tag:blogger.com,1999:blog-2499715909956774229.post6301783746212379799..comments2024-03-09T02:22:57.289-08:00Comments on Stephen Williamson: New Monetarist Economics: Who Should Run the Fed?Stephen Williamsonhttp://www.blogger.com/profile/01434465858419028592noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-2499715909956774229.post-3653584354029679602013-07-27T11:13:11.288-07:002013-07-27T11:13:11.288-07:00Thanks. The question then is, who gets an easier t...Thanks. The question then is, who gets an easier time in the Senate, Yellen or Summers?Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-91616001364236563202013-07-27T10:11:41.814-07:002013-07-27T10:11:41.814-07:00Yes. My colleague Kim Schoenholtz adds:
From t...Yes. My colleague Kim Schoenholtz adds: <br /><br />From the Federal Reserve Act Section 10 part 2:<br /><br />Of the persons thus appointed, 1 shall be designated by the President,<br />by and with the advice and consent of the Senate, to serve as Chairman<br />of the Board for a term of 4 years....Dave Backushttps://www.blogger.com/profile/11472846910681816429noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-50013566671620858502013-07-27T09:13:51.716-07:002013-07-27T09:13:51.716-07:00"An important point is that Yellen will not n..."An important point is that Yellen will not need to go through Senate confirmation to become Chair of the Board of Governors. She was already confirmed to be a Governor, for a 14-year term, in October 2010. The Chair is chosen from among the Governors. In cases where the proposed Chair is not already a Governor, the Senate must go through confirmation proceedings."<br /><br />This is incorrect. Yellen would still have to be confirmed by the Senate. <br /><br />Recall that Greenspan completed his first full term as a Governor between 1992 and 2006 and had to be renominated for Chair by the President and confirmed by the Senate in 1996, 2000 and 2004. Similarly, although Bernanke's 14 year term as Governor does not end until January 31, 2020, he had to be renominated for Chair by the President and confirmed by the Senate before his second term as Chair could begin on January 31, 2010. Mark A. Sadowskihttps://www.blogger.com/profile/08259309059705236763noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-29758054459631529422013-07-27T05:47:07.896-07:002013-07-27T05:47:07.896-07:00If it was my brother, Republicans would like him.If it was my brother, Republicans would like him.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-74911691664464091822013-07-27T05:43:57.727-07:002013-07-27T05:43:57.727-07:00Left out of what?Left out of what?Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-2699977186370807022013-07-27T02:37:27.822-07:002013-07-27T02:37:27.822-07:00Well, a Canadian will get confirmed by Republicans...Well, a Canadian will get confirmed by Republicans, right.Christiaanhttps://www.blogger.com/profile/13390409981798681710noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-64958926833243476082013-07-26T16:31:46.715-07:002013-07-26T16:31:46.715-07:00CA, but do remember that it was that Canadian who ...CA, but do remember that it was that Canadian who is a US citizen who is a monetary economist who teaches in St. Louis, who said (of Kocherlakota, if I recall correctly) that nerds should not become policy makers...<br />BTW, feeling a bit left out, Stephen?Manfred the mamoothhttps://www.blogger.com/profile/07516724901598949627noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-41444647196546789842013-07-26T14:32:31.018-07:002013-07-26T14:32:31.018-07:00Tsk tsk!Tsk tsk!CAnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-27783465977319241032013-07-26T14:17:19.803-07:002013-07-26T14:17:19.803-07:00Yes, but in spite of my consistent support for Bar...Yes, but in spite of my consistent support for Barack, he doesn't write, he doesn't call... Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-64028173244279585112013-07-26T13:58:17.586-07:002013-07-26T13:58:17.586-07:00Ahem, I know a Canadian who is a U.S. citizen and ...Ahem, I know a Canadian who is a U.S. citizen and happens to be a monetary economist (unlike Summers and Yellen). I think he teaches somewhere in St. Louis. :)CAnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-35890269150679970112013-07-26T13:47:47.551-07:002013-07-26T13:47:47.551-07:00I was hoping you would ask. Tiff was a Jeremy Gree...I was hoping you would ask. Tiff was a Jeremy Greenwood student. So he is a serious modern macroeconomist. In the 1985-86 academic year I taught an advanced PhD money course at Western Ontario, which Tiff took for credit. I taught money and banking theory, so Tiff would have learned what I was doing at the time - OG models, Diamond-Dybvig, some research I was doing on intermediation. What we would now call credit frictions. So he is also a new monetarist, if he was paying attention.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-90092292521308286632013-07-26T13:29:48.937-07:002013-07-26T13:29:48.937-07:00Very funny your proposal, Stephen.
But it seems th...Very funny your proposal, Stephen.<br />But it seems that Macklem has a PhD from Western Ontario... isn't that Old Keynesian as well? Oh no, wait, this is David Laidler fiefdom, then perhaps, Old Monetarism? :-)Manfred the mamoothhttps://www.blogger.com/profile/07516724901598949627noreply@blogger.com