Quotes About Macroeconomics

The world solidly abandoned the gold standard in 1971. Since then, countries have used fiat money—that is, money not backed by anything.

As Keynes observed, there cannot be "liquidity" for the community as a whole.6

John Maynard Keynes, the great British economist, died in 1946. But his ghost lives on. When economies around the world contracted sharply in late 2008 and early 2009, government officials started seeing visions of the 1930s and turned immediately to the teachings of Lord Keynes.

Fiscal crises often turn into financial crises, dealing a blow to the real economy.

Macroeconomics is the analysis of the economy as a whole, an examination of overall supply and demand. At the broadest level, macroeconomists want to understand why some countries grow faster than others and which government policies can help growth.

When I hear people express extreme optimism about the Internet, I say, we've had it in mature form for about ten years. Macroeconomically speaking, those are about the worst 10 years we've had since about the 1930s. I don't blame the Internet for that - that would be ridiculous.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

When gross public debt exceeds 90 percent of GDP, economic growth tends to decline considerably.

under modern conditions of trade-union-led wage bargaining, a reduction in the quantity of money led directly to a reduction in the quantity of employment.

less inequality is associated with greater macroeconomic stability and more sustainable growth.

I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics.

I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

if you want an economic chart that stops you from sleeping you should start with the elephant.

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.

I was initially very interested in public policy, but then after my masters at Harvard, I felt that it was important to get a better handle on the economics of it as well. I did my Ph.D. in macroeconomics, and my thesis - 'Why Is It That Some Countries Save And Others Not?' - was on savings.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created.

I will say this: the central banks can actually support growth beyond a point. When there is no inflation, they can cut interest rates, and that is the way they support growth, but if you cut interest rate to the bone, there is nothing more to cut. It is very hard to support growth beyond that.

Below-target inflation increases the real value of debts owed by households and businesses and reduces the ability of central banks to respond to downturns.

It has been said that the Fed's job is to take the punch bowl away just as the party gets going, raising interest rates when the economy is growing too fast and inflation threatens.

Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.

In any case, the funds rate, by itself, is relatively unimportant.

stimulating demand and pushing inflation up toward our target.

On the other hand, job growth remained flat and inflation was still very low.