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 GSEs are adequately capitalized. They are in no danger of failing.

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.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

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.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

I am confident that we will meet whatever challenges the future may bring.