A Quote by Michael Spence

Monetary policy should never have been expected to shift economies to a sustainably higher growth trajectory by itself.

Michael Spence

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Been Economies Expected Growth Higher Itself Monetary Monetary Policy Never Policy Shift Should Trajectory

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Michael Spence
American - Economist
Born: November 7, 1943

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.

Ben Bernanke

One factor that favors easier adjustment in EMEs is that U.S. monetary policy normalization has been and should continue to be gradual, as long as the U.S. economy evolves roughly as expected.

Jerome Powell

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.

Raghuram Rajan

Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.

Elvira Nabiullina

In the major state capitalists economies, Europe and the US, it's low growth and stagnation and a very sharp income differentiation a shift - a striking shift - from production to financialization.

Noam Chomsky

Growing economies are critical; we will never be able to end poverty unless economies are growing. We also need to find ways of growing economies so that the growth creates good jobs, especially for young people, especially for women, especially for the poorest who have been excluded from the economic system.

Jim Yong Kim

Fiscal policy, monetary policy, they need to work together to try and raise the level of growth.

Joe Hockey

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.

Li Keqiang

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.

Jerome Powell

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.

Charles L. Evans

Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB [European Central Bank] and BOJ [Bank of Japan] are buying tens of billions of bonds and other financial securities each month in an effort to stimulate their economies, which is pushing down rates everywhere, including in the U.S.

Mark Zandi

A pickup in demand in many advanced economies and a stabilization in commodity prices should, in turn, boost the growth prospects of emerging market economies.

Janet Yellen

In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates productivity growth because only on the basis of growth of labour productivity can we enjoy healthy growth.

Elvira Nabiullina

Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials.

Jerome Powell

Emerging market and developing economies have benefited from monetary easing in major economies but have also faced volatile risk sentiment tied to trade tensions.

Gita Gopinath

Given the stake that both the U.S. and Europe have in stabilising and sustaining global growth, their policies should be aimed at ensuring China, India, and other newly industrialising Asian economies can take up the slack created by the slowdown in OECD economies.

Sanjaya Baru

A Quote by Michael Spence

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