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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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Augusta
Georgia
Ben Shalom Bernanke
Benjamin Shalom Bernanke
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More quotes by Ben Bernanke
It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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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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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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It takes about two and a half percent growth just to keep unemployment stable.
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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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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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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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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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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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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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One might as well try to perform brain surgery with a sledgehammer.
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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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I don't see much evidence of an equity bubble.
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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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It's the price of success: people start to think you're omnipotent.
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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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A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.
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The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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