The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.

The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.

Both humanity's capacity to innovate and the incentives to innovate are greater today than at any other time in history.

Weaker currencies abroad mean a strong dollar, and a stronger dollar, together with a weak global environment, is a drag on the U.S. economy. So it's important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.

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

I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists to interpret those data and present the policy alternatives, has a substantially beneficial effect on policymaking in the United States.

Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.