More than 350 economists back Yellen for Fed chair

WASHINGTON (AP) More than 350 economists have a signed a letter to President Barack Obama calling on him to nominate Federal Reserve Vice Chair Janet Yellen to be the central bank's next chairman. The letter is designed to draw attention to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers.

The letter, whose signers include economists with past ties to Obama, says Yellen understands the relationship between monetary policy and economic growth. It says she possesses a "nuanced understanding" of labor markets and that she has demonstrated an ability to hear all points of view.

Obama is expected to announce his nomination as early as this month. Fed Chairman Ben Bernanke's term ends Jan. 31, 2014.

The White House declined to comment on the letter.