Urjit Patel Quotes

What we have to be careful is that if we drop interest rates where the rate of interest is lower than inflation, then savers will not put money in financial savings and move it to gold and real estate, which is bad for India.

Savings is the fundamental input for capital investment, and capital investment is the primary ingredient in productivity.

With interest rates artificially low, consumers reduce savings in favor of consumption, and entrepreneurs increase their rates of investment spending.

Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.

Well, I think what we need to remember is that budget deficits can impede economic activity.

If the Federal Reserve pursues a strong dollar at home while the dollar becomes more competitive in global markets, we can achieve both price stability and a more balanced path of economic growth.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

All the Federal Reserve can do is make loans against collateral.

It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.

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

When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve... mustered the moral courage to do what was necessary.

Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.

Of course, looking tough on inflation is part of any central banker's job description: if investors believe that inflation is going to get out of control, you end up with higher interest rates and capital flight, and a vicious circle quickly ensues.

People forget how difficult it is to stop inflation or get it under control… I worry about it all the time.

The history of interest rates is really the history of inflation. When inflation is high, interest rates are high, and when inflation is low, interest rates are low.

If by carelessness in controlling inflation and imposing controls on our general economy we are unable to meet these temporary but vital calls upon us, we will be courting real disaster.

The Bank of England should lend in times of internal panic as freely and readily as plain principles of banking require.

Ask me whether inflation represents longer-term problem. I think there's a potential there for excess reserves to create problems.

Trade balances are determined by national savings propensities, not exchange rates.

It is easy and quick to fritter away gains regarding macroeconomic stability.

The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.

The Federal Reserve is incapable of accomplishing its stated objectives.

It is the rate of investment which governs the rate of saving, and not vice versa.

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.

Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.