For My Brad DeLong File

When all hell breaks out and price inflation soars, this will be a reminder of who promoted inflationistas to run the Fed. DeLong writes:

YES, I AM NOW STRONGLY ON TEAM JANET AS FAR AS THE FEDERAL RESERVE IS CONCERNED. WHY DO YOU ASK?

There is, in my view, now only one candidate to be chair of the US Federal Reserve. Janet Yellen, the current vice-chair, stands head, shoulders and torso above the rest of those on the shortlist. The withdrawal of the candidacy of Lawrence Summers, the former Treasury secretary and my first choice, has removed her only real competition.

I have watched her from a distance, since she left the corner office next to mine at the Berkeley Economics department and moved across San Francisco Bay to become president of the Federal Reserve Bank of San Francisco in 2004 – and she has shown a better understanding of the state of the economy and the impact of economic policies than most of her peers at the Fed….