Ben Bernanke's term as chairman of the Federal Reserve is to end on 31 January 2014 and all indications are that President Obama will nominate a new chairman. This is a momentous occasion as we've had only two Fed chairmen in 27 years, while over the same period we've had five Presidents with economic agendas spanning from Ronald Reagan to Barrack Obama.The moment is bigger than just changing personalities at the helm of the Fed. It is a chance for a new and more effective approach toward monetary policy. Indeed, the restrictive Greenspan monetary policy and the accommodative Bernanke monetary policy, enacted at the most critical times during their respective chairmanships, were seemingly quite different. However, they were both rooted in...

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