The central bank needs to be able to make policy without short term political concerns.

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.

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 American people are among the most productive in the world. We have the best technologies. We have - great universities. We have entrepreneurs.

Weaker currencies abroad mean a strong dollar, and a stronger dollar, together with a weak global environment, is a drag on the U.S. economy. So it's important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand