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When there's downward pressure on growth, one choice is to adjust economic policy, increase deficits, relax monetary policy. That might have a short-term benefit, but may not be beneficial for the future.
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
I loved performing and knew it was what I wanted to do for the rest of my life, that regardless of monetary success, I wanted to make an impact while doing what I loved and that would be successful for me.
Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to ease monetary policy in the event of a recession.
My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.
What we should all argue for is the use of freedom rather than having a monetary system with regulation domination that is run by a cartel and the special interests - that is the kind of system we have today.
As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.
A well-functioning transmission should at some point go from the overnight right up to 40 years, and that is the ultimate objective in having monetary transmission that affects the whole gamut of borrowing tenure.
I'm still a hacker. I get paid for it now. I never received any monetary gain from the hacking I did before. The main difference in what I do now compared to what I did then is that I now do it with authorization.
Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
The way forward is for governments to consciously pursue monetary and fiscal stability through setting clear objectives, establishing proper rules, and requiring openness and transparency - the new rules of the game.
The phrase 'perception is reality' is overused generally. But perception can be reality in monetary policy. The bond market doesn't act merely on what it sees. It acts on what it expects of the Fed or the government.
I never understand why 'economist makes forecast' is ever a headline. Whether the economist in question is from the International Monetary Fund, a City forecasting group or the Treasury - a forecast is still not news.
Giving Northern Europe a veto over Southern Europe's budgets will not hold a monetary union together. The euro zone will continue to need the weaker countries to stomach decades of high unemployment to grind down wages.
It is understandable that the Fed injects cash to avoid the collapse of the stock market, but basically it is bad policy for monetary authorities to intervene to save speculators from bankruptcy. This is not their role.
The global 'currency wars' are likely here to stay due to the fine line between legitimate monetary balancing and sometimes self-serving trade manipulation. But these artificial mechanisms lack tangible or lasting value.
I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.
To ensure stable and sustainable economic growth, world leaders must re-examine the international rules of the monetary game, with advanced and emerging economies alike adopting more mutually beneficial monetary policies.
Monetary success is not success. Career success is not success. Life, someone that loves you, giving to others, doing something that makes you feel complete and full. That is success. And it isn't dependent on anyone else.
Maybe other musicians are interested in different things, maybe they have greater monetary concerns. I hear people who have not changed, who haven't elevated anything, who are the same as they were back in the '50s and '60s.
That means following a very restrictive fiscal and monetary policy which will squeeze the monopolies and cut their subsidies. On the micro level we will allow other economic agents, both domestic and foreign, to compete with them.
We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal.
By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
The more I travel around the world, the more I see people want the same thing - to be happy. We wouldn't be in a monetary system if we didn't have to work, so if my music can contribute to happiness, then that's my main responsibility.
Monetary conditions exert an enormous influence on stock prices. Indeed, the monetary climate - primarily the trend in interest rates and Federal Reserve policy - is the dominant factor in determining the stock market's major direction.
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But it's sharing information. It's not coordinating policy. It's not coordinating a single monetary policy.
If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.
From the beginnings of modern monetary theory, in David Hume's marvelous essays of 1752, 'Of Money and Of Interest,' conclusions about the effect of changes in money have seemed to depend critically on the way in which the change is effected.
Opponents of central-bank intervention are right about one thing: monetary financing carries serious risks. In order to ensure that it is as safe and effective as possible, it must be used primarily in the event of self-fulfilling debt crises.
Russia and China, when they were communist-like adversaries, they didn't participate. They're participating now in the world with us. They're trading monetary instruments. We're buying and selling goods back and forth, trading oil and so forth.
If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.
The Obama administration's attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.
In recent years personal injury attorneys and trial lawyers have attacked the food industry with numerous lawsuits alleging that these businesses should pay monetary damages to those who, of their own accord, consume too much of a legal, safe product.
The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.
Funnily enough, the Federal Reserve produced comics about monetary policy, and there is a good comic book guide to microeconomics and macroeconomics out there. But it is not really appropriate for younger readers; it is really aimed at economics students.
The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.
Time spent travelling was assumed to be unproductive and a monetary value attributed to the minutes that would be saved from a speedier journey that allowed people to get from one office to another more quickly. I've always thought that that case was weak.
Although many of us consider ourselves forward-thinkers, we still cling tenaciously to the old values of the monetary system. We accept, without sufficient consideration, a system that breeds inefficiencies and actually encourages the creation of shortages.
The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
Honestly, direct monetary comparisons aren't helpful. If you're going to look at remuneration, you have to be realistic about what revenue we're bringing in for the organisation and the sport. And as it currently stands, women's cricket is still a cost to the business.
The fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won't. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols... Very happy. Very good for the Fed. Congratulations, Mr. Bernanke.
Never let it be said that the world of international economics isn't exciting or adventurous. OK, I exaggerate, because not even the most imaginative mind could construe the annual meetings of the International Monetary Fund and World Bank to be a nail-biting barn burner.
Now, McDonald's is a very good indicator of the global economy. If McDonald's doesn't increase its sales, it tells you that the monetary policies have largely failed in the sense that prices are going up more than disposable income, and so people have less purchasing power.
We have gotten to the point where everything the government does is counterproductive; the conclusion, of course, is that the government should do nothing at all, that is, should retire quickly from the monetary and economic scene and allow freedom and free markets to work.
Corporate totalitarianism means total control by corporate interests. If they want a war, they get a war. If they want GMOs, they get GMOs. If they want fracking, they get fracking. If they want big banks to control our monetary policy, big banks control our monetary policy.
Conservatives believe that international institutions such as the United Nations are anti-American and anti-Israeli cabals. Progressives do not like the economic medicine that the International Monetary Fund (IMF) and World Bank force down the throats of developing countries.
The heart of the matter is that the very nature of the European Union, and of this country's relationship with it, has fundamentally changed after the coming into being of the European monetary union and the creation of the eurozone, of which - quite rightly - we are not a part.
I realized there might be monetary or financial reasons to jump in and write a 'Winter's Bone Retriumphs' or something, and nobody would object to me doing that in publishing. But it would be a waste of my time, and they always take a little longer than you thought they would take.