The "green" in Greenspan may some day be on the desk of Ben Bernanke, chair of the University's economics department. In a survey of economic forecasters, Bernanke's name was on the list of possible successors to the chairman of the Federal Reserve, Reuters reported last week.
Colleagues said Bernanke seemed an appropriate choice for the position.
"He would be a superb appointment, one of the best possible," said economics professor Lars Svens-son. "There's no other person that would be more qualified."
Economics professor Uwe Reinhardt agreed, saying he would not be surprised if Bernanke were being considered.
"I would of course be delighted if you had somebody of that caliber do it," Reinhardt said. "[Bernanke is] extraordinarily smart about the interface between monetary policy and the economy in a fairly practical way," he said.
Among other studies, Bernanke has researched the role of monetary policy during the Great Depression.
Reinhardt enumerated Bernan-ke's experiences with government. He has regularly attended Federal Reserve meetings, often making presentations, and is a member of the National Bureau of Economic Research, a private research organization comprising a select group of economists.
He is also editor of the American Economic Review.
In addition to citing Bernanke's expertise, Reinhardt said he thinks Bernanke is well liked within economic circles.
Though Svensson said Bernanke's background would qualify him for the job, he added that the politics of the Fed can prevent the best men from gaining a spot on the board.
"There have been some appointments there that have not been so strong," Svensson said.
In addition, Reinhardt said Fed chairmen come from the business world more often than from academia.
Bernanke would not be the first Princeton professor to hold a position on the Fed. University economics professor Alan Blinder acted as vice chairman between 1994-96.
Reuters also reported that Bernanke may be in the running for one of the two empty seats on the Fed's Board of Governors.
Bernanke could not be reached for comment last night.
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