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Economy
In reply to the discussion: Weekend Economists Get Syri-ous August 30-September 2, 2013 [View all]xchrom
(108,903 posts)7. Federal Reserve: Choosing The Chairman
http://www.businessinsider.com/federal-reserve-choosing-the-chairman-2013-8
Larry Summers and Janet Yellen would both lead the Fed well. But Ms Yellen is the safer choice
BARACK OBAMA will soon make one of the biggest economic decisions of his presidency: who should replace Ben Bernanke as chairman of the Federal Reserve. Since Americas monetary decisions reverberate far beyond its borders, the world has an interest in having the best person in that job.
The good news is that, for all the political circus that has surrounded the decision, Mr Obama is choosing from excellent candidates. The two leading contenders--Larry Summers, a former treasury secretary and presidential adviser, and Janet Yellen, the Feds current vice-chairman--are both top-notch economists with years of relevant experience (see "The Federal Reserve: Dove v dove" . Mr Obama is said to be leaning towards Mr Summers. This newspaper would (narrowly) plump for Ms Yellen. Although Mr Summers is cleverer, she is better suited to this job now.
Two doves
For decades the art of monetary policy has been to control inflation and counter recessions by pushing short-term interest rates up or down. Now weak growth, not inflation, is the biggest challenge, and the Fed has to rely on less tested and more controversial tools, such as bond-buying. The next chairman will need the judgment to navigate this new world and persuade financial markets (and sceptical politicians) that the central bank knows what it is doing.
Read more: http://www.businessinsider.com/federal-reserve-choosing-the-chairman-2013-8#ixzz2dXe4c2M3
Read more: http://www.businessinsider.com/federal-reserve-choosing-the-chairman-2013-8#ixzz2dXduhL8s
Larry Summers and Janet Yellen would both lead the Fed well. But Ms Yellen is the safer choice
BARACK OBAMA will soon make one of the biggest economic decisions of his presidency: who should replace Ben Bernanke as chairman of the Federal Reserve. Since Americas monetary decisions reverberate far beyond its borders, the world has an interest in having the best person in that job.
The good news is that, for all the political circus that has surrounded the decision, Mr Obama is choosing from excellent candidates. The two leading contenders--Larry Summers, a former treasury secretary and presidential adviser, and Janet Yellen, the Feds current vice-chairman--are both top-notch economists with years of relevant experience (see "The Federal Reserve: Dove v dove" . Mr Obama is said to be leaning towards Mr Summers. This newspaper would (narrowly) plump for Ms Yellen. Although Mr Summers is cleverer, she is better suited to this job now.
Two doves
For decades the art of monetary policy has been to control inflation and counter recessions by pushing short-term interest rates up or down. Now weak growth, not inflation, is the biggest challenge, and the Fed has to rely on less tested and more controversial tools, such as bond-buying. The next chairman will need the judgment to navigate this new world and persuade financial markets (and sceptical politicians) that the central bank knows what it is doing.
Read more: http://www.businessinsider.com/federal-reserve-choosing-the-chairman-2013-8#ixzz2dXe4c2M3
Read more: http://www.businessinsider.com/federal-reserve-choosing-the-chairman-2013-8#ixzz2dXduhL8s
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