- Stanley was born into a Jewish family in Mazabuka, Northern Rhodesia (now Zambia)
- When he was 13, his family moved to Southern Rhodesia (now Zimbabwe)
- He became active in the Habonim Zionist youth movement
- In 1960, he visited Israel as part of a winter program for youth leaders, and studied Hebrew at kibbutz Ma’agan Michael
- He had originally planned to study at the Hebrew University of Jerusalem
- He went to the United Kingdom to study after receiving a scholarship from the London School of Economics, and obtained his B.Sc. and M.Sc. in economics from 1962–1966
- Fischer then moved to the United States to study at MIT, and earned a Ph.D. in economics in 1969 with a thesis titled Essays on assets and contingent commodities written under the supervision of Franklin M. Fishe
- He became an American citizen in 1976
- He was appointed Governor of the Bank of Israel in January 2005 by the Israeli cabinet, after being recommended by Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu.
- American President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the United States’ central bank, in January 2014.
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