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White House Economic Adviser Returns to Kellogg

Janice Eberly

Photograph by Andrew Harrer/Bloomberg

Janice Eberly

Janice Eberly, who served as the assistant secretary for economic policy and chief economist for the U.S. Treasury, has returned to Northwestern University’s Kellogg School of Management.

In her Senate-confirmed position, she led the Office of Economic Policy for nearly two years, where she offered analysis of economic policies and recommendations on budget and fiscal policies, education, job training, and housing.

“It was a challenging period,” says Eberly. “It was an exciting and momentous time to be working on economic policies in the U.S.”

Previously, Eberly served on the staff of the White House Council of Economic Advisers and on the advisory panels of the Bureau of Economic Analysis and the Congressional Budget Office.

Eberly returned to Kellogg as the James R. and Helen D. Russell professor of finance on May 1. In the fall, she will teach macroeconomic policy and global capital markets for MBA students. She developed the course before taking leave, but says her government experience will make the class more insightful. For instance, her experiences dealing with housing policy should help her convey a richer understanding of the institutions involved in decision-making and competing interests, she adds.

“The experience at the Treasury gives me a much richer picture of macroeconomics and policy development and implementation,” says Eberly, 50, who has been on the Kellogg faculty since 1997.

While transitioning from her post at the Treasury, Eberly is giving talks and reigniting her research, which focuses on capital budgeting and real options, financial frictions, household finance, portfolio choice, and consumption. She says her research will also be influenced by the last two years in government. For example, she expects to do more work on credit issues.

“Credit programs have been playing a larger role in government policy and are used in implementing both fiscal policy and monetary policy,” she writes in an e-mail. “However, lending programs are not a traditional part of either fiscal or monetary studies. We need to understand better their impact on the economy, budgeting, and growth.”

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Di Meglio is a reporter for in Fort Lee, N.J.

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