Claudia Sahm Explained

Claudia Sahm
Birth Name:Claudia Foster
Children:2
Workplaces:Brookings Institution
Federal Reserve Board of Governors
Washington Center for Equitable Growth
Education:Denison University (BA)
University of Michigan (MA, PhD)
Known For:Sahm rule

Claudia Rae Sahm (née Foster) is an American economist, currently serving as Chief Economist for New Century Advisors.[1] She is also the founder of Sahm Consulting.[2] Claudia was formerly director of macroeconomic policy at the Washington Center for Equitable Growth,[3] and a Section Chief at the Board of Governors of the Federal Reserve System, where she worked in various capacities from 2007 to 2019.[4] Sahm specializes in macroeconomics and household finance.[5] She is best known for the development of the Sahm rule, a Federal Reserve Economic Data (FRED) indicator for identifying recessions in real-time.[6] [7]

Education and career

In 1998, Sahm received a bachelor's degree in economics from Denison University, where she also studied political science and German. From 1998 to 1999, Sahm was a Fulbright Scholar at the Technical University of Dresden, where she studied economic transitions in post-socialist countries. From 1999 to 2001, Sahm worked at the Brookings Institution as a research assistant. Sahm began her PhD at the University of Michigan in 2001, guided by Matthew D. Shapiro and Miles Spencer Kimball, completing her thesis Risk Tolerance and Asset Allocation in 2007.[8]

In 2007, Sahm began working at the Federal Reserve Board of Governors as an economist, where her work was focused on examining consumer spending. Her first position was studying the impact of tax rebates.[9] In 2013 she was promoted to Senior Economist, and in 2015 to Principal Economist, at the Federal Reserve Board of Governors.

Sahm was a Senior Economist at the Council of Economic Advisers for the Obama administration, where she worked on macroeconomic developments and housing policy from 2015 to 2016.[10] She studied the impact of unusual weather on economic data.[11] She showed that people were less willing to take economic risks as they age.[12] [13]

In September 2017 Sahm was promoted to Section Chief of the Federal Reserve Board of Governors in the Division of Consumer and Community Affairs. From October 2019 to September 2020, she was director of macroeconomic policy at the Washington Center for Equitable Growth.[14] In September 2020, Sahm joined Bloomberg Opinion as a contributor[15] and in October 2020, she joined The New York Times as a Contributing Opinion Writer.[16]

As of 2022, Sahm is a senior fellow leading Macroeconomic Research at the Jain Family Institute.[17] She is also a member of the National Bureau of Economic Research Conference on Research in Income and Wealth.[18]

In April 2024, Sahm accepted the role of Chief Economist at New Century Advisors.[19]

Research

Sahm conducts research in macroeconomics with a focus on business cycles, fiscal stimulus and consumer behavior.

Her research has appeared in numerous FEDS notes,[20] books, and major academic journals.[21] [22] [23]

Outside the academic audience Sahm is known for the Sahm rule, also known as the "Sahm Recession Indicator":[24] The Sahm rule tracks the unemployment rate to detect upcoming and current recessions.[25] [26]

Selected publications

Other work

Sahm maintains the economics blog MacroMom and economics newsletter Stay-At-Home Macro.[27] [28] [29]

Sahm campaigns for more diversity in economics.[30] [31] She petitioned the American Economic Association to remove sexist comments on the website Economics Job Market Rumors (EJMR).[32] She is also known for her critiques of the culture of the economics profession, citing many specific examples of bullying and harassment she experienced, observed, or had reported to her by others, often directed at female and minority economists.[33] [34]

Personal life

Sahm was married to Patrick Sahm, whom she met at Denison University, and with whom she has two children.[35] She married health economist Colin Baker in 2020.[36]

Awards

External links

Notes and References

  1. Web site: Sahm . Claudia . Claudia Sahm . Linkedin . 28 May 2024.
  2. Web site: Sahm . Claudia . Sahm Consulting . Claudia Sahm . 28 May 2024.
  3. Web site: Equitable Growth Announces Claudia Sahm as New Director of Macroeconomic Policy. Equitable Growth. en-US. 2019-12-02.
  4. Web site: 13 August 2018. Meet the Economists: Claudia R. Sahm. https://web.archive.org/web/20190818154533/https://www.federalreserve.gov/econres/claudia-r-sahm.htm. August 18, 2019. Federal Reserve Board of Governors.
  5. News: Who Will Lead?: Claudia Foster Sahm '98. 7 October 2018. Denison Magazine. Denison University. 5 October 2018. https://web.archive.org/web/20181005030840/https://denisonmagazine.com/article/uncommon-ground/. dead.
  6. News: Schneider. Howard. 2019-10-04. 'Sahm Rule' enters Fed lexicon as fast, real-time recession flag. en. Reuters. 2020-12-21.
  7. Web site: 2020-12-04. Real-time Sahm Rule Recession Indicator. 2020-12-21. fred.stlouisfed.org. en.
  8. Sahm. Claudia R.. 2007. Risk Tolerance and Asset Allocation. PhD. University of Michigan. 894382254.
  9. Book: Ip, Greg. The Little Book of Economics: How the Economy Works in the Real World. August 26, 2010. John Wiley & Sons. Hoboken, New Jersey. 9780470929407.
  10. News: Claudia Sahm '98 Headliner at Women in Economics Forum. denison.edu. Denison University. Granville, Ohio. October 4, 2018.
  11. News: Weather adjusting economic data. Michael. Boldin. Jonathan H.. Wright. September 10, 2015. Brookings. October 4, 2018.
  12. News: The Five Biggest Open Economics Questions To Me. Ozimek. Adam. Forbes. August 4, 2016. October 4, 2018.
  13. Sahm. Claudia R.. December 2012. How Much Does Risk Tolerance Change?. Quarterly Journal of Finance. 02. 4. 1250020. 10.1142/s2010139212500206. 25544881. 4276321. 2010-1392.
  14. News: Catarina. Saraiva. September 24, 2020. Economist Claudia Sahm Leaves Center for Equitable Growth. en. Bloomberg. October 15, 2020.
  15. Web site: Sahm. Claudia. hey, look who's a @bloomberg Opinion contributor now: me. live. https://web.archive.org/web/20200911122027/https://twitter.com/Claudia_Sahm/status/1304391062342053890 . 2020-09-11 . December 8, 2020. Twitter.
  16. Web site: The New York Times - Claudia Sahm. 2020-12-22. www.nytimes.com. en.
  17. Web site: Institute. Jain Family. JFI launches new macroeconomic research initiative, led by Claudia Sahm. 2022-01-14. Jain Family Institute. 14 January 2022 . en.
  18. Web site: CRIW - Members. 2021-09-30. NBER. en.
  19. Web site: Sahm . Claudia . Claudia Sahm's Post . Linkedin . 28 May 2024.
  20. Web site: FRB: Search Results. July 30, 2020. www.fedsearch.org. en.
  21. Joel Slemrod. Slemrod. Joel. Shapiro. Matthew D.. Sahm. Claudia R.. April 2012. Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?. American Economic Journal. 4. 3. 216–250. 10.1257/pol.4.3.216. 1945-7731. 3747574. 23970951.
  22. Kimball. Miles S.. Sahm. Claudia R.. Shapiro. Matthew D.. September 1, 2008. Imputing Risk Tolerance From Survey Responses. Journal of the American Statistical Association. 103. 483. 1028–1038. 10.1198/016214508000000139. 0162-1459. 2856097. 20407599.
  23. Shapiro. Matthew D.. Sahm. Claudia R.. Kimball. Miles S.. May 2009. Risk Preferences in the PSID: Individual Imputations and Family Covariation. American Economic Review. 99. 2. 363–368. 10.1257/aer.99.2.363. 0002-8282. 2995549. 21132079.
  24. How to spot a recession. The Economist. June 11, 2019. September 14, 2019.
  25. Web site: Direct Stimulus Payments to Individuals The Hamilton Project. www.hamiltonproject.org. 2019-09-14.
  26. Web site: Sahm Rule is a poor predictor of recessions. Financial Times. September 13, 2019.
  27. Web site: Sahm. Claudia. MacroMom. MacroMom Blog. 4 October 2018.
  28. Web site: Sahm . Claudia . Stay-At-Home Macro . 2023-01-12 . stayathomemacro.substack.com . en.
  29. Web site: 2022-12-26 . How high did US inflation get this year and where is it headed in 2023? . 2023-01-12 . the Guardian . en.
  30. Web site: Sahm. Claudia. Women in Economics Symposium. 22 February 2018. St Louis Fed. presentation.
  31. News: Suiter. Mary. Sahm. Claudia. Women in Economics: Claudia Sahm. Timely Topics. Federal Reserve Bank of St. Louis. 28 March 2018. Podcast.
  32. Web site: IAFFE - Petition to the AEA re the EJMR website. www.iaffe.org. 2018-10-04.
  33. Web site: Megan. Cerullo. Former Fed economist blasts her profession as racist, sexist, elitist. July 30, 2020. December 2, 2020. CBS News. en-US.
  34. Web site: Lynn. Parramore. What Happens When a Noted Female Economist Fights Toxic Culture in the Field?. September 9, 2020. December 2, 2020. Institute for New Economic Thinking. en.
  35. Web site: Sahm. Claudia. 2019-09-05. and for ego check: teen daughter noted when 'rule' became a thing that "Sahm" isn't my name, it's her dad's (my ex, now co-parent) ... so yeah, it's not about me, duh. people losing jobs is the recession ... policy that spares them is what matters. 2020-02-18. @Claudia_Sahm. en.
  36. Web site: @ColinSeanBaker and @Claudia_Sahm Red heart Red heart married. 2020-11-30. Twitter. en.

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