From the NYT:
President Obama has yet to announce nominations to the remaining vacancies on the Fed’s board, but the White House has signaled that at least one of the two vacancies will be filled by someone with community banking experience.
In other news, American Airlines plans to hire a Boeing 747 co-pilot with experience driving a school bus.
I sometimes wonder if we should drop macro from the intro economics sequence, and just do two semesters of micro. Macro’s as hard as quantum mechanics if done right, and if done wrong . . . .
People tell me “you can’t do that, it’s important that citizens be knowledgable about important public policy issues like monetary policy.”
OK, let’s say that’s true. If so, can you explain to me why citizens need to be well informed about monetary policy, but monetary policy makers don’t need to be well informed about monetary policy?
Just asking.
Seriously, we need two Federal Reserve Boards. One for monetary policy and one for banking regulation. Yes, that will add a few million dollars to the Federal budget, but has anyone computed the cost of bad monetary policy and bad banking policy? Are we such cheapskates that we insist on trying to hire 7 “jack of all trades” to do a crappy job in both areas?
I gave a talk at the Cambridge Union today, which was quite an honor. Working off the iPad now, so blogging will be sporadic. Later in the week I’ll have a couple posts at Econlog that were written earlier.