One of the concerns surrounding Janet Yellen, Obama's nomination for the head of the Federal Reserve, is how she's going to balance jobs and inflation.
Is she a hawk, or a dove?
She has been known to stress the need to fix high unemployment, maybe even at the risk of triggering inflation by doing so. To increase employment last year, she pushed hard to keep interest rates close to 0, risking a brief inflation increase. By seemingly valuing jobs over inflation, she's often been called a dove. But some argue that she's a "
hawk in dove's clothing," since she did argue for rate rises in 1996 in order to control inflation. Balancing both views, Yellen's friend and writer for Bloomberg praises that "Yellen's appointment should be viewed as an investment in the Fed's dual mandate, which emphasizes the central bank's role in taming both unemployment and inflation" (Source:
Bloomberg). Maybe she's not a dove or a hawk. Maybe she just adapts to changing circumstances, which is a relief, because she won't be as susceptible to endangerment by natural selection as the doves and hawks are.
Yellen's extremely impressive record, experience, ability to cooperate and compromise, creativity, work ethic, and educational background all convince me that she will be brilliant as the Fed chair. Furthermore, I believe she will inspire many aspiring young women, including myself. But do
you think she'll be able to handle it? The dual responsibilities of the Federal Reserve (handling unemployment and inflation) proved to be a challenging for all previous Fed chairs. How will Yellen be different than Bernanke, or other chairs before her? Do you think she's a good fit for the job? Is she a hawk or a dove, and what would that mean for the country as a whole?
Lastly, can we just take a moment to recognize how awesome she is? And adorable?