By Dan Kervick
Matt Yglesias makes two very important points this morning in a post about the ongoing debate over Ben Bernanke’s successor as Fed Chair. The first is that “a great big country like the United States should probably put its central bank in the hands of people with central banking experience.” He elaborates:
One issue here is just that it turns out to be hard to guess what someone’s going to do based on outside writing. Bernanke is a great case in point where his conduct as Fed chair has been much more similar to his remarks in Fed meetings as a Fed governor than to his published writing as a Princeton professor. For better or for worse practical experience with the institution tempered his ideas.