William Brainard

Arthur M. Okun Professor of Economics

Bill Brainard, B.A. Oberlin College, Ph.D. Yale, faculty member at Yale since 1962, you are the homo economicus renaissances—an economist’s economist. Over your career, your chief areas of specialization have been macroeconomics and monetary economics. During your close collaboration with Jim Tobin, you developed the concept of the “Q ratio” to explain the way that stock markets influence investment and economic activity. You are the author of a celebrated theory of how risk-averse decision makers should incorporate the uncertainty about the impacts of our actions on policy. Modern central bankers who take gradual steps to cool or revive the economy are speaking Brainard prose without knowing it. Through your writing, advising, editing, and teaching, you have left your footsteps over the vast terrain of modern economics. 

But this is only one part of the story. There are people who have the special influence over others, beyond what most of us do. You are one of the most extraordinary of those people. Because of your exceptionally fine mind, good judgment, penetrating capacity to understand others, and loyal citizenship, the leaders who have influenced Yale have for decades been influenced by you. You were Bart Giamatti’s provost and trusted confidante, and helped shape and lead the University through a difficult financial period. You helped to create the endowment and spending policy that has served Yale well and been imitated by countless other institutions. You had the foresight to bring to Yale David Swensen, whose investment prowess has helped grow Yale’s endowment dramatically and make the modern Yale possible. You have also been a special counselor and friend to Yale’s current president. In your personal life you are “Mr. Fix It,” legendary for renovating your own kitchen, installing your own air conditioners, fixing your own plumbing, and acting as the mechanic on your own cars. Here at Yale you have been no less a fixer, whether taking up the burdens as Economics DUS, DGS and Chair, or offering your wisdom on countless difficult problems to countless Yale people. In addition, throughout the University as well as your profession, you are someone who is not only admired, but loved. As you retire to spend a little more time with family, but we hope no less time in your office, your University humbly and gratefully offers you its enormous gratitude.