A great debate is underway regarding the successor to Federal Reserve Chairman Ben Bernanke. The choice is seems comes down to two economists, Lawrence Summers or Janet Yellen.
The debate is full of interesting insight, but it is the immediate challenges of the Fed that matter more.
Both Summers and Yellen have remarkable credentials. Both have led the council of economic advisers, and both are related to Nobel Prize winners — Yellen’s husband, two of Summers’ uncles. Summers has been the secretary of the U.S. Treasury; Yellen was president of the San Francisco Fed.