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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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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As I indicated several weeks ago to a university audience, ... it is just not credible that the United States, or for that matter Europe, can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress.
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Fixed mortgage rates remain at historically low levels and thus should continue to fuel reasonably strong housing demand and, through equity extraction, to support consumer spending as well,
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To date, interest-sensitive spending has remained robust and the FOMC (Federal Open Market Committee) will have to stay alert for signs that real interest rates have not yet risen enough to bring the growth of demand into line with that of potential supply, even should the acceleration in productivity continue,
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So long as foreigners continue to seek ever-increasing quantities of dollar investments in their portfolios, as they obviously have been, the exchange rate for the dollar will remain firm,
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Firms still appear hesitant to spend and hire, and we need to remain mindful of the possibility that lingering business caution could be an impediment to improved economic performance,
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Despite some of the risks that I have highlighted, the U.S. economy seems to be on a reasonably firm footing, and underlying inflation remains contained,
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There are sound reasons for concluding that the long-run picture remains bright ... but I would emphasize that we continue to face significant risks in the near term,
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...In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending,
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If we are to remain preeminent in transforming knowledge into economic value, ... America's system of higher education must remain the world's leader in generating scientific and technological breakthroughs and in meeting the challenge to educate workers.
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For the moment, the broadly unanticipated behavior of world bond markets remains a conundrum .
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The economic fundamentals remain firm, and the U.S. economy appears to retain important forward momentum,
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Indications that the extent of the application of existing technology is still far from complete, plus potential benefits derived from continuing synergies, support a distinct possibility that total productivity growth rates will remain high or even increase further,
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We have to do it in a cautious, gradual way. ... (We) should go slowly and test the waters.