Globalization was a deep trend pushed by technology and right ideas, as much as anything else.

You don’t fix the problem until you define it.

It was the biggest inflation and the most sustained inflation that the United States had ever had.

At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.

Russia has gone through eight years of continuing economic pain.

Moderation of oil prices would be very, very welcome. But overall I think we are in a position of stable growth, sustainable growth, and basically with inflation in check.

We have to adapt and overcome, that’s all we can do.

The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care,...

We’re focused on doing the things that make the economy perform well, and as you do that, reduce deficits, for one, very important; secondly, keep growth rates high, very important.

We were proposing, in a sense, that the rest of the world be made safe for American ideas, as they adopted intellectual property rights that gave patent protection to our very innovative economy.

And I think the American people look to the leaders to lead. They look to the leaders to take on the big problems. And the president deserves a lot of credit for doing that.

Double-digit inflation is a terrible thing – and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.

I happily took for granted that I would attend the very good local university and probably go on to its law school. Harvard was my father’s idea.

When countries open up to trade, they generally benefit, because they can sell more, then they can buy more. And trade has two-way gain.

Social Security represents an $11 trillion unfunded obligation. And when I say unfunded obligation, I mean we have to come up with $11 trillion at some point to make the system whole.

All science is static in the sense that it describes the unchanging aspects of things.

The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.

Well, I make a practice of not commenting on the role of the relative exchange value of our currency.

In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite...

And one of our points of continuing conversation with our trading partners is the urgency of their taking steps to remove barriers to their improved growth performance.

Well, by the standards of a lot of countries, by Latin American standards, it wasn’t so bad.

I studied economics and made it my career for two reasons. The subject was and is intellectually fascinating and challenging, particularly to someone with taste and talent for theoretical reasoning and quantitative analysis.

The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.

The deficit – the U.S. knows our deficit is too large. We are committed to bringing it down. We are bringing it down. The deficit came in for fiscal year ’05 at considerably below where...

Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

America’s planned contribution to the global AIDS fund is around a sixth of what is needed in 2003, according to the fund itself.

Well, I think the best thing we can do for the short term is move good energy legislation through to the Congress; I’m encouraged that there’s some prospect for that now.

If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that’s coming due within a...

And our big theme has been, you have made so much progress, we urge you on with the openings and market openings that have occurred. They clearly work and continuing on that path will produce...

Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.

I was born in Champaign in 1918. From the neighborhood elementary and intermediate schools, I went to the University High School in the twin city, Urbana.

The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new...

The global economy is in pretty good shape.

In the long run all producers are forced to use the most efficient methods or give place to others who do.

We, being the Western world, wouldn’t let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid...

Well, I think the global economy is in the position for continuing good growth with inflation well in check.

It’s not so unusual to run out of someone else’s currency.

And we have abundant natural energy resources in the country. We haven’t been taking adequate advantage of them, and we can burn coal in a clean way; we could improve the grid.

Well, I started out in the Federal Reserve as a young economist and spent about five years in the Federal Reserve Bank of New York.

In 1947 I was elected Junior Fellow of the Society of Fellows, an appointment that allowed me three years of freedom for study, research, and writing.

Unfortunately, the real focus in this country has not been on the rest of the world. It’s been on our own issues and our own problems. Fair enough. But it means that our simple hopes...

We can get more energy out of the north slope of Alaska; we have available the ability to make ourselves less dependent on those uncertain sources of supply from the Middle East. And it’s important...

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.

Let’s start fresh with Russia on some real help and some real reform.

Well, such as opening up some sectors of banking, branch banking for instance. It isn’t a legislative matter, it’s a matter for administrative action.

There’s a lot of strength in the U.S., but there’s a lot of froth also. The froth will blow off. We’re going to have to face up to some realities that we’re not fully facing...

But clearly an economy that’s growing and expanding like this one – and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong – that’s an environment in which the...

When people begin anticipating inflation, it doesn’t do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

Most important, I have learned from my colleagues and students.

If we did go into a recession, something that’s always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.