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
These inflation effects should fade even if energy prices remain elevated, so long as monetary policy keeps inflation expectations well-anchored.
As long as we find that the energy impact is only temporary ... my guess is that the effects on the overall economy will be fairly modest.
Inflation is up, driven by energy prices. Underlying core rates remain low, which is encouraging.
High energy prices are burdening household budgets and raising production costs, and continued increases would at some point restrain economic growth.
The economy is much more energy efficient today than it was in the 1970s when energy shocks contributed to share slowdowns,
But again, I remain optimistic that the impact on energy from these two events will be limited.
The resilience of the economy ... is helping it to absorb the shocks to energy and transportation from the hurricanes.
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.
As long as there's not permanent damage to our energy infrastructure, the effects on the overall economy should be fairly modest.
A further jump in energy prices or a more pronounced reaction to those increases in prices that have already occurred could test the strength of the expansion,
The inflation objective is explicitly a long-term or medium term objective. It focuses on, for example, core inflation to avoid getting involved in short-term fluctuations in energy prices and the like.
These policies include making tax relief permanent, reducing the budget deficit by limiting spending, strengthening retirement and health security through efforts like Social Security reform ... and enhancing energy security.
There's no magical relationship between inverted yield curves and recession. There's a debate why long-term rates are so low. It's partly a low term premium and a lot of saving looking for a relatively limited number of investments.
It's been a resilient economy, it's responded well and job creation has proceeded apace.