325 Intergovernmental Financial Relationships. 023 Macroeconomics.

Connections

Married Ruth Brown, August 29, 1964. Children: Sarah and Robert.

Father:

Jacob Edward Gramlich

Mother:

Harriet (Williams) Gramlich

Spouse:

Ruth Brown

child:

Robert Gramlich

child:

Sarah Gramlich