Ryan Avent and I were joking about doing a fantasy central banker draft on Twitter earlier today, and I thought it might make for a good post. The real Federal Reserve Board of Governors is supposed to have seven members (though right now there are only five) and I suppose I’d actually keep Sarah Bloom Raskin (who’s there for consumer protection expertise rather than monetary policy) on hand along with Ben Bernanke himself who, despite my many complaints, has in fact pushed the Fed to do a lot of controversial actions in the face of some stiff political resistance. Then the clear number one pick, as both of us agreed, is Lars Svensson from the Riksbank in Sweden and formerly of Princeton University. Sweden hasn’t been a great power since the 17th Century and he desperately needs to be called up to the majors.
Then I want Stanley Fischer from the Bank of Israel. He’s doing a great job and also needs a non-tiny country to be involved with. Besides which, as I read his biography he’s more American than Israeli (he was born in what’s now Zambia, but I don’t think you’d call him Zambian) and it’s a shame for the USA to be squandering that kind of talent. Then we’ll round it out with Christina Romer, who now knows a thing or two about Washington politics along with macroeconomic stabilization, and Adam Posen who’s America, but for some reason is serving on the Bank of England’s board rather than ours.