Liz Jordan: A Trailblazing Economist and Public Servant

Introduction

Liz Jordan is an esteemed economist and public servant who has made significant contributions to the fields of economic policy and financial regulation. Throughout her illustrious career, she has held key leadership positions in both the public and private sectors, where she has consistently advocated for evidence-based policymaking and the promotion of economic fairness. This comprehensive article delves into Jordan's impactful work, exploring her journey, insights, and the strategies she has employed to drive positive change.

Biographical Sketch

Early Life and Education: Liz Jordan was born in 1962 and grew up in New York City. She earned a Bachelor of Arts degree in Economics from Harvard University in 1984, where she graduated magna cum laude. She went on to obtain a Master of Arts degree in Economics from the University of Oxford in 1986 and a Doctor of Philosophy degree in Economics from Harvard University in 1992.

Professional Career: After completing her education, Jordan began her career as a research economist at the Federal Reserve Board of Governors in Washington, D.C. From 1995 to 2000, she served as the Chief Economist and Senior Vice President of the Federal Reserve Bank of Cleveland. In 2000, she was appointed as the first Director of the Office of Economic Advisors at the United States Department of the Treasury, where she advised the Secretary of the Treasury on domestic and international economic issues.

In 2003, Jordan joined the Brookings Institution as a Senior Fellow in Economic Studies, where she conducted research and published extensively on economic growth, financial regulation, and income inequality. She returned to the public sector in 2009, serving as the Executive Director of the President's Economic Recovery Advisory Board (PERAB) during the Obama administration. From 2013 to 2017, she held the position of Chair of the Council of Economic Advisors (CEA), becoming the first woman to lead the council.

Key Contributions

Liz Jordan's contributions to economic policy and financial regulation are multifaceted and far-reaching. Her research and policy recommendations have influenced the decision-making of policymakers at the highest levels of government and have helped to shape economic policy in the United States and beyond.

Evidence-Based Policymaking

Jordan is a strong advocate for evidence-based policymaking and has consistently emphasized the importance of using rigorous economic analysis to inform policy decisions. She believes that policymakers should rely on empirical evidence and sound economic principles when crafting policies, rather than making decisions based on ideology or political expediency.

Financial Regulation

Jordan has played a pivotal role in shaping financial regulation in the wake of the 2008 financial crisis. As a member of PERAB, she contributed to the development of recommendations for reforming the financial system and addressing systemic risk. During her tenure as CEA Chair, she led the council's work on a wide range of financial regulatory issues, including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Income Inequality

Jordan has consistently drawn attention to the issue of income inequality in the United States. She has argued that rising inequality is a threat to economic growth and social cohesion. Her research has focused on the factors contributing to inequality, such as technological change, globalization, and tax policies.

Strategies for Success

Collaboration and Consensus-Building: Jordan believes in the power of collaboration and consensus-building to achieve policy change. Throughout her career, she has worked closely with policymakers, researchers, and stakeholders from diverse perspectives to develop and implement evidence-based solutions to complex economic issues.

Effective Communication: Jordan is a skilled communicator who is able to effectively convey complex economic concepts to policymakers, the media, and the public. She has consistently used her platform to educate decision-makers and the general public about the importance of sound economic policies.

Persistence and Resilience: Jordan's success is a testament to her persistence and resilience. She has faced challenges and setbacks throughout her career, but she has never wavered in her commitment to advancing economic well-being for all.

Common Mistakes to Avoid

In her work on economic policy and financial regulation, Jordan has identified a number of common mistakes that policymakers should avoid:

Ignoring the Long-Term: Jordan emphasizes the importance of considering the long-term consequences of policy decisions. She cautions against making short-term decisions that may have negative long-term effects on the economy and society.

Overlooking Unintended Consequences: Jordan believes that policymakers should be mindful of the unintended consequences of their decisions. She argues that policies should be carefully evaluated to ensure that they do not create unintended harm or unintended economic distortions.

Lack of Transparency: Jordan advocates for transparency in policymaking. She believes that policymakers should be open about the assumptions underlying their decisions and should be accountable for the results of their policies.

Call to Action

Liz Jordan's work has inspired a new generation of economists and policymakers to pursue evidence-based policymaking and to address the challenges of our time. Her legacy serves as a reminder of the importance of economic fairness, financial stability, and the power of collaboration.

As we navigate the complex economic landscape of the 21st century, we must continue to draw on the insights and strategies pioneered by Liz Jordan. By embracing evidence-based policymaking, fostering collaboration, and striving for economic justice, we can create a more prosperous and equitable future for all.

Appendix

Table 1: Liz Jordan's Education and Career Chronology

Table 2: Liz Jordan's Key Publications

Table 3: Liz Jordan's Awards and Honors

Stories and Lessons Learned

Story 1: The Importance of Evidence-Based Policymaking

During the 2008 financial crisis, Jordan served on the President's Economic Recovery Advisory Board. She played a key role in developing recommendations for reforming the financial system based on rigorous economic analysis. Her work helped to stabilize the financial system and prevent the crisis from deepening.

Lesson Learned: Policymakers should rely on empirical evidence and sound economic principles when crafting policies, rather than making decisions based on ideology or political expediency.

Story 2: The Power of Collaboration

As CEA Chair, Jordan worked closely with policymakers, researchers, and stakeholders to develop and implement evidence-based solutions to complex economic issues. She convened a bipartisan working group on retirement savings and worked with policymakers to develop a roadmap for reforming the system.

Lesson Learned: Collaboration and consensus-building are essential for achieving policy change. By bringing together diverse perspectives, policymakers can develop more effective and inclusive solutions.

Story 3: The Need for Persistence

Jordan has faced challenges and setbacks throughout her career, but she has never given up on her commitment to advancing economic well-being for all. She has consistently advocated for evidence-based policymaking and financial stability, even when her views have not been popular.

Lesson Learned: Persistence and resilience are essential for success in the face of adversity. Policymakers should not be discouraged by setbacks and should continue to work towards their goals.