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

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

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.

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

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

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.

The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.