Former Federal Reserve Chair, Ben Bernanke, is one of the most influential figures in U.S. economic policy. As the head of the central bank from 2006 to 2014, he effectively steered the economy through the Great Recession of 2008 and to this day is credited with the recovery of the US economy. Under his leadership and proactivity, the Fed implemented a series of policies that, although heavily debated, have proven to be effective.

Bernanke began his service alongside Chair Alan Greenspan, who had succeeded Paul Volcker. Bernanke was very different in many regards from his predecessor, who had more of a free-market, laissez-faire approach to economic policy. Instead, Bernanke was an Keynesian, leaning more towards government intervention as a means to jump-start the economy. During his tenure, he introduced a form of quantitative easing, which is a type of unconventional monetary policy wherein the central bank buys a predetermined amount of assets from the market. The idea behind quantitative easing was to inject the banking system with additional money, lowering interest rates and encouraging lending and investment.

In addition, Bernanke also implemented their “Operation Twist” program, originally developed in 1961, which aimed at flattening the yield curve by selling short-term treasury securities to buy longer-term ones. The strategy involved selling short-term government bonds and buying longer-term ones, thus shortening the duration of bonds being traded on the market and lowering longer-term interest rates. By doing so, he was able to increase the money supply and stimulate the banking system, encouraging banks to lend and spurring investment.

Despite Bernanke’s success in modernizing economic policies and navigating economic crisis, his strategies have left a lasting impression in an unfavorable light. Critics have blamed Bernanke for flooding the U.S. economy with too much money, the effects of which were seen in the form of high inflation and increased public debt. Furthermore, loose monetary policies were blamed for inflating asset prices, causing a bubble in the stock market.

Yet, one cannot ignore the positive effects of Bernanke’s policies. The Great Recession of 2008 saw the economy take a severe hit, and it was under his guidance and leadership that the U.S. was able to successfully navigate the tough times and eventually recover. A feature article in The Economist in 2014 formed the turning point in public opinion, with the magazine describing Ben Bernanke as a "heroic figure" who "deserves much of the credit for averting an even worse disaster" in 2008.

All in all, it can be agreed on that Ben Bernanke's strategies and strategies have had considerable and lasting effects. His decision to inject money into the system was an aggressive and controversial move, but one that ultimately saved a crumbling economy. Critics and supporters alike can both agree: Ben Bernanke will be remembered for his iconic role in the recovery of America's economy.