Larry White asks:
Division of Labour : Reuters had this to say about [Randy] Kroszner: 'While his monetary policy views are not well known, economists said he would likely be in the mainstream. One University of Chicago colleague has said Kroszner would be a "sound money guy."'
I'm starting to wonder whether anyone besides me has actually read Kroszner's monetary writings (as of today!). I've been the intellectual target of some of Kroszner's monetary writings ("Scottish Banking Before 1845: A Model for Laissez-Faire?" Journal of Money, Credit, and Banking, May 1989, 221-31, with Tyler Cowen (reprinted in Lawrence H. White, ed., Free Banking (Aldershot, UK: Elgar 1993)), and the reviewer of others (Journal of Institutional and Theoretical Economics 152, June 1996, 419-22). But really, just look at the title of his book with Tyler Cowen, Explorations in the New Monetary Economics (Cambridge: Basil Blackwell, 1994): does that sound "mainstream" to you?
I have! I have!
Randy Kroszner is, as I said, eminently well-qualified to be on the Board of Governors. But, as I have also said, only one of him! Most Federal Reserve Governors should be "mainstream" in monetary policy. All don't have to be.