---
title: "16 Policy Quotes By Ben Bernanke"
description: "16 Policy quotes by Ben Bernanke. Plus more from Ben Bernanke and more Policy sayings from other authors."
image: "https://sms4smile.com/quotes/i/cbc/ben-bernanke-1388_customer_monetary-policy-is-not-a-panacea-703535_703535.png"
---

> [Monetary policy is not a panacea.](https://sms4smile.com/quotes/ben-bernanke/monetary-policy-is-not-a-panacea/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/cbc/ben-bernanke-1388_customer_monetary-policy-is-not-a-panacea-703535_703535.png)

> [There are limits to monetary policy.](https://sms4smile.com/quotes/ben-bernanke/there-are-limits-to-monetary-policy/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/410/ben-bernanke-1388_customer_there-are-limits-to-monetary-policy-1491_1491654.png)

> [The central bank needs to be able to make policy without short term political concerns.](https://sms4smile.com/quotes/ben-bernanke/the-central-bank-needs-to-be-able-to-make-policy-without-short-term/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/656/ben-bernanke-1388_able_the-central-bank-needs-to-be-able-to-mak_638057.png)

> [The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of…](https://sms4smile.com/quotes/ben-bernanke/the-risk-exists-that-with-aggregate-demand-exhibiting-considerable/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/a41/ben-bernanke-1388_absence_the-risk-exists-that-with-aggregate-dema_555498.png)

> [Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to…](https://sms4smile.com/quotes/ben-bernanke/monetary-policy-is-a-blunt-tool-which-certainly-affects-the/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/6b7/ben-bernanke-1388_blunt_monetary-policy-is-a-blunt-tool-which-ce_638204.png)

> [I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as…](https://sms4smile.com/quotes/ben-bernanke/i-served-seven-years-as-the-chair-of-the-princeton-economics/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/aa8/ben-bernanke-1388_bagels_i-served-seven-years-as-the-chair-of-the_1064530.png)

> [Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it…](https://sms4smile.com/quotes/ben-bernanke/under-a-cold-turkey-strategy-at-each-policy-meeting-the-federal-open/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/72b/ben-bernanke-1388_cold_under-a-cold-turkey-strategy-at-each-pol_1198401.png)

> [If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus…](https://sms4smile.com/quotes/ben-bernanke/if-i-am-confirmed-i-am-confident-that-my-colleagues-on-the-federal/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/b97/ben-bernanke-1388_colleagues_if-i-am-confirmed-i-am-confident-that-my_1161086.png)

> [When historical relationships are taken into account, it is difficult to ascribe the house price bubble either to monetary policy or to…](https://sms4smile.com/quotes/ben-bernanke/when-historical-relationships-are-taken-into-account-it-is-difficult/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/ce8/ben-bernanke-1388_customer_when-historical-relationships-are-taken_786122.png)

> [Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus…](https://sms4smile.com/quotes/ben-bernanke/clear-communication-is-always-important-in-central-banking-but-it-can/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/9dc/ben-bernanke-1388_always_clear-communication-is-always-important_1366450.jpg)

> [Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where…](https://sms4smile.com/quotes/ben-bernanke/monetary-policy-cannot-do-much-about-long-run-growth-all-we-can-try/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/1b1/ben-bernanke-1388_cannot_monetary-policy-cannot-do-much-about-lon_758433.png)

> [The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support…](https://sms4smile.com/quotes/ben-bernanke/the-basic-prescription-for-preventing-deflation-is-therefore/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/f7d/ben-bernanke-1388_best-way_the-basic-prescription-for-preventing-de_2505170.png)

> [I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists…](https://sms4smile.com/quotes/ben-bernanke/i-think-that-having-good-data-good-statistics-and-the-united-states/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/306/ben-bernanke-1388_alternatives_i-think-that-having-good-data-good-stati_2906741.png)

> [Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The…](https://sms4smile.com/quotes/ben-bernanke/inflation-is-certainly-low-and-stable-and-measured-in-unemployment/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/7d8/ben-bernanke-1388_customer_inflation-is-certainly-low-and-stable-an_1777396.jpg)

> [The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that…](https://sms4smile.com/quotes/ben-bernanke/the-more-guidance-a-central-bank-can-provide-the-public-about-how/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/9fa/ben-bernanke-1388_appropriate_the-more-guidance-a-central-bank-can-pro_317384.jpg)

> [Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more…](https://sms4smile.com/quotes/ben-bernanke/monetary-policy-has-less-room-to-maneuver-when-interest-rates-are/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

[Image](https://sms4smile.com/quotes/i/652/ben-bernanke-1388_burden_monetary-policy-has-less-room-to-maneuve_1271294.png)

## Other authors on Policy

## More by Ben Bernanke

> [If Wall Street crashes, does Main Street follow? Not necessarily.](https://sms4smile.com/quotes/ben-bernanke/if-wall-street-crashes-does-main-street-follow-not-necessarily/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [The Federal Reserve is not currently forecasting a recession.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-is-not-currently-forecasting-a-recession/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.](https://sms4smile.com/quotes/ben-bernanke/we-do-not-expect-significant-spillovers-from-the-subprime-market-to/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [In the past, Federal Reserve chairmen have not generally gone directly to the public.](https://sms4smile.com/quotes/ben-bernanke/in-the-past-federal-reserve-chairmen-have-not-generally-gone-directly/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds…](https://sms4smile.com/quotes/ben-bernanke/the-depression-was-an-incredibly-dramatic-episode-an-era-of-stock/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [Community development has a long history of innovation and learning from experience.](https://sms4smile.com/quotes/ben-bernanke/community-development-has-a-long-history-of-innovation-and-learning/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can…](https://sms4smile.com/quotes/ben-bernanke/to-be-sure-the-provision-of-liquidity-alone-can-by-no-means-solve-the/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a…](https://sms4smile.com/quotes/ben-bernanke/consumers-going-through-foreclosure-typically-will-see-their-credit/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.](https://sms4smile.com/quotes/ben-bernanke/if-you-are-not-happy-with-yourself-even-the-loftiest-achievements-won/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [High levels of homeownership have been shown to foster greater involvement in school and civic organizations, higher graduation rates, and greater neighborhood stability.](https://sms4smile.com/quotes/ben-bernanke/high-levels-of-homeownership-have-been-shown-to-foster-greater/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-has-the-capacity-to-operate-in-domestic-money/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [The Federal Reserve will not monetize the debt.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-will-not-monetize-the-debt/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social…](https://sms4smile.com/quotes/ben-bernanke/to-avoid-large-and-unsustainable-budget-deficits-the-nation-will/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

> [The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today-2/)

[Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/)

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                        "text": "Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the policy rate is already at its effective lower bound.",
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                        "text": "The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.",
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                        "text": "I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists to interpret those data and present the policy alternatives, has a substantially beneficial effect on policymaking in the United States.",
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                        "text": "Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.",
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                        "text": "Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.",
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