Edward "Ned" Gramlich, who warned of the consequences of lax standards in the banking sector while a governor at the Federal Reserve, has passed away at the age of 68.
From a Bloomberg article on Gramlich today:
"Sometimes one's advice must be weighted toward economic practicality, sometimes toward humanity,'' Gramlich told the Senate Banking Committee. "A good economist should know how to balance both objectives.''
By that measure, Ned Gramlich was a "good economist".
Here are some of the links to articles reporting on Gramlich's passing.
Months ago Mr. Gramlich agreed to give a luncheon address at the Federal Reserve Bank of Kansas City's annual symposium in Jackson Hole, Wyo. Since he was too sick to attend, his prepared remarks were delivered Friday by David Wilcox, deputy director of research at the Fed. Mr. Wilcox, before delivering the remarks, said he and the rest of the staff felt a special bond to Mr. Gramlich because he had been a staff economist there in the 1960s. Mr. Gramlich found "it perfectly natural to treat us all truly as colleagues when he returned as a governor."
Reuters
Forbes
Washington Post
Statement from Federal Reserve Chairman Ben Bernanke
Urban Institute Press Release
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