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

Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling.

The more important reason is that the research itself provides an important long-run perspective on the issues that we face on a day-to-day basis.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.

Speaking as somebody who has been happily married for 35 years, I can't imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.