In fact, the world needs more nerds.

Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.

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.

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.

In fact, the world needs more nerds.

September and October of 2008 was the worst financial crisis in global history, including the Great Depression.