Ben Bernanke Quotes
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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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The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds of war gathering ominously in the background... For my money, few periods are so replete with human interest.
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Under constrained discretion, the central bank is free to do its best to stabilize output and employment in the face of short-run disturbances, with the appropriate caution born of our imperfect knowledge of the economy and of the effects of policy (this is the 'discretion' part of constrained discretion).
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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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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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The Federal Reserve is not currently forecasting a recession.
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The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
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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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High energy prices are burdening household budgets and raising production costs, and continued increases would at some point restrain economic growth.
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House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
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It takes about two and a half percent growth just to keep unemployment stable.
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The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.
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Many foreclosed homes are neglected or abandoned, as legal proceedings or other factors delay their resale. Deteriorating or vacant properties can, in turn, directly affect the quality of life in a neighborhood, for example, by leading to increases in vandalism or crime.
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One may aspire to succeed Chairman Greenspan but it will not be possible to replace him.
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If Wall Street crashes, does Main Street follow? Not necessarily.
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Evolutionary psychologists suggest that humans experienced evolutionary benefits from brain developments that included aversion to loss and risk and from instincts for cooperation that helped strengthen communities.
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Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.
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Congress had made clear that it has affirmed the principle of keeping banking and commerce separate. This loophole ... circumvents that principle. If Congress wants to revisit banking and commerce, that's their prerogative but it doesn't seem a good approach to allow a loophole in which that distinction breaks down.
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Certainly, 9 percent unemployment and very slow growth is not a good situation.
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I got into economics because I wanted to make things better for the average person.
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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.
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I think there's a good chance we'll dodge the bullet this time.
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In the shorter term, the devastation wrought by Hurricane Katrina will have a palpable effect on the national economy.