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Who Should Replace Bernanke? Kudlow Makes His Pick

Among widespread speculation that Ben Bernanke will retire in January, Larry Kudlow named his top candidates for Federal Reserve Chairman.

"After much deep-thinking as well as phone calls to my hard-money friends, the answer is Former Governor and current Fed critic Kevin Warsh," Kudlow said on CNBC. "He is my man to replace Bernanke."

Kudlow said Warsh was his top pick to maintain the value of the dollar and help grow the economy.

"The question is who should replace Bernanke, not who will," Kudlow added. "Vice Chair Janet Yellen is the odds-on favorite to be Barack Obama's pick to replace Ben Bernanke."

(Read More: Bernanke Watch: Is He Eyeing the Exit?)

Kudlow's list also includes Dallas Fed President Richard Fisher; Stanford Economics Professor John Taylor; Forbes Media Chairman and CEO Steve Forbes; Rep. Paul Ryan, a Republican from Wisconsin; and Bentley University Professor Scott Sumner.

"Sumner is basically backing Bernanke's policy," he said. "He's saying you've got to pour more money in and hope that N2 grows, velocity stops falling, and the nominal GDP will go up to maybe five or six percent. A monetarist! We haven't had that in quite awhile."

(Read More: Possible Fed Successor Has Admirers and Foes)

The Wall Street Journal's Chief Economics Correspondent Jon Hilsenrath made one addition to Kudlow's list.

"You have to include Greg Mankiw," he said. "This is a guy who was the Chairman of the Council of Economic Advisors for Bush. He's a very smart, level-headed guy. If there's a Republican in the White House someday in the future, you could see his name come up."

--By CNBC Associate Producer Elizabeth Schulze. Follow her on Twitter: @ESchulze9

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