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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 Bernanke

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Ben Bernanke
Age: 70
Born: 1953
Born: December 13
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Ben Shalom Bernanke
Benjamin Shalom Bernanke
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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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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.
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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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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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Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
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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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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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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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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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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.
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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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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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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.
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A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment luckiest in terms of family support, encouragement and, probably, income luckiest in their educational and career opportunities and luckiest in so many other ways difficult to enumerate - these are the folks who reap the largest rewards.
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