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" All the Federal Reserve can do is make loans against collateral. "

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" Economics has many substantive areas of knowledge where there is agreement, but also contains areas of controversy. That's inescapable. "

" History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse. "

" The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being. "

" As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people. "

" Neighborhoods and communities are complex organisms that will be resilient only if they are healthy along a number of interrelated dimensions, much as a human body cannot be healthy without adequate air, water, rest, and food. "

" 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. "

" Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank. "

" If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression. "

" I think one of the lessons of the Depression - and this is something that Franklin Roosevelt demonstrated - was that when orthodoxy fails, then you need to try new things. And he was very willing to try unorthodox approaches when the orthodox approach had shown that it was not adequate. "

" The best solution to income inequality is providing a high-quality education for everybody. In our highly technological, globalized economy, people without education will not be able to improve their economic situation. "

" If you take a candy bar in the short run, it gives you a burst of energy, but after a while, it just makes you fat. "

" In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement. "

" Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933. "

" In September 2008, the two largest housing mortgage companies called Fannie Mae and Freddie Mac, which were government-sponsored enterprises, which hold hundreds of billions of dollars of mortgages, because of the losses they took on the mortgages, they essentially became insolvent, and the government had to take them over. "

" In fact, the world needs more nerds. "

" I got into economics because I wanted to make things better for the average person. "

" History has demonstrated time and again the inherent resilience and recuperative powers of the American economy. "

" Smart financial planning - such as budgeting, saving for emergencies, and preparing for retirement - can help households enjoy better lives while weathering financial shocks. Financial education can play a key role in getting to these outcomes. "

" Identity theft is a serious crime that affects millions of Americans each year. "

" The biggest downside of my current job is that I have to wear a suit to work. Wearing uncomfortable clothes on purpose is an example of what former Princeton hockey player and Nobel Prize winner Michael Spence taught economists to call 'signaling.' "

" Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves. "

" The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes. "

" It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting. "

" 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. "