tag:blogger.com,1999:blog-2499715909956774229.post3760094318549205502..comments2024-03-22T22:37:02.639-07:00Comments on Stephen Williamson: New Monetarist Economics: Powell/YellenStephen Williamsonhttp://www.blogger.com/profile/01434465858419028592noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2499715909956774229.post-74719497611405072372017-12-11T14:02:41.585-08:002017-12-11T14:02:41.585-08:001. The comment on "gender-blind," referr...1. The comment on "gender-blind," referred specifically to the choice of Powell vs. Yellen. In this case, it seems clear that Yellen is better-qualified but, consistent with his other choices, Trump prefers the man, even when there is precedent for sticking with what you've got.<br />2. Are you suggesting that the only forum in which I should be able to say anything is in a Senate hearing? I can't blog about it?<br />3. Volcker did not have a PhD. Greenspan had one, but received it under questionable circumstances. We wouldn't call either an "accomplished academic." Bernanke is different. He was a tenured professor at Princeton, and had well-cited publications in top economics journals.<br />4. If you think things are not bleak, open your eyes and look around you. Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-23011624439181737172017-12-01T08:03:14.524-08:002017-12-01T08:03:14.524-08:00Very insightful observations, especially the one a...Very insightful observations, especially the one about Trump's conviction that people he appoints owe him favors.Samhttps://www.blogger.com/profile/07492947521745070905noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-32373991501231154982017-11-30T07:22:01.036-08:002017-11-30T07:22:01.036-08:00Your remark, a criticism in fact, that Powell'...Your remark, a criticism in fact, that Powell's appointment is a set-back to progress towards a "gender-blind society" is mis-placed. In a "gender-blind" society, gender is ignored as a criterion, by definition. It does not mean that gender must be factored into each and every decision, nor does it mean that an imbalance in the gender composition of an organization must righted to attain a 50:50 make up by gender throughout the organization, as some persons such as left-leaning Canadian politicians would have one believe. Nor is it necessary that the Fed chair be held by a female going forward, simply because the current chair is held by a female. As to the appointment process, it is in the president's gift to decide whom to appoint and whom to retire, in accordance with powers granted under the Constitution. If one doesn't agree with how the Constitution divies up the power to appoint and fire federal civil servants, then work to change the Constitution so that it is more to your liking. As to whether Powell will make a good or bad Fed chair, that assessment is before the senate now under the 'advice and consent' provisions of the Constitution. Under a republican form of government that's as good as it can get. If professors of macroeconomics want a say in that decision they are more than able to do so by making representation to the senate committee examining and appraising Powell's nomination. If you truly feel that Powell's appointment would disadvantage the Fed and reduce the Fed's independence, such as it is, then make the case for that view where it counts, namely in the halls and corridors and committee neeting rooms of the capital.<br /><br />The history of 'strong' Fed chairs is decidedly mixed. Volcker, Greenspan, and Bernanke, might have been accomplished academics before appointment to the Fed chair, but their terms in office were at best mixed blessings, and at worst decided disasters, for the policies they championed. The question to be asked and answered is whether or not a 'strong chair' is a benefit or a detriment to the economy and society as a whole. Whether professors of macroeconomics are pleased or displeased is irrelevant. Powell may turn out be one of the best Fed chairs in a generation, or he turn out to be a 'lemon'. If developing consensus and elucidating an optimal policy for the Fed going-forward is the primary purpose of the chair, then Powell is as likely as not to fill that role and serve that purpose as any, his lack of academic modern macroeconomics credentials notwithstanding. Indeed his lack of a formal macroeconomics education might well be an advantage, given the current state of academic disagreements in that field today. If he requires guidance he need only call on your goodself and others of a similar disposition for appropriate and independent counsel as and when needed. <br /><br />All is not bleak. Despite an apparent set-back in progress towards a 'gender neutral' or "gender blind" social order, the world is not at risk of dropping off the edge of the liberal cliff into a dark and bottomless void of abject and reactionary conservatism. The night-time skies are often darkest just before the crack of dawn. Be of good cheer.Old Eagle Eyehttps://www.blogger.com/profile/05270080708077871311noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-43583353971662833432017-11-13T12:02:08.022-08:002017-11-13T12:02:08.022-08:00Very interesting column, sir. Have a good day :)Very interesting column, sir. Have a good day :)Anonymousnoreply@blogger.com