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Thursday, May 18, 2006

Kohn Nominated to be Vice Chair of Fed

I don't have any problems with this at all except that it still leaves me wondering who will be chosen to fill the open seat on the Board of Governors created by Roger Ferguson's retirement:

Fed's Kohn Is Nominated to Be Bernanke's Deputy, Bloomberg: Federal Reserve Governor Donald Kohn, a 36-year central bank veteran, was nominated by President George W. Bush to be the board's new vice chairman. Kohn, 63, will replace Roger Ferguson, who left in April... The move gives Chairman Ben S. Bernanke a deputy who served as Alan Greenspan's top strategist and embraces much of the former Fed chief's thinking on interest rates, financial markets and risk. Kohn is also an opponent of inflation targeting, a goal favored by Bernanke, Greenspan's successor. ...

The partnering of Bernanke, the 52-year-old academic who spent his career researching monetary economics at universities, and Kohn, who has attended more Open Market Committee meetings than any other Fed official, will probably strengthen the Fed, central bank watchers said. ''It's a stellar appointment,'' said Alan Blinder, a former Fed Vice Chairman and now a professor at Princeton University. ''It's hard to imagine anyone that would be more qualified for the position than Don Kohn.'' ... Greenspan, attending a reception in New York today, said: ''It's a superb nomination.'' ...

Kohn earned a doctorate in economics at the University of Michigan and went to work for the Kansas City Fed in 1970, then moved to Washington to start with the board in 1975.

    Posted by on Thursday, May 18, 2006 at 04:39 PM in Economics, Monetary Policy | Permalink  TrackBack (0)  Comments (0)

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