The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.

House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.

In the future, my communications with the public and with the markets will be entirely through regular and formal channels.

I generally leave the details of fiscal programs to the Administration and Congress. That's really their area of authority and responsibility, and I don't think it's appropriate for me to second guess.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

It takes about two and a half percent growth just to keep unemployment stable.

If your uniform isn't dirty, you haven't been in the game.