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.
I'll buy an old jacket and attach gold buttons and a couple royal patches. Or I'll find an old busted sweatshirt, tear out the zipper, and replace it with a $700 zipper. I make things my own.
I'm not on a record like some rapper trying to boast about my clothes or where I'm from. I'm creating stories, experiences, the way places make me feel, the way a person makes me feel.
I am afraid that if you don't find peaceful domestic solutions to our inequality and social problems, then it's always tempting to find other people responsible for our problems.
One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.
In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.'
Liberals seem to assume that, if you don't believe in their particular political solutions, then you don't really care about the people that they claim to want to help.
Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
Capitalism knows only one color: that color is green; all else is necessarily subservient to it, hence, race, gender and ethnicity cannot be considered within it.
The Congressional Budget Office has been embarrassed repeatedly by making projections based on the assumption that tax revenues and tax rates move in the same direction.
In various countries and times, leaders of groups that lagged behind, economically and educationally, have taught their followers to blame all their problems on other people - and to hate those other people.
Like a baseball game, wars are not over till they are over. Wars don't run on a clock like football. No previous generation was so hopelessly unrealistic that this had to be explained to them.
I was always talking about what I could and would do, and you would always make rhymes about the competion even though we werent thinking about competition.
The sky is the limit as long as you keep the rooms practical, and I have become better at that since I had children. Function, form and organisation are all important.
Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.
It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century.
But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.
An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers.
