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I got into economics because I wanted to make things better for the average person.
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A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.
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Monetary policy is not a panacea.
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The best approach here if at all possible is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset price bubble bursts in the future.
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The central bank needs to be able to make policy without short term political concerns.
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It takes about two and a half percent growth just to keep unemployment stable.
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Developments in financial markets can have broad economic effects felt by many outside the markets.
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After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid major changes in the inflation rate in either direction.
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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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The Federal Reserve is not currently forecasting a recession.
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Building a rainy-day fund during good times may not be politically popular, but it can pay off during the bad times.
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In the shorter term, the devastation wrought by Hurricane Katrina will have a palpable effect on the national economy.
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I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives.
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If bankers become overly conservative in response to past lending mistakes - or if examiners force such behavior - it will hurt bankers' own long-term interests and the economy in general.
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Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.
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There will not be an automatic increase in interest rate when unemployment hits 6.5%.
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With such an uncertain outlook, the new statement must be flexible enough to leave officials with several options for future action.
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As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.
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Our mission as set forth by the Congress is a critical one.
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If I am confirmed by the Senate I will do everything in my power, in collaboration with by Fed colleagues to help assure the continued prosperity and stability of the American economy.
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According to government ethics rules and FOMC rules, it is permissible for a retired governor to speak in public about the economy, so long as he or she does not divulge confidential information. I have no indication that he has violated that rule.
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The Fed needs an approach that consolidates the gains of the Greenspan years and ensures that those successful policies will continue - even if future Fed chairmen are less skillful or less committed to price stability than Mr. Greenspan has been.
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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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Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.