"He came in as a brilliant academic — a very smart guy with a very deep background in monetary economics — but it was as an academic," said Donald Kohn, who served as the Fed's vice chairman under Mr. Bernanke until 2010.
Ms. Yellen, president of the Federal Reserve Bank of San Francisco, is a leading macroeconomist and a former Fed governor, but the two other nominees, Peter A. Diamond, an economist at the Massachusetts Institute of Technology, and Sarah Bloom Raskin, the Maryland commissioner of financial regulation, do not have backgrounds in monetary policy.
Some background: the International Monetary Fund (IMF) was created in 1944, when the United States was the only industrial economy to emerge in one (much bigger) piece from the ruins of World War II.
The notion of national but co-ordinated economic policies is not only embedded in the Maastricht treaty but is also necessary to ensure an appropriate policy mix against a background of a single monetary policy.
Background context: Public interest, monetary pressures and improving diagnostic techniques have placed an increasing emphasis on minimalism in lumbar disc excision.
He should give it, because against a background of tight fiscal policy, monetary policy is the best macroeconomic lever that Britain has.
Against a background of artificial fiscal and monetary support and an abundance of positive sentiment, we continue to feel cautious.
Sadly, against that background of populist frenzy, International Monetary Fund Managing Director Christine Lagarde chose to stand before the cameras of the gathered media to appeal for quick Congressional action to resolve things.
"Today's broad bipartisan vote in the Senate reflects their deep knowledge of economic and monetary policy, as well as their distinguished backgrounds and unique experience," it said.
But Mr. Ferguson's background is in banking rather than monetary policy, and he is a Democrat.
Against this background, we study the design of optimal monetary policy rules in a theoretical framework where foreign investors react in a nonlinear manner to the evolution of the central bank's currency reserves.
