The Central Bank Needs To Be Able

I Served Seven Years As The Chair Of The Princeton Economics Department Where I Had Responsibility For Major Policy Decisions, Such As Whether To Serve Bagels Or Doughnuts At The Department Coffee Hour.

The Lesson Of History Is That You Do Not Get A Sustained Economic Recovery As Long As The Financial System Is In Crisis.

The Amount Of Currency In Circulation Is Not Changing. The Money Supply Is Not Changing In Any Significant Way.

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.

Over The Years, The U.s. Economy Has Shown A Remarkable Ability To Absorb Shocks Of All Kinds, To Recover, And To Continue To Grow.