The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
BEN BERNANKEI 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.
More Ben Bernanke Quotes
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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.
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I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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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 don’t fully understand movements in the gold price.
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The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.
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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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Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
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Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
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If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
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Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
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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.
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The GSEs are adequately capitalized. They are in no danger of failing.
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Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand
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The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
BEN BERNANKE