Econbrowser readers know that I feel that Janet Yellen would be an excellent choice for the next chair of the Federal Reserve. For those of you who feel the same way, I call your attention to an open letter of support from economists that you could sign.
If you are a professional economist who lives and/or works in the United States and you would like to join in signing this open letter, please send your name, title, and affiliation to YellenLetter@iwpr.org.
We’ve been seeing oil over $100 a barrel and gasoline above $3.40 a gallon for much of the last 3 years. Those prices would have shocked many Americans a few years ago, but have now become the new normal. What has changed and what hasn’t as a result?
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Weak U.S. economic growth continues to be discouraging. But it’s worth taking a look at a few places where things going well for America.
Or so claims a recent headline. But that’s not what I actually said, as I try to clarify below.
From the Daily Herald:
Speaking Tuesday in Arizona, President Obama endorsed the bipartisan efforts of [Senator Bob Corker (R-TN) and Senator Mark Warner (D-VA)] to wind down Fannie Mae and Freddie Mac as a first step in making certain that the nation does not suffer again through a housing finance crisis.
“For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag,” Obama said in Phoenix. “The good news is that there’s a bipartisan group of Senators working to end Fannie and Freddie as we know them. I support these kinds of efforts.”
Let me explain why I also endorse these recommendations.
The Financial Times has published some further discussion on who should be the next Fed Chairman.
Brad DeLong argues for Larry Summers, and
I make the case for Janet Yellen.
The BEA released today its comprehensive national account revisions, according to which real GDP grew at a 1.7% annual rate in 2013:Q2. Although this was above the 1.1% rate that many analysts were expecting, the new estimates also revise down the growth rates that were previously reported for 2012:Q4 and 2013:Q1, with the growth rate over these quarters now estimated to have been 0.1% and 1.1%, respectively, down from the 0.4% and 1.8% figures that had been reported last month.
I wanted to express some of the reasons why I feel that Janet Yellen would be an outstanding choice to head the Federal Reserve.