When Larry Summers was still a candidate for Fed Chair, and the econoblogosphere was still debating whether or not he ought to be nominated, it became oddly fashionable to argue that it would be a good thing if Summers were to be confirmed and subsequently was not politically independent.
See, for example, Matt [...]
One of the most important ideas to emerge from market monetarist writing in the blogosphere, in my opinion, is the “Sumner critique.” This critique named after Scott Sumner has been worded many different ways, but I would state it like this:
If the Fed is successfully stabilizing a nominal anchor – e.g. [...]
Ben Bernanke’s term as chairman of the Fed ends in January, and it is widely expected that he will not stay on. Speculation has recently heated up over as to who his successor will be.
The conventional wisdom is that current Vice Chairman Janet Yellen and former Treasury Secretary Lawrence Summers are the most [...]
“The actual instrument adjustments necessary to make a nominal GNP rule operational are not usually specified in the various proposals for nominal GNP targeting. This lack of specification makes the policies difficult to evaluate because the instrument adjustments affect the dynamics and thereby the influence of a nominal GNP rule on business-cycle fluctuations.”