Ben Bernanke Quotes
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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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No economy can succeed without a high-quality workforce, particularly in an age of globalization and technical change.
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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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We're much more data-driven. We need to continually re-evaluate our forecasts and think about the prospects for the economy and make our decisions based on what the information is that's coming into our hands.
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Different countries have different kinds of financial structures.
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By not tying policy to a small set of forecast indicators, we may sacrifice some degree of simplicity, but we are less likely to be misled when a favored variable behaves in an unusual manner.
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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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Banks will have to win the confidence of their customers through fair dealing, making good loans, and remaining financially healthy.
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Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a more sustainable home purchase at some later point.
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We see that coming back in the fourth quarter and going on into next year.
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Obviously, I haven't succeeded in defusing the political concerns about the Fed.
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Certainly, 9 percent unemployment and very slow growth is not a good situation.
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The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.
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As long as there's not permanent damage to our energy infrastructure, the effects on the overall economy should be fairly modest.
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Although I expect policy to follow the usual gradualist pattern, the pace of tightening will of necessity respond to evolving economic conditions, particularly the strength of the ongoing recovery in the labor market and developments on the inflation front.
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Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions.
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Education - lifelong education for everyone - from toddlers to workers well advanced in their careers - is indeed an excellent investment for individuals and society as a whole.
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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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To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.
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I got into economics because I wanted to make things better for the average person.
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The central bank needs to be able to make policy without short term political concerns.