Ben Bernanke Quotes
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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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Our assessment currently is that the risks to inflation are perhaps the more significant at the moment, and we need to address that.
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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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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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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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The central bank needs to be able to make policy without short term political concerns.
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A very important factor is the fact that inflation expectations are well-controlled and well-contained, which means that the Federal Reserve, unlike the 70s, doesn't have to react violently in terms of raising interest rates to contain the second- and third-round inflationary impacts. So I remain pretty optimistic about the economy.
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Of course, a decision to take no action at a particular meeting does not preclude action at subsequent meetings.
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There is of course the direct impact of the shutting down of the U.S. economy, the loss of several hundred thousand jobs at least, and reduced output production in the Gulf.
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To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can reduce liquidity premiums, help restore the confidence of investors, and thus promote stability.
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We see that coming back in the fourth quarter and going on into next year.
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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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I would argue that no financial instrument counted as regulatory capital should be allowed to receive any protection from losses.
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Deflation is defined as a general decline in prices, with emphasis on the word 'general.'
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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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Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
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The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.
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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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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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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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I personally would have preferred if the Fed had been a little less aggressive.
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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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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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China is growing very quickly and is clearly becoming an important player in the world economy.