It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
BEN BERNANKEThe U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
More Ben Bernanke Quotes
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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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Both humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.
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If your uniform isn’t dirty, you haven’t been in the game.
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The Federal Reserve is not currently forecasting a recession.
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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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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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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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If Wall Street crashes, does Main Street follow? Not necessarily.
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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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I don’t see much evidence of an equity bubble.
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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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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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In fact, the world needs more nerds.
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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.
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The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
BEN BERNANKE