Friday, October 11, 2013

The Chairman of the Economics Department at Harvard on the Nomination of Janet Yellen as Fed Chair

File Under: Another quote to be pulled when price inflation starts to soar and unemployment climbs at the same time.

Greg Mankiw writes:
President Obama has made a great decision in choosing Janet Yellen to chair the Federal Reserve.
He also posts:

The image above, by the way, is one of the illustrations in the next edition of my favorite textbook (which is now in production). When supervising the artist, I had to guess who the next Fed chair would be.  As you can see, I guessed right.
Note the helicopters in the illustration. Mankiw writes:
 I used a helicopter in this interior illustration since the third edition, which predates Bernanke's becoming Fed chair.  Ben has used the helicopter metaphor for monetary policy, but the metaphor is not original to him (or to me).  


  1. Notice changes in prices on Cafe menu.

  2. Yo Yellen! Make it rain!

  3. The only thing that would improve the picture is someone pushing a wheelbarrow loaded with FRNs to buy a loaf of bread (or maybe an economics textbook).

  4. wait....I thought that was a picture you were making fun of yellen for, Bob. How can such "smart" people really believe that we can inflate our way to prosperity?? when has this ever happened in history??