Choosing a New Federal Reserve Chair

ThinkPiece # 2. You are being asked to discuss the characteristics, background, and educational preparation that you think that a Chair of the Federal Reserve, and your economic advisor, should have before being appointed. The Federal reserve deals with monetary policy. What approach to monetary policy should they have to be an effective Chair? As you will learn from the chapters that we will be studying, there are different approaches and philosophies to monetary policy. Which do you favor? Thinking about the current conditions in the economy, what action would you think they should take.
The instructions state: “Using your knowledge of macroeconomics, identify the background, experience, personal characteristics, and the views on macro theory and policy you would want your appointees to have and implement. Remember, the economic health of the entire nation and the solution to keeping the economy growing will be impacted by this decision.”
Doing some research concerning the previous Chairs and their backgrounds should help in your discussion. Each of the past chairs has had unique approaches—which do you favor.? Understanding the purposes and functions of the Federal Reserve will also help, which will be covered in the text.

Think Piece # 2 Instructions This is not a research paper, but a critical analysis of a certain situation or case study. Your final document should be a couple of pages in length. You will want to consider the following as you prepare your response. • Review the situation presented in the case below, and then identify the "main question" and any "sub questions". • As you formulate your answer to the "question" raised in the case, be sure to use concepts about Fiscal and Monetary Policy that we have been learning about. s. • Don't over think the answer, but explore the solution from as many angles as you think appropriate. • Note: There are papers out on the Internet answering similar questions. Do not copy any sections from the Internet—you need to do your own original thinking. There is some helpful information out on the Internet about the Federal Reserve Chair etc., but if you use that information, be sure to document your sources. The case: Choosing a new Federal Reserve Chair You have just been elected president of the United States, and the present Chair of the Federal Reserve Board has resigned. You need to appoint a new person to this position, as well as a person to chair your Council of Economic Advisers. Using your knowledge of macroeconomics, identify the background, experience, personal characteristics and the views on macro theory and policy you would want your appointees to have and implement. Remember, the economic health of the entire nation and solution to keeping the economy growing will be impacted by this decision. As you know, during the Great Recession, the Fed proposed a number of "bail out" measures to address the “great recession”. In the second part of your paper, indicate why or why not you would recommend that your new appointee use similar measures if this situation arises again. Should the Fed have a bond-buying program? Identify any new policies that you would like your candidate to follow. You will want to use an appropriate style. Single space the document and use a double space between the paragraphs. (This means it should look like the paragraphs above). Use headings and references where appropriate.