A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

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.

It's the price of success: people start to think you're omnipotent.

A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.

We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.

The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.