Ben Bernanke
Ben Bernanke
Ben Shalom Bernankeis an American economist at the Brookings Institution who served two terms as chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave...
NationalityAmerican
ProfessionPolitician
Date of Birth13 December 1953
CityAugusta, GA
CountryUnited States of America
Of course, a decision to take no action at a particular meeting does not preclude action at subsequent meetings.
One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be.
Only a strong economy can create higher asset values and sustainably good returns for savers.
Monetary policy is most effective when it is coherent, consistent and predictable as possible, while at all times leaving full scope for flexibility and the use of judgment as conditions may require.
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest.
I have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that.
Under a paper-money system, a determined government can always generate higher spending and hence positive inflation,
Uncertainty is seen to retard investment independently of considerations of risk or expected return.
Thus far, at least, the growth effects of energy price increases appear relatively modest.
There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
With such an uncertain outlook, the new statement must be flexible enough to leave officials with several options for future action.
The public has shown confidence that any increases in inflation will be temporary and that, in the long run, inflation will remain low.