Ben Bernanke
Ben Bernanke
Ben Shalom Bernankeis an American economist at the Brookings Institution who served two terms as chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave...
NationalityAmerican
ProfessionPolitician
Date of Birth13 December 1953
CityAugusta, GA
CountryUnited States of America
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
So far, the effects appear to be relatively modest on growth.
Now that I'm a civilian again, I can once more comment on economic and financial issues without my words being put under the microscope by Fed watchers.
Of course, a decision to take no action at a particular meeting does not preclude action at subsequent meetings.
Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions.
But again, I remain optimistic that the impact on energy from these two events will be limited.
However, if I am confirmed to this position my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years.
The resilience of the economy ... is helping it to absorb the shocks to energy and transportation from the hurricanes.
My proposal that Fed governors should signal their commitment to public service by wearing Hawaiian shirts and Bermuda shorts has so far gone unheeded.
After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid major changes in the inflation rate in either direction.
I'm... fairly optimistic today about the ability of the U.S. economy to absorb these body blows.
If I am confirmed to this position, my first priority will be to maintain consistency and continuity with the policies established during the Greenspan years.
Most of the policies that support robust economic growth in the long run are outside the province of the central bank.
The high energy prices are certainly burdening consumer budgets, they are burdening cost structures of firms and certainly continued increases in energy prices are a risk for economic growth going forward.