William Poole
William Poole
William Poole, also known as, Bill the Butcher and Bill the Butcher Poole, was the leader of the New York City gang, the Bowery Boys and a leader of the Know Nothings political movement...
desirable highly maximum policy possible practice
It is highly desirable that policy practice be formalized to the maximum possible extent,
actions difficult experience interpret nuances people personal policy predict press
My personal experience is that I find it exceedingly difficult to predict how people will interpret policy actions and the nuances of the press release.
auto continuing course locked open policy reading responsive
We should not just be on auto pilot, ... Policy is and should be responsive to incoming data. We need to be open to reading that evidence, not just continuing a policy course that we thought we locked in.
commit fed future interest policy pursue work
It will be in the interest of future Fed chairmen to commit to pursue policy regularities that work well,
clear extent fed markets policy quite understand
It is quite clear that the markets understand Fed policy to a much better extent than before.
aspire clear create policy statements themselves
At a minimum, the (Fed's policy panel) can and should aspire to policy statements that are clear and do not themselves create uncertainty and ambiguity,
monetary objective ought policy price takes unwind viewed
How long it takes to unwind from all of that, I don't know, but it ought not to be viewed as an objective of monetary policy to try to stabilize price fluctuations of that sort,
course interest language last market open raising statement
We've been on a course of raising interest rates. The language in the last (Federal Open Market Committee) statement suggests that there was more to come...If we had wanted a different interpretation, we would have said something different,
continue economy inflation process risks skewed underlying view
We should continue that process as long as we have the view that the underlying economy is pretty robust...and the inflation risks are skewed to the upside,
actual along certain chance date decline economy escape excellent fact knows whether
No one knows for certain whether the economy can escape an actual decline in real GDP, but the fact that we have done so to date and that many adjustments are now well along suggests that we have an excellent chance of doing so,
account adjustment begin believe current fairly quite slow
I believe the current account adjustment will be fairly slow and orderly, and that it may not begin for quite some time,
current developed economists formal likely monetary operating properties rule
Monetary economists have not yet developed a formal rule that is likely to have better operating properties than the Fed's current practice,
central driving economy inflation responsibility situation stability
Maintaining inflation stability is the central responsibility of the central bank. But we don't want to be in the situation of over-reacting and driving the economy down,
build sure
We want to make sure that we don't have expectations build of a longer-run problem,