Matt Iglezias one week ago had it 100% correct in “Three Reasons Christina Romer Should Be Fed Chair”:
Former White House Council of Economic Advisors chair Christina Romer isn’t under consideration to run the Federal Reserve and never has been. There are reasons for this, and they’re not all terrible reasons. But there are three very good reasons that she ought to be a—if not the—leading contender for the job.
A few months ago I was also ‘rooting’ for her:
On Fed monetary policy today:
But the truth is even these moves [Qe´s] were pretty small steps. With its most recent action, the Fed has pushed the edges of its current regime. And I am sure that given the opposition in Congress and the difference of opinion within the FOMC, even those measures were a struggle.Nevertheless, the key fact remains that the Fed has been unwilling to do a regime shift. And because of that, monetary policy has not been able to play a decisive role in generating recovery. To paraphrase E. Cary Brown’s famous conclusion about fiscal policy in the Great Depression: monetary policy has not been a strong recovery tool in recent years not because it did not work but because it was not tried—at least not on the scale and in the form that was necessary to have a large impact.