The 'second-most' important job at the Fed will soon be vacant. Here's who may get it
With the New York Fed president, William Dudley, stepping down there is much speculation about who will become the next president of the FED. This can have a serious affect on the economy. Whoever will be elected will head the policy making of the monetary policy of the country, along with influencing interest rates and being able to change the federal funds rate.
In the article the question is raised that should the person that will be elected have a PhD in Economics? In my opinion the answer to that is yes. Although one can learn through working in and the around the economy's inner workings can learn, I believe there is no substitute for a PhD. This degree is a signal of understanding not only the basics of economic theory but having to know the ins and outs of the economy.
https://www.cnbc.com/2017/11/10/ny-fed-president-dudleys-replacement-likely-to-be-controversial.html
I agree that it would definitely be preferable for the new president to have extensive education in economics. However I do believe that there are candidates out there who may not have a PHD, but may have significant experience in the field of economics. For example, Jerome Powell, a member of the FED board of governors, does not even have a bachelors degree in economics. He also does not hold a PHD at all. That being said he still is experienced enough to hold one of the highest ranking positions in the FED. Instead of attending grad school, he learned by working as the undersecretary of the treasury and held other roles involving fiscal theory.
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