Ben Bernanke Quotes
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As we look ahead, core inflation appears likely to remain in the zone of price stability during the remainder of 2004 and into 2005.
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A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street.
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Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.
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However, more recently, there have been signs of some easing of underwriting standards.
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The public has shown confidence that any increases in inflation will be temporary and that, in the long run, inflation will remain low.
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There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
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Some influential voices of the time argued that by accepting higher inflation, policy-makers could bring about a permanently lower rate of unemployment.
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Community banks are generally doing quite well, and I expect that good performance to continue. Neither bankers nor their supervisors should become complacent.
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If Australia finds it has a strong Australian dollar, and it has higher unemployment, then it would have to respond, and that would either be by increasing domestic demand or by weakening its own currency.
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The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.
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If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.
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It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions.
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Smart financial planning - such as budgeting, saving for emergencies, and preparing for retirement - can help households enjoy better lives while weathering financial shocks. Financial education can play a key role in getting to these outcomes.
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At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
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While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
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Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation.
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Since World War II, inflation - the apparently inexorable rise in the prices of goods and services - has been the bane of central bankers.
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This step would in no way reduce the importance of maximum employment as a policy goal, ... In any case, I assure this committee that if I am confirmed, I will take no precipitate steps in the direction of quantifying the definition of long-run price stability. This matter requires further study at the Federal Reserve as well as extensive discussion and consultation.
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I don't think there are any students who should not be exposed to a basic financial literacy course.
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The children of the unemployed achieve less in school and appear to have reduced long-term earnings prospects.
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Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.
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Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
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The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long run if investors and firms infer from those actions that they will never bear the full consequences of excessive risk-taking.
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When historical relationships are taken into account, it is difficult to ascribe the house price bubble either to monetary policy or to the broader macroeconomic environment.