Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.

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.

Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.

I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.

The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.

There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.