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BlackRock hires former Fed official Fischer as an adviser: memo


By Hunnicutt

(Reuters) - Inc is hiring former as a senior adviser, the world's largest said in a memo on Wednesday.

Over his career Fischer helped to shape modern economic theory as an academic, trained many future policymakers and put his ideas into practice in a series of jobs culminating in roles at the center of the response to the 2008 global financial crisis.

Fischer, who was born in Zambia, served as of from 2005 to 2013 before joining the Fed, where he was for 3-1/2 years until October 2017.

New York-based BlackRock, which manages about $6 trillion in assets, said Fischer would be a within the Investment Institute, an arm of the company that serves as a think tank on investment strategy, according to the memo co-signed by and confirmed by a

The memo said Fischer will add to the company's research, support its and speak with clients on markets, economics and central

During his time at the Fed, as memories of the financial crisis faded, monetary policymakers continued to wrestle with how to undo their historic stimulus efforts at that time without sending the economy into another tailspin.

As some of his colleagues began wondering about a permanent downshift in global inflation and interest rates, Fischer maintained an underlying faith in the macroeconomic models - which he helped refine - that showed falling unemployment ultimately raising inflation and requiring higher interest rates in response.

Prior to his role as a monetary policymaker, Fischer was at the World Bank, and first at the during the Asian financial crisis. He was also a at from 2002 to 2005.

(Reporting by Hunnicutt; Editing by Christopher Cushing)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 21:32 IST