“I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.”

The more important reason is that the research itself provides an important long-run perspective on the issues that we face on a day-to-day basis.

I come from Main Street, from a small town that’s really depressed.

Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.

I don’t see much evidence of an equity bubble.

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.

It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.

The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.

Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.

If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.

Developments in financial markets can have broad economic effects felt by many outside the markets.

Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.

September and October of 2008 was the worst financial crisis in global history, including the Great Depression.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

In a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.

Both humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.

The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.

You can’t be afraid of a little rain when you invite the storm in for a cup of coffee.

I thought a thread of notable quotes relating to coffee may be interesting.

I never laugh until I’ve had my coffee.

There is no better love potion than a coffee. When a man drinks the coffee made by you he will become forever yours.

The best Maxim I know in this life is, to drink your Coffee when you can, and when you cannot, to be easy without it.

You are the cream in my coffee as you lather me with your sweet kisses, brightening up my every morning. Your existence is ever so adoring.

I’d rather take coffee than compliments now.

I do much of my creative thinking while golfing. If people know you’re working at home they think nothing of walking in for a cup of coffee, but wouldn’t dream of interrupting on the golf course.