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The bottom line is that monetary policy is a lot harder in the post-crisis world. We have learned a lot from the past five years, but there is still much we do not know. Policymakers, including the new Federal Reserve chair, are going to need flexible minds, good research, and the wisdom of ordinary Americans if they are going to meet the challenges that lie ahead.

Christina Romer

Born: December 25, 1958 (age 66)

Bio: Christina Duckworth Romer is the Class of 1957 Garff B. Wilson Professor of Economics at the University of California, Berkeley and a former Chair of the Council of Economic Advisers in the Obama administration.

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Christina Romer

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