Globalization and the Latin perspective (with reference to Las Meninas)
Remarks at the Central Bank of Argentina, Buenos Aires, April 19, 2006 ; "My business contacts talk and act as if the globalization now under way will bring another decade of intense competition. This hothouse will enable--perhaps even force--businesses to keep productivity growth in the range we have enjoyed since the mid-1990s--hopefully, for many years to come. If labor productivity growth can stay near 3 percent, monetary policy can accommodate relatively faster growth without igniting inflation."
Ending 'Too Big to Fail': a proposal for reform before it's too late (with reference to Patrick Henry, complexity and reality)
Remarks before the Committee for the Republic, Washington, D.C., January 16, 2013 ; "The Dallas Fed?s proposal offers an 'about-turn' and a way to mend the flaws in Dodd?Frank.... In a nutshell, we recommend that TBTF financial institutions be restructured into multiple business entities. Only the resulting downsized commercial banking operations?and not shadow banking affiliates or the parent company?would benefit from the safety net of federal deposit insurance and access to the Federal Reserve?s discount window."
Digits and widgets (with reference to a wise mother, the Golden Book Encyclopedia, Winston Churchill and Hunter Lawrence)
"In the world of "superfine processes" of the Knowledge Age, digits are the new widgets. The brain is to the Knowledge Age and the mastery of digits what the engine was to the Manufacturing Age and the management of widgets. Education is the steam and the oil and the gas that propel that engine. The speed at which we move our economy forward from this point onward will depend on how well we educate our children." ; Remarks before the Austin Chamber of Commerce's 4th Annual State of Education in Austin Conference; Austin, Texas; December 8, 2009.
Observations on the U.S. economy: need the Fed do more? (with reference to Elvis Costello, Clarence Day, Narayana Kocherlakota and Bernard Baruch)
Remarks before the Vancouver Board of Trade, Vancouver, British Columbia, October 1, 2010 ; "Without exception, all the business leaders I interview cite nonmonetary factors--fiscal policy and regulatory constraints or, worse, uncertainty going forward--and better opportunities for earning a return on investment elsewhere as inhibiting their willingness to commit to expansion in the U.S."
Annus horribilis or annus mirabilis (with reference to Errol Flynn, Robert Roosa, Queen Elizabeth II, Winston Churchill, Felix Rohatyn and Mick Jagger)
Remarks before the Economic Club of New York , New York City, October 17, 2013 ; "My heart bleeds for my country, for no amount of monetary accommodation, no conceivable amount of 'large-scale asset purchases,' no clever new monetary innovation by the Federal Reserve can offset the rot that is destroying our fiscal house and the blight it spreads over our economy."
The U.S.–Mexico Economic Relationship and a Discussion of U.S. Monetary Policy: remarks before the Asociación de Bancos de Mexico, Mexico City, November 4, 2016.
Remarks before the Asociacin de Bancos de Mexico, Mexico City, November 4, 2016.
Uncertainty matters (with reference to kinky monetary policy, two nickels and a dime)
Remarks before the Causes & Macroeconomic Consequences of Uncertainty Conference, Dallas, Texas, October 3, 2013 ; "A policy that takes a longer-term perspective and is properly communicated and executed?so as to instill confidence that monetary policy will hew to a 2 percent inflation target rather than fixate on the run-rate of the past four quarters or the outlook for the next four?may better supply the longer-term comfort that households and businesses need to plan and budget."
The economic situation of the United States and the Federal Reserve's response
Remarks before the Japan Center for Economic Research, Institute for International Monetary Affairs and Japanese Bankers Association, Tokyo, Japan, April 8, 2009. ; "But it is clear to me that in this environment, inflation is unlikely to present a serious threat given the pervasive bias in the U.S. economy toward wage cuts and freezes, rising unemployment, the widespread loss in wealth that has resulted from both the housing and equity market corrections, continually declining consumption and business investment, and the anemic condition of the banking and credit system, all of which ...
A report on the Texas economy and a hawk(s)eye view on recent Fed pronouncements: what does it all mean?
Remarks before the Headliners Club, Austin, TX, February 2, 2012 ; "Explicitly acknowledging that monetary policy?s impact on employment is transitory and uncertain is a cardinal event. It signals to the markets that there are limits to the ultimate job-stoking efficacy of Federal Reserve policy. To the extent that inflation is running below 2 percent, the Federal Reserve may have somewhat greater latitude to pursue accommodation. However, the past few years have demonstrated, yet again, that allowing inflation to rise by no means guarantees faster job growth."
Responding to turbulence (with reference to Bob Dylan, Alan Brooke, Washington Irving, Anna Fisher and Marcus Nadler)
"The problem that has been ailing capital markets and, by extension, the economy has not been the fed funds rate. It has been and remains risk aversion and uncertainty about counterparty risk and capital adequacy." ; Remarks before the Money Marketeers of New York University, New York City, September 25, 2008.