Janet Yellen was confirmed chair of the Board of Governors last week. Yes, she is well trained, well published and the first female to head the Fed. The real issue, though, is the mindset she brings to the formulation and execution of monetary policy. Yellen's long employment at the Fed and commitment to public policy indicates we are in store for a long period of ‘Yellenomics' at the Fed.

Yellen's rise to one of the most important roles in monetary policy is a remarkable development, from four