Lyle E. Gramley


College of Arts and Sciences Distinguished Alumni Award (1996)
Indiana University Bloomington
M.A., 1952; Ph.D., 1956
Honorary Degree (1984)
Doctor of Laws
Location: Bloomington
Presenter: John William Ryan
Distinguished Alumni Service Award (1980)
M.A., 1952; Ph.D., 1956


Lyle E. Gramley began his fourteen-year term as Governor of the Federal Reserve System on May 28, 1980. As one of the seven members of the Board of Governors, he shares responsibility for the conduct of the nation's monetary policy, together with regulatory direction of the banking system and administration of the regional Federal Reserve Banks and their branches. His appointment by the President of the United States required confirmation by the Senate.

Lyle Gramley entered Beloit College after military service in World War II, and in 1951 earned his baccalaureate degree there with honors and membership in Phi Beta Kappa. He then became a graduate student at Indiana University, where he received the M.A. in 1952 and the Ph.D. in Economics in 1956. Experience as a financial economist with the Federal Reserve Bank of Kansas City and as a member of the economics faculty of the University of Maryland prepared him for service with the Federal Reserve System. He was named senior economist of the Federal Reserve System in 1964 and, ultimately, director of the Division of Research and Statistics in 1974.

In 1977 he became one of the three members of the Council of Economic Advisors. During his tenure, the nation's commerce was buffeted by international stresses and the reverberating shock of exploding energy costs. The analyses of market trends affected by these factors were presented to the Executive Branch with objectivity and accuracy by Lyle Gramley and his associates, enabling the President and other political leaders to make informed policy decisions. The integrity with which Dr. Gramley balanced the role of political adviser with that of professional analyst is attested to by the warmth with which his designation as Governor of the Federal Reserve Board was greeted by his peers among the nation's economists.

Dr. Gramley is a member of the American Economic Association, the American Finance Association, the National Economics Club, and the Conference of Business Economists. He is the author and co-author of many published monographs. His popularity as a speaker and lecturer results from his reputation for wit combined with a record of acuity in analysis and accuracy in forecasting economic trends.

As a member of the Board of Governors, Lyle Gramley continues to be the consummate professional economist, seasoned by his experience as a political adviser. Believing economics is the focal point of public policy, he is a force in the process that will determine the success with which the nation's goals may be realized.