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Dropout-Turned-Ph.D. Informs Yellen’s Job Market Outlook at Fed

Mary Daly dropped out of high school at 15 and supported herself delivering donuts. Now the 52-year-old Ph.D. economist is helping shape Janet Yellen’s understanding of the job market.

As associate research director at the San Francisco Federal Reserve, Daly delved into one of the biggest mysteries of the six-year economic recovery: with unemployment rapidly declining from a peak of 10 percent, why have wages been slower to accelerate than economic theory would suggest?