Urjit Patel Quotes

Monetary policy is one of the most difficult topics in economics. But also, I believe, a topic of absolutely crucial importance for our prosperity.

No one thinks of controlling inflation of a continental-sized country by holding back municipal tariffs. Macroeconomic stability cannot be achieved through microeconomic intervention.

The central focus of what we are doing at the Fed is to keep inflation from accelerating - and preferably decelerating.

There are limits to monetary policy.

I have never believed that central banks should have rigid inflation targeting. That is not a good thing to stabilize. There is nothing in economic theory to back this.

Experience shows that high and unstable inflation can harm growth. A noninflationary macroeconomic policy is, therefore, a prerequisite for rapid development. Control of government borrowing is the crucial element in such a policy. When public borrowing is excessive, governments are soon obliged to finance it by printing money, and rising inflation then follows.

Near-zero policy rates that may be considerably expansionary in an economy with high inflation could be contractionary when inflation is too close to zero, or worse, deflation has set in.

The role of monetary policy is to smooth out business cycles by promoting steady inflation and healthy labor markets, but modern central bankers have taken an activist turn.

Monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored.

As a former economy minister, I can't not think about economic growth. The central bank should also think about this but through its own instruments.

After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid major changes in the inflation rate in either direction.

A crucial responsibility of any central bank is to control inflation, the average rate of increase in the prices of a broad group of goods and services.

Monetary policy itself cannot sensibly be directed at reducing imbalances.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.

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.

Each money-printing exercise brings about unintended consequences. These unintended consequences are higher inflation rates than had no money been printed.

I think the Fed is not designed to have effective tools to deal with the economy. It should settle for just controlling the money supply. And - if it insists, it can worry about inflation.

Monetary policy is not a panacea.

Domestic inflation reflects domestic monetary policy.

The natural tendency of the state is inflation.

Whip Inflation Now

Monetary policy should never have been expected to shift economies to a sustainably higher growth trajectory by itself.

The issue is, you're not going to have a lot of inflation showing up when you have no velocity.

There is no risk-free path for monetary policy.

When you have steady inflows and global central banks hell-bent on stoking credit activity and inflation, money will flow into the most attractive areas.