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Friday, August 02, 2013

Paul Krugman: Sex, Money and Gravitas

The campaign against Janet Yellen:

Sex, Money and Gravitas, by Paul Krugman, Commentary, NY Times: Can a woman effectively run the Federal Reserve? That shouldn’t even be a question. And Janet Yellen, the vice chairwoman of the Fed’s Board of Governors, isn’t just up to the job; by any objective standard, she’s the best-qualified person in America to take over when Ben Bernanke steps down as chairman.
Yet there are not one but two sexist campaigns under way against Ms. Yellen. One is a whisper campaign whose sexism is implicit, while the other involves raw misogyny. And both campaigns manage to combine sexism with very bad economic analysis.
Let’s start with the more extreme, open campaign. Last week, The New York Sun published an editorial attacking Ms. Yellen titled “The Female Dollar.” The editorial took it for granted that the Fed has been following disastrously inflationary monetary policies for years, even though actual inflation is at a 50-year low. And it warned that things would get even worse if the dollar were to become merely “gender-backed.” I am not making this up.
True, The Sun is a marginal publication, with strong gold-bug tendencies, and nobody would pay much attention if the rest of the right had ignored or distanced itself from that editorial. In fact, however, The Wall Street Journal immediately followed up with its own editorial along the same lines, in the course of which it approvingly quoted The Sun piece, female dollar and all.
The other campaign against Ms. Yellen has been subtler, involving repeated suggestions — almost always off the record — that she lacks the “gravitas” to lead the Fed. What does that mean? Well, suppose we were talking about a man with Ms. Yellen’s credentials: distinguished academic work, leader of the Council of Economic Advisers, six years as president of the San Francisco Fed, a record of working effectively with colleagues at the Board of Governors. Would anyone suggest that a man with those credentials was somehow unqualified for office?
Sorry, but it’s hard to escape the conclusion that gravitas, in this context, mainly means possessing a Y chromosome.
Both anti-Yellen campaigns, then, involve unmistakable sexism, and should be condemned for that reason. As it happens, however, both campaigns have another problem, too: They’re based on bad economic analysis. ...
So is Janet Yellen the only possible candidate to be the next leader of the Fed? Of course not. But the case for someone else should be made on the merits — and, so far, that hasn’t been what’s happening.

    Posted by on Friday, August 2, 2013 at 12:24 AM in Economics, Monetary Policy, Politics | Permalink  Comments (49)



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