Here’s a quick quote:
"When I look at this data, what jumps out at me is the number of Ph. D.
economists – they are 10 out of the 15 here, then three MAs in Economics and
related fields, one MBA (Fisher) and one JD (Warsh). (Personally, I would
want to limit the number of Neoclassical economists on the committee to
five, and put in a few Austrian School economists. Monetary policy is too
important to be left to a bunch of Neoclassical economists.) Beyond that, among
the economists, there are many of them that have done direct work on the
inter-linkages between monetary policy and financial markets (Bernanke, Kohn, Kroszner, Mishkin, Plosser, Evans, and Lacker). A number of them have written about central banking and financial markets
under conditions of stress.
In addition to David’s overview, be sure to check out his PDF that summarizes the current Federal Open Market
Members of the Federal Open Market Committee
Click for PDF
Good stuff, David!