Glenn Hubbard Quotes

Austerity policy without currency devaluation can only hamper economic growth.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.

In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.

The Netherlands has been severely hit by the debt crisis, and the solution is to lower taxes, get government finances in order, and make room for investment.

By putting downward pressure on interest rates, the Fed is trying to make financial conditions more accommodative - supporting asset values and lower borrowing costs for households and businesses and thus encouraging the spending that spurs job creation and a stronger recovery.

Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe.

If you look at the policies that were implemented over the past four years post 2015, these are not really growth oriented policies.

Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3% to 4% GDP, and that is absolutely critical for the country.

For too long, our nation has relied on low interest rates rather than undertaking the necessary long term necessary economic reforms.

Donald Trump is producing the kind of shoot-the-moon economic recovery that we last saw under Ronald Reagan in the 1980s. He's copied a lot of the Reagan playbook: Deregulate, cut taxes, promote American energy.

In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

The Obama administration's large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation.

The government would also be wise to press on with its further measures to promote growth, as it will want to outperform the low figures in this outlook. This will mean delivering measures to ease money and credit and to stimulate demand.

In response to the recession, the Obama administration chose to emphasize costly, short-term fixes - ineffective stimulus programs, myriad housing programs that went nowhere, and a rush to invest in 'green' companies. As a consequence, uncertainty over policy - particularly over tax and regulatory policy - slowed the recovery.

Yes. We do think that the stimulus package is raising GDP and raising employment relative to what would have happened otherwise.

The reason inflation was brought down to manageable levels, by the time of Ronald Reagan's re-election, was directly attributable to Jimmy Carter's very courageous act, hiring a Federal Reserve chair, with the charge to induce a recession. That recession was probably the reason he didn't win a second term.

When there's downward pressure on growth, one choice is to adjust economic policy, increase deficits, relax monetary policy. That might have a short-term benefit, but may not be beneficial for the future.

In addition to a soaring stock market, 6.6 million jobs have been created since tax relief measures went into effect in 2003. Our deficit situation has also improved as tax revenues have increased at double-digit rates over the past two years.

The Fed has the ability to put money out, it's got the ability to take money back in, and if they don't do that, we will have hyperinflation worse than we had in 1980 and 1981.

Obama and the Democrats' preposterous argument is that we are just one more big tax increase away from solving our economic problems. The inescapable conclusion, however, is that the primary driver of the short-term deficit is not tax cuts but the lack of any meaningful economic growth over the last half decade.

Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.

Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.

The Fed is the biggest enemy of this economy. In fact, Ben Bernanke, as far as I'm concerned, he's public enemy No. 1. We're never going to have a recovery while this guy's in charge.

We don't tell New Zealanders we can stop the global recession, because we can't. What we do tell them is we can use this time to transform the economy to make us stronger so that when the world starts growing again we can be running faster than other countries we compete with.