I'm sort of withholding judgment. Summers has been blasted in the blogosphere lately for not getting enthusiastically on board the NGDP targeting bandwagon. However, he was an administration official which means that other things were in his bailiwick, and he's too smart for me to believe he is actually missing that point. I also think when it comes to "credible commitment" candidates, Summers has got that in spades. Still his dove credentials aren't as strong as others. Plus we'd have to hear a lot of bitching and moaning about his past controversies and I'm not sure that would be good in confirmation hearings or in the regular Congressional testimonies which are going to be important for Fed guidance.
So my first choice is Christine Romer. In addition to having a long-standing crush on her, she's got the dove credentials, the NGDP credentials, the fiscal policy credentials (like Bernanke, she'll keep pushing that to Congress), none of the baggage, and she's a break which will signal a regime change.
Yellen is all of that too except she exhibits more continuity so committing to a new policy regime will be tougher. So she's my second choice.
Larry Summers is my third choice.
Brad DeLong and Paul Krugman are tied for fourth, but I will not burden them with a higher ranking because I'm sure they have better things to do with their time.
One caveat - if Ron Paul would be around in the House, Larry Summers would probably move to first for me just because I would love to see those two together during testimony. This is not the social optimum, but it would be a private optimum for me.
What are your thoughts?
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