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
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Threats of deflation, which were a significant concern last year, by all indications are no longer an issue before us, ... That clearly is a change that's occurred in the last number of weeks, and it's a change ... that's been long overdue and is most welcome.
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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,
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Through most of last year's slowdown, in contrast to the usual pattern, the household sector was a major stabilizing force, ... As a consequence, although household spending should continue to trend up, the potential for significant acceleration in activity in this sector is more limited.
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One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing.
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Over the last few months, these forces have taken their toll on activity, and evidence has accumulated that the economy has hit a soft patch,
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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.
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The Federal Reserve has responded to the balance of market forces by gradually raising the federal funds rate over the past year, ... Certainly, to have done otherwise -- to have held the federal funds rate at last year's level even as credit demands and market interest rates rose -- would have required an inappropriately inflationary expansion of liquidity.
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We have to do it in a cautious, gradual way. ... (We) should go slowly and test the waters.
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The probability of an unwelcome substantial fall in inflation over the next few quarters, though minor, exceeds that of a pickup in inflation.
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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,
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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,
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these borrowers, and the institutions that service them, could be exposed to significant losses.
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The shock of September 11, by markedly raising the degree of uncertainty about the future, has the potential to result, for a time, in pronounced disengagement from future commitments,
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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,