“Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.”

A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.

The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.

The Federal Reserve is not currently forecasting a recession.

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.