Alan Greenspan
Alan Greenspan
Alan Greenspanis an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position...
NationalityAmerican
ProfessionEconomist
Date of Birth6 March 1926
CityNew York City, NY
CountryUnited States of America
is scheduled to discuss the flexibility of the U.S. economy and its resilience to shocks, a topic he addressed two weeks ago.
is larger than that of Japan, and may be approaching half the size of the American economy.
Profoundly beneficial forces driving the American economy to competitive excellence are also engendering a set of imbalances that, unless contained, threaten our continuing prosperity,
profound implications for the free world's trading system and the long-term growth potential of the American economy.
Because it is difficult to suppress growing market exuberance when the economic environment is perceived as more stable, a highly flexible system needs to be in place to rebalance an economy in which psychology and asset prices could change rapidly,
The system was holding up ... the American economy kept getting battered and battered and battered and it was still standing and indeed, as of Sept. 10, it was still standing,
the amount of rate cuts required to revive the economy will not be deep.
There have been signs recently that some of the forces that have been restraining the economy over the past year are starting to diminish and that activity is beginning to firm,
Economic policymakers face enormous uncertainty. Economic models provide a set of useful tools to frame future outcomes, but as we were reminded repeatedly during our efforts to forecast the economy in 1974 and 1975, models can go off track in myriad ways, ... Objective and thorough analysis ... is the most effective counterweight to this challenge.
The U.S. economy appears to have withstood a set of blows -- major declines in equity markets, a sharp retrenchment in investment spending, and the tragic terrorist attacks of last September -- that in previous business cycles almost surely would have induced a severe contraction,
The addition of the Chinese economy to the global marketplace will result in a more efficient worldwide allocation of resources and will raise standards of living in China and its trading partners,
That greater tendency toward self-correction has made the cyclical stability of the economy less dependent on the actions of macroeconomic policy makers, whose responses often have come too late or have been misguided.
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.