He died on Saturday, the Bank of Israel mentioned in an announcement, expressing condolences.
Fischer, referred to as Stan, served as vice chairman of the US Federal Reserve from 2014 to 2017 following eight years as governor of the Financial institution of Israel, including to a resume that included time on the Massachusetts Institute of Know-how, spells on the Worldwide Financial Fund and World Financial institution, and a stint as vice chairman of New York-based Citigroup Inc.
The roster of MIT college students he taught and suggested included Ben S. Bernanke, who would go on to change into Fed chair and referred to as Fischer his mentor; Mario Draghi, a future European Central Financial institution president and prime minister of Italy; Lawrence Summers, who would function US Treasury secretary underneath Invoice Clinton; Greg Mankiw, who would lead President George W. Bush’s Council of Financial Advisers; Kazuo Ueda, named Financial institution of Japan governor in 2023; and IMF chief economists, together with Olivier Blanchard, Ken Rogoff and Maurice Obstfeld.
Numerous different faculty undergraduates have been launched to the dismal science by Macroeconomics, the textbook Fischer wrote in 1978 together with his MIT colleague, Rudi Dornbusch. The thirteenth version of the guide was printed in 2018.
“It’s laborious to consider some other macroeconomist alive who has had as a lot direct and oblique affect, via his personal analysis, his college students, and his coverage choices, on macroeconomic coverage world wide,” Blanchard wrote of Fischer in 2023. Fischer and Blanchard co-authored Lectures on Macroeconomics, printed in 1989. -BB
