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.
BEN BERNANKEThe Federal Reserve is not currently forecasting a recession.
More Ben Bernanke Quotes
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I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.
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In fact, the world needs more nerds.
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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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The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
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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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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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If Wall Street crashes, does Main Street follow? Not necessarily.
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A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
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Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
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The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.
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The GSEs are adequately capitalized. They are in no danger of failing.
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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
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The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending.
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The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
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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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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.
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Indeed, in general, healthy investment returns cannot be sustained in a weak economy, and of course it is difficult to save for retirement or other goals without the income from a job.
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While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
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If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
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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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We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.
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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.
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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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Developments in financial markets can have broad economic effects felt by many outside the markets.
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The central bank needs to be able to make policy without short term political concerns.
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The Federal Reserve is not currently forecasting a recession.
BEN BERNANKE