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Opinion
Justin Wolfers

Why I’m Very Happy About Janet Yellen

President Barack Obama plans to nominate Janet Yellen as the next chairman of the Federal Reserve Board. In doing so, he will promote the pre-eminent policy economist of her generation to the role of the most powerful central banker in the world.

Yellen is quite simply more qualified for the job than any of her predecessors. She’s an imaginative and technically adept economist possessed of a brilliant and precise mind. As a researcher, she has made fundamental contributions to our understanding of unemployment and the importance of smoothing out the ups and downs of the economy. She has demonstrated an ability to navigate political corridors, having served successfully as the chairman of President Bill Clinton’s Council of Economic Advisers.