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
currently despite economic emerging exemplary growth inflation labor lower nearly ninth obvious output remained signs states thirty united year
The United States is currently in its ninth year of economic expansion, an exemplary accomplishment by any standard. Growth of output has remained vigorous, unemployment is lower than it has been in nearly thirty years, and yet, despite the tautness in labor markets, there have been no obvious signs of emerging inflation pressures,
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At some point, labor market conditions can become so tight that the rise in nominal wages will start increasingly outpacing the gains in labor productivity, and prices inevitably will then eventually begin to accelerate,
america labor-force competition
Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism. In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals. Eliminating such restrictions would reduce at least some of the income inequality.
business capital community created economic endeavors existing experience five hour labor output past reflects resources rise stretch sure until value ways
Until we experience an economic slowdown, we will not know for sure how much of the extraordinary rise in output per hour in the past five years is attributable to the irreversible way value is created and how much reflects endeavors on the part of the business community to stretch existing capital and labor resources in ways that are not sustainable over the long run,
amount cannot effect fact labor matter persist unlimited wealth
The fact of the matter is, we do not have an unlimited amount of labor, ... the wealth effect cannot persist indefinitely.
behavior costs favorable few labor maintained past quite several trends turned unit whether
Over most of the past several years, the behavior of unit labor costs has been quite subdued, ... But those costs have turned up of late, and whether the favorable trends of the past few years will be maintained is unclear.
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Although layoffs seem to be diminishing, surveys indicate that households continue to be worried about the condition of labor markets,
bottom capital cutting despite edge failing fearful found jobs labor last losing marked markets move pace prominent report similar skills survey workers
Despite the tightest labor markets in a generation, more workers report in a prominent survey that they are fearful of losing their jobs than similar surveys found in 1991 at the bottom of the last recession, ... The marked move of capital from failing to technologies to those at the cutting edge has quickened the pace at which job skills become obsolete.
difficulty goods imported inherent labor likelihood lower prices result risks seeing shall suppress
The likelihood is that we shall be seeing some lower prices on imported goods as a result of the difficulties in Asia, ... But they will not permanently suppress the risks inherent in the tightened labor markets.
gradual slowly test
We have to do it in a cautious, gradual way. ... (We) should go slowly and test the waters.
fall few inflation next pickup though unwelcome
The probability of an unwelcome substantial fall in inflation over the next few quarters, though minor, exceeds that of a pickup in inflation.
america creation education higher knowledge research scale scope shaped teaching training
The scale and scope of higher education in America was being shaped by the recognition that research -- the creation of knowledge --complemented teaching and training -- the diffusion of knowledge,
asset assisted boost businesses earlier economic environment households improved left prices
These changes, assisted by improved prices in asset markets, have left households and businesses better positioned than they were earlier to boost outlays as their wariness about the economic environment abates,
exposed service
these borrowers, and the institutions that service them, could be exposed to significant losses.