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Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
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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More quotes by Ben Bernanke
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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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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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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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's the price of success: people start to think you're omnipotent.
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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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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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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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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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If Wall Street crashes, does Main Street follow? Not necessarily.
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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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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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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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I don't see much evidence of an equity bubble.
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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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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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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 crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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The Federal Reserve is not currently forecasting a recession.
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