Ben Bernanke Quotes
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I believe that the Federal Reserve's success in reducing and stabilizing inflation and inflation expectations is a major reason for this improved economic performance.
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The most recent evidence ... suggests that the economic expansion remains on track.
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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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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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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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However, more recently, there have been signs of some easing of underwriting standards.
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The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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Home purchases that are very highly leveraged or unaffordable subject the borrower and lender to a great deal of risk. Moreover, even in a strong economy, unforeseen life events and risks in local real estate markets make highly leveraged borrowers vulnerable.
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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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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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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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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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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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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.
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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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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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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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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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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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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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Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.
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[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.