[A more doctrinaire Fed chief wouldn't have allowed the economy to grow this fast, but Greenspan argued that technology was creating productivity gains that would allow rapid, inflation-free growth.] There were a lot of economists at the Fed who thought not tightening back then was very dangerous, ... The great accomplishment of the Greenspan Fed was recognizing that productivity growth would allow the economy to grow at a faster rate. |
A credible inflation objective could...enhance the flexibility of monetary policy to respond to the real effects of adverse shocks. |
At this stage, wage and salary growth seems quite well contained, and I see no evidence of feedbacks from energy prices to wage bargaining, |
At this stage, wage and salary growth seems quite well contained, and I see no evidence of feedbacks from energy prices to wage bargaining. |
Certainly, analyses do indicate that house prices are abnormally high --- that there is a 'bubble' element, even accounting for factors that would support high house prices, such as low mortgage interest rates. So a reversal is certainly a possibility. |
Estimates of the extent of spending are escalating, and the recovery and bounce-back, fueled by massive fiscal stimulus, could propel the U.S. economy on an unsustainable upward trajectory, |
has little scope to cushion the immediate economic fallout from such a severe and sudden blow to a region. |
Higher oil prices may be partly passed through to core inflation at least for a time, |
I consider it reasonable to put the current neutral rate in a range of 3.5 percent to 5.5 percent. |
I consider us to be in a range where further moves depend on how the data transpires, but I don't see weakness out there yet. |
I see no evidence of feedbacks from energy prices to wage bargaining, ... The risk, though, is that, without appropriate policy, we could see a repetition of the '70s-type dynamic. |
I see no evidence of feedbacks from energy prices to wage bargaining, ... The risk, though, is that, without appropriate policy, we could see a repetition of the 70's type dynamic. |
I see no evidence of feedbacks from energy prices to wage bargaining. The risk, though, is that, without appropriate policy, we could see a repetition of the '70s-type dynamic. |
I support the idea of a quantitative objective for price stability. |
I view decisions about the stance of policy going forward as quite data-dependent. On the one hand, I will be alert to any incoming data suggesting that economic growth is less likely to slow to a sustainable pace or that inflation is less likely to remain contained. |