Wednesday, October 09, 2013

Congratulations, Janet

Click on graphic to enlarge.
President Obama has made a great decision in choosing Janet Yellen to chair the Federal Reserve.
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.

Addendum: Someone asks whether the helicopter in the picture is a reference to the current chairman's somewhat pejorative nickname "Helicopter Ben."  The answer is no, not at all.  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).  I would guess it started with Milton Friedman, but I am not entirely sure.