tag:blogger.com,1999:blog-4900303239154048192.post7136953969225641796..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Do 2007 Fed Transcripts Make Yellen Frontrunner To Succeed Bernanke?Unknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4900303239154048192.post-58666261679488469012013-01-21T12:11:54.401-05:002013-01-21T12:11:54.401-05:00Last summer I worked on updating an undergrad-leve...Last summer I worked on updating an undergrad-level macro textbook by Boyes and Melvin. I asked if I could add a feature box about women in economics, to hopefully encourage more diversity in the field. In the box I profiled Janet Yellen. It would be so awesome if in the next edition, it could be updated to say that she was Chair. (I'm at Berkeley, so I may be biased!) Carolahttps://www.blogger.com/profile/12783977056485775882noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-81688969857384439422013-01-20T09:04:16.282-05:002013-01-20T09:04:16.282-05:00My impression is that the following exchange has s...My impression is that the following exchange has somewhat diminished Geithner's chance at Fed Chair.<br /><br />http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/18/breaking-inside-the-feds-2007-crisis-response/<br /><br />"...Lacker suggests Geithner may have discussed rate cut with banker<br /><br />During the Aug. 16 videoconference, when the Fed elected to cut the discount rate for bank lending, Richmond Fed President Jeffrey Lacker suggested that Timothy Geithner, then the New York Fed president, may have allowed word of the impending rate cut to leak to one leading bank. That set up a tense exchange between the two officials.<br /><br />Geithner said that the banks “obviously don’t have any idea that we’re contemplating a change in policy or what might be possible and what we might say or not say going forward.”<br /><br />Lacker said, “Vice Chairman Geithner, did you say that they [the banks] are unaware of what we’re considering or what we might be doing with the discount rate?”<br /><br />“Yes,” replied Geithner.<br /><br />Continued Lacker: “Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that.”<br /><br />Responded Geithner, “Well, I cannot speak for Ken Lewis, but I think they have sought to see whether they could understand a little more clearly the scope of their rights and our current policy with respect to the window. The only thing I’ve done is to try to help them understand—and I’m sure that’s been true across the System—what the scope of that is because these people generally don’t use the window and they don’t really understand in some sense what it’s about.”..."Mark A. Sadowskihttps://www.blogger.com/profile/08259309059705236763noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-37162961875736877932013-01-19T20:58:48.173-05:002013-01-19T20:58:48.173-05:00Funny thing is that I never actually had Hester, b...Funny thing is that I never actually had Hester, but I played him in a satirical Department Christmas party skit. I was "Pester," and I think I uncoiled a roll of toilet paper, loudly declaring that this was my latest research, or some such nonsense. The grad students put on those skits (I have no idea if they still do such things there), and some of what we did was pretty outrageous. <br /><br />Anyway, Hester eventually forgave me, and we have been friends in more recent years. Although emeritus now, he remains active and in his office most days, still writing books and papers, a lot of them on Italian banking.<br /><br />It is my observation that if he decides you are OK and you are one of his people, then he is very personally loyal. I think that this explains his attitude towards Lacker, even though I suspect that he is not entirely in agreement with all he is doing. I have never heard him say a bad thing about any of his former students, those for whom he was their major professor that is, which was the case with Lacker (PhD, 1980).rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-38218030662838415452013-01-19T19:37:46.832-05:002013-01-19T19:37:46.832-05:00Hey Barkley, I was an undergrad student of Hester ...Hey Barkley, I was an undergrad student of Hester -- does this qualify me for anything (other than this blog)?<br /><br />Incidentally, he taught a great course. I was "banker of the week" in his virtual bank game for the first week....and then went bust. Risk and return, risk and return.Peter Dormanhttps://www.blogger.com/profile/00093399591393648071noreply@blogger.com