really a great deal of intolerance for their being stuck in the water and their inability to change. |
shows little inclination to go in the other direction. |
So this leaves a third option: better calibrating government spending programs, |
The emphasis in this is to help Japan turn its economy around and pull up its socks, ... To do that, significant deregulation is mandatory. |
The inflation rate is near the upper end of the Fed's tolerance zone, and it shows little inclination to go in the other direction, |
There is good will on both sides, |
These are the symbols of the old Japan which was closed to outsiders, ... They will continue to be serious irritants. ... Unless Japan solves these problems, it gives a lie to the claim that Japan is being market driven. |
This is why I think so many economists have been so baffled by the length and strength of the current expansion and the non-inflationary prosperity we have enjoyed over the past two decades. |
Those urging the United States to rein in its spending should be equally full-throated in prodding countries with excess savings and trade surpluses to create conditions for growing their domestic demand. If they fail to do so, and the U.S. suddenly becomes virtuous on its own, the global economy would sink into a deep funk. |
We actually ponder the depths and resilience of Chinese capacity, for example, when we sit around the table of the FOMC. |
We are pretty devastated to lose a student in that circumstance. |
We have to watch things very carefully here because there are inflationary pressures and ... (the Fed's) duty is to be especially vigilant on that front, |
We'll have to watch the data and listen to the anecdotal evidence very carefully. But clearly there is some pressure there and now we'll have to see how it manifests itself. |
What we've been enjoying is robust growth with limited inflationary pressure. |
Without its independence from political interference, I doubt the Fed could have so successfully set the interest rates that have led to today's favorable economic circumstances. |