Caroline Baum: John Williams, qualified white male, leaves damsels in distress

Protests from diversity advocates notwithstanding, the Federal Reserve Bank of New York selected another white male, John Williams, to lead what is arguably the most important of the 12 district banks, charged as it is with implementing monetary policy through the conduct of open-market operations.

Williams has been president of the San Francisco Fed since 2011. He is a widely respected Ph.D. economist, whose recent research has focused on the neutral rate of interest — an unobservable rate that is consistent with full employment and stable prices — and alternate frameworks for the conduct of monetary policy, such as price-level targeting.

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