Quick Access

Monetary Policy Quotes

We’ve collected the best Monetary Policy Quotes from the greatest minds of the world: Elvira Nabiullina, Janet Yellen, Timothy Geithner, Ben Bernanke, Steve Hanke. Use them as an inspiration.

Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
Elvira Nabiullina
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
Monetary policy itself cannot sensibly be directed at reducing imbalances.
We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
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.
There is always the potential for a central bank to engage in discretionary monetary policy and to break the one-to-one link between changes in foreign reserves and changes in the money supply.
Monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored.
It’s a challenge for monetary policy to communicate that our inflation objective is 2 percent.
Charles L. Evans
By the beginning of the 20th century, the debate about monetary policy and the nation‘s financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
During the last campaign I knew what was happening. You know, they mocked me for my foreign policy and they laughed at my monetary policy. No more. No more.
The fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won‘t. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols… Very happy. Very good for the Fed. Congratulations, Mr. Bernanke.
I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
Toshihiko Fukui
Any debate among politicians about monetary policy is counterproductive.
Gerhard Schroder
There are limits to monetary policy.
Domestic inflation reflects domestic monetary policy.
If the public understands the central bank’s views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.
The success of monetary policy should be judged by the economy’s performance against our statutory mandates of price stability and maximum employment.
While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy’s growth.
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But it’s sharing information. It’s not coordinating policy. It’s not coordinating a single monetary policy.
Charles L. Evans
It’s true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans.
The Federal Reserve‘s monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries‘ abilities to pursue the kind of independent fiscal policies that can strain a joint currency.
Monetary policy causes booms and busts.
Edward C. Prescott
In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.
Monetary policy will, as always, respond to the economy’s twists and turns so as to promote, as best as we can in an uncertain economic environment, the employment and inflation goals.
Poland is one of the few countries that can afford to conduct a conventional monetary policy and that means we have to act against the buildup of imbalances in the economy.
Marek Belka
When historical relationships are taken into account, it is difficult to ascribe the house price bubble either to monetary policy or to the broader macroeconomic environment.
The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.
William Vickrey
Monetary policy is one of the most difficult topics in economics. But also, I believe, a topic of absolutely crucial importance for our prosperity.
Ethereum may make monetary policy decisions like, ‘Let’s do 1% inflation to support the ongoing development of the Ethereum protocol.’ A token built on Ethereum might want to do the same.
The monetary policy of the United States has a major impact on global liquidity and capital flows and therefore, the liquidity of the U.S. dollar should be kept at a reasonable and stable level.
The degree of monetary policy ease should be associated with the level of real interest rates, not nominal interest rates.
Athanasios Orphanides
I don’t want Congress setting monetary policy.
That means following a very restrictive fiscal and monetary policy which will squeeze the monopolies and cut their subsidies. On the micro level we will allow other economic agents, both domestic and foreign, to compete with them.
Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.