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.
BEN BERNANKEI generally leave the details of fiscal programs to the Administration and Congress. That’s really their area of authority and responsibility, and I don’t think it’s appropriate for me to second guess.
More Ben Bernanke Quotes
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The GSEs are adequately capitalized. They are in no danger of failing.
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Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow.
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It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.
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The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
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Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.
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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.
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Speaking as somebody who has been happily married for 35 years, I can’t imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.
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A gold standard doesn’t imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.
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The central bank needs to be able to make policy without short term political concerns.
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The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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I don’t fully understand movements in the gold price.
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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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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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We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
BEN BERNANKE