Policy Quotes - page 29
The bottom line is that monetary policy is a lot harder in the post-crisis world. We have learned a lot from the past five years, but there is still much we do not know. Policymakers, including the new Federal Reserve chair, are going to need flexible minds, good research, and the wisdom of ordinary Americans if they are going to meet the challenges that lie ahead.
Christina Romer
Monetary policy decisions tend to regress toward the mean and to be inertial-and hence biased in just the same way that adaptive expectations are biased relative to rational expectations. But errors like that, while systematic, will generally be small and will tend to shrink over time. And, in return, the system builds in natural safeguards against truly horrendous mistakes.
Alan Blinder
In the period 1965 - 69, the U. S. Arms Control and Disarmament Agency employed a group of about ten young game theorists as consultants. It was as a member of this group that I developed the simpler approach, already mentioned, to the analysis of I-games.
I realized that a major problem in arms control negotiations is the fact that each side is relatively well informed about its own position with respect to various variables relevant to arms control negotiations, such as its own policy objectives, its peaceful or bellicose attitudes toward the other side, its military strength, its own ability to introduce new military technologies, and so on - but may be rather poorly informed about the other side's position in terms of such variables.
I came to the conclusion that finding a suitable mathematical representation for this particular problem may very well be a crucial key to a better theory of arms control negotiations, and indeed to a better theory of all I-games.
John Harsanyi
The economy is doing fine-if you gauge it in traditional ways. The growth of GDP is 6.2%, which is good. [...] But do we compare Russia to developed countries or to a country like China that has the GDP growth of 9%-or oil producers like Azerbaijan with 12%, or Kazakhstan with 19%. This way, we see that Russia's achievement is more than modest. Under oil windfall profits, Russia's GDP should have grown by 15% to 16% in 2005. Once you dismiss the windfall profits, you see a poor quality of the economic policy that has proven negative to the tune of losing some 9% to 10% of the GDP growth.
Andrey Illarionov
If my hon. Friend is now envisaging the establishment of a federal Europe, will he not reflect that the Maastricht treaty does not take us in the direction of the checks and balances contained in the American federal constitution? It takes us in the opposite direction of an unelected legislative body-the Commission-and, in the case of foreign policy, a policy Commission that will be, in effect, imposing foreign policy on nation states that have fought for their own democratic accountability.
Jeremy Corbyn
I thank the Foreign Secretary for giving way. I assure him that at least 60 Labour Members voted against the Bill on Second Reading and I am sure that they will vote against the Maastricht treaty again tonight, primarily because it takes away from national Parliaments the power to set economic policy and hands it over to an unelected set of bankers who will impose the economic policies of price stability, deflation and high unemployment throughout the European Community.
Jeremy Corbyn
[E]ven if we disagree about the Iraq invasion in 2003 and the consequent moves made by Bush 43 Administration, the decision of Obama Administration to retreat, especially announcing it, this is the worst you can do. At noon, at that day, that month, we are out. By sending the signal to the radical Islamists, to the forces that were about just to recover and prepare again for attacks against the free world, that was a recipe for disaster. It created a vacuum. It's not a surprise that we live in a world today that is a much more dangerous place than in 2008. It helped Vladimir Putin to regain his confidence and because after his attack against the Republic of Georgia in 2008 in August, he was basically rewarded by Obama/Clinton "reset” policy instead of paying a price for taking territory of neighboring country.
Garry Kasparov
Does he concede that the whole basis of the Maastricht treaty is the establishment of a European central bank which is staffed by bankers, independent of national Governments and national economic policies, and whose sole policy is the maintenance of price stability? That will undermine any social objective that any Labour Government in the United Kingdom-or any other Government-would wish to carry out. Does my hon. Friend recognise that the imposition of a bankers' Europe on the people of this continent will endanger the cause of socialism in the United Kingdom and in any other country?
Jeremy Corbyn
Does the hon. Lady agree that private medicine is a drain on the NHS and takes resources away from those who cannot afford to buy their way past the hospital queues? Does she further agree that it would be logical to remove pay beds and privatised services from NHS hospitals and bring back direct labour? Would that be alliance policy?
Jeremy Corbyn
I are very concerned, however, to make sure there can be open and proper debate about Israel and its foreign policy, and about the future for Palestinian people. Hence there has to be that space for debate, you cannot shut that down. But it can never, ever be conducted in an anti-Semitic way.
Jeremy Corbyn
People say monetary policy is easy and quick to implement. It can even be done overnight on the telephone, they say fiscal policy drags out in political and congressional debate in our country. It might take months to implement. But the point is that once fiscal policy is implemented, it might go to work much faster than monetary policy.
Lawrence Klein
Balancing fiscal and monetary policies is a problem. If you do just one thing, it is not necessarily enough-neither monetary policy alone nor fiscal policy alone, and neither tax cuts nor expenditure increases alone. You need to mix policy. By having the right balance, you can get high employment and stable prices.
Lawrence Klein
Barnes dismissed his own past criticism of the World War II unconditional surrender policy as valid but superficial; for he had learned from General Albert C. Wedemeyer's book that the murder of Germans and Japanese was the overriding aim of World War II – virtually an Anglo-American scalping party.
Murray Rothbard
It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive situations such as reconversion after World War II, the settlement of the Korean War, the settlement of the Vietnam War, the abrupt economic policy switch of the Nixon Administration in August 1972, the oil shock of 1973 (forecast of a world-wide succession by LINK), the recession of 1990. In these crucial periods, econometric models outperformed other approaches, yet there is considerable room for improvement, and that is precisely what is being examined in development of high-frequency models that aim to forecast the economy, every week, every fortnight, or every month, depending on the degree of fineness of the information flow.
Lawrence Klein
The Chernobyl disaster, more than anything else, opened the possibility of much greater freedom of expression, to the point that the system as we knew it could no longer continue. It made absolutely clear how important it was to continue the policy of glasnost, and I must say that I started to think about time in terms of pre-Chernobyl and post-Chernobyl.
Mikhail Gorbachev
I firmly came out in favor of the independence of nations and sovereignty for the republics. At the same time, I support the preservation of the union state and the integrity of this country. The developments took a different course. The policy prevailed of dismembering this country and disuniting the state, which is something I cannot subscribe to.
Mikhail Gorbachev
