Under constrained discretion, the central bank is free to do its best to stabilize output and employment in the face of short-run disturbances, with the appropriate caution born of our imperfect knowledge of the economy and of the effects of policy (this is the 'discretion' part of constrained discretion),
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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.Ben Bernanke
Community banks are generally doing quite well, and I expect that good performance to continue. Neither bankers nor their supervisors should become complacent.
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Indeed, I would argue that, in situations of considerable slack, growth that is generated solely by increased productivity, and that is unaccompanied by substantial employment growth, may possibly require monetary ease, rather than monetary tightening, in the short run.
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The prospective increase in the budget deficit will place at risk future living standards of our country. As a result, I think it would be very desirable to take concrete steps to lower the prospective path of the deficit.
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Under a paper-money system, a determined government can always generate higher spending and hence positive inflation,
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There are various estimates about the third quarter impact. Our CEA (Council of Economic Advisers) numbers are somewhere between a half and one percentage point on growth. That would still probably leave us at a decent rate of growth for the third quarter.
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Based on Topics: Faces QuotesBased on Keywords: disturbances, short-run
I've searched all the parks in all the cities and found no statues of committees.
Gilbert K. Chesterton
Going to New York to do whatever - show business - it just seemed fun. It seemed fun to go to the big city and meet all kinds of different people and maybe be famous. It was just exciting. So I wasn't scared.
January Jones
This is nourishing, redemptive; we become less alone inside.
David Foster Wallace