Edward Gramlich
Edward Gramlich
Edward M. Gramlichwas a professor of economics at the University of Michigan and a former member of the Board of Governors of the Federal Reserve...
behavior decade food last past target
We have done everything but tell you what our target is ... if you want to look at our past behavior, it's kind of magical. In the last decade (inflation excluding food and energy) has been between 1% to 2%.
both economists employment inflation monetary parties policy
Monetary policy has never been partisan. Economists of both parties think that if you keep inflation low, you can keep employment high.
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We needed some bankers. Presidents have realized that you're better off leaving the Fed alone, by getting good people over there and letting them manage the economy.
economy explicitly managing market stock targeting trying
We're not explicitly targeting for any set of stock market values, ... Most of us think that we're managing the whole economy and we're trying to target inflation, unemployment. Period.
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I think that Greenspan does have a very good intuitive sense of the economy, and the hardest thing with central banking is dealing with turning points,
several weeks
I think it is more than several weeks for me!
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I think his departure is more a sign of stability and consensus at the Fed than a reflection of disagreement.