Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.

I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.

If prices go down, we will have problems - problems in the sense of spillover to other areas.

The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.

All taxes are a drag on economic growth. It's only a question of degree.