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J. Edgar Hoover
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Although most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers.
When I was very young, my father had an accident. He fell down a flight of stairs, fractured his skull, and lost sight in one eye.
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
There is always some chance of recession in any year. But the evidence suggests that expansions don't die of old age.
Monetary policy ultimately must be conducted in a pragmatic manner that relies not on any particular indicator or model but, instead, reflects an ongoing assessment of a wide range of information in the context of our ever-evolving understanding of the economy.
Starting in late 2007, faced with acute financial market distress, the Federal Reserve created programs to keep credit flowing to households and businesses. The loans extended under those programs helped stabilize the financial system.
U.S. economic activity continues to expand, led by solid growth in household spending. But business investment remains soft, and subdued foreign demand and the appreciation of the dollar since mid-2014 continue to restrain exports.
Yankee Stadium is a natural venue for another lesson: You won't succeed all the time. Even Ruth, Gehrig, and DiMaggio failed most of time when they stepped to the plate. Finding the right path in life, more often than not, involves some missteps.
Many financial innovations such as the increased availability of low-cost mutual funds have improved opportunities for households to participate in asset markets and diversify their holdings.
When you're unemployed for six months or a year, it is hard to qualify for a lease, so even the option of relocating to find a job is often off the table.
Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and also lose the habits needed to hold down any job.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
Strapped by tight credit and plummeting sales, businesses have overhauled the way they manage supply chains, inventory, production practices and staffing.
Stores don't order merchandise unless they think they can sell it right away. Manufacturers and builders don't produce unless they have buyers lined up. My business contacts describe this as a paradigm shift and they believe it's permanent.
Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.
It slightly worries me that when people find a problem, they rush to judgment of what to do.
People stop buying things, and that is how you turn a slowdown into a recession.
Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.
Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.
Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices and harm business planning.
While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.
Business students are very oriented to playing a role in the real world and accomplishing something, not training themselves to be scholars and contribute to the literature. Teaching in that kind of environment has focused me much more on the real world, how pieces of the theory I know can be applied to real-world situations.
In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
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J. Edgar Hoover
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