A Quote by Jerome Powell
While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy's growth.
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Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand
Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
The economy has settled into a sustainable, self-reinforcing growth path, .. All major categories of the economy have contributed to economic growth. Now that businesses have begun to add to payrolls, the current expansion is self-reinforcing. Only external shocks, such as terrorist attacks or a surge in oil prices, could derail the recovery.
You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
Fiscal policy, monetary policy, they need to work together to try and raise the level of growth.
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.
We're richer, but that wealth doesn't reflect durable, authentic economic value - which is hitting fast diminishing returns. The growth that we're pursuing is neither sustainable - nor is it, in many ways, real growth at all. Boardrooms from finance to autos to energy to pharma to fashion have learned that the hard way.
Far from being a drag on growth, making our energy sources more sustainable, our energy consumption more efficient, and our economy more resilient to energy price shocks - those things are a vital part of the growth and wealth that we need
The central predictions of the quantity theory are that, in the long run, money growth should be neutral in its effects on the growth rate of production and should affect the inflation rate on a one-for-one basis.
Our membership of the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth. Our membership of the euro is the only choice.
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.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
You cannot force growth of human life and civilization, any more than you can force these slow-growing trees. That is the economy of Almighty God, that all good growth is slow growth.
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.
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