Scott Sumner criticized Larry Summers as potential Fed chair in the Financial Times. I agree with Sumner's major point. As the Romer's pointed out, the Fed's three greatest failures (what I call the three strikes against the Fed,) were all caused by the Fed leadership's view that matters were beyond their control. What are the three strikes? The Great Depression, the Great Inflation, and most recently, the Great Recession. It is true, of course, that stabilizing nominal spending on output cannot control employment, production, or real standards of living. The problem is when the leadership of the central bank denies that it can control nominal spending and the price level.
On the other hand, I am not willing to choose between Summers and Yellen. Yellen seems to be more of what we have now. Maybe Miles Kimball? Evan Koenig? Robert Hetzel? Realistically, such people need to be put on the Board of Governors or promoted to Federal Reserve bank President. At least Koenig is a Vice President at the Dallas Fed. If we are really stuck with new Keynesians, then I suppose Woodford is best. Then what about Evans, if the "Evan's Rule," is the best we can get for now? And, of course, why not Christina Romer?