Developments in financial markets can have broad economic effects felt by many outside the markets.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.

The Federal Reserve can only buy Treasuries and agencies, and moreover quantitative easing typically involves buying longer-term Treasuries and agencies in terms of bills, for example.

I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

I think one of the lessons of the Depression - and this is something that Franklin Roosevelt demonstrated - was that when orthodoxy fails, then you need to try new things. And he was very willing to try unorthodox approaches when the orthodox approach had shown that it was not adequate.

The Federal Reserve's job is to do the right thing, to take the long-run interest of the economy to heart, and that sometimes means being unpopular. But we have to do the right thing.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

How much would you pay to avoid a second Depression?

It's the price of success: people start to think you're omnipotent.

I come from Main Street, from a small town that's really depressed.

Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.

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.

I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives.

Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.

Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.

I knew from the age of four that I wanted to preach. I didn't even consider it strange that grown people were listening to this kid preaching until I was around thirteen. I have never believed in limitations.

There's no reason why children in inner cities or rural areas do not receive the same quality education or opportunities as those in suburbs or wealthy neighborhoods. If we truly believe in giving all citizens a chance to pursue happiness and pursue their goals, then we cannot continue to marginalize entire groups of people.

As I often say, we have come a long way from the days of slavery, but in 2014, discrimination and inequality still saturate our society in modern ways. Though racism may be less blatant now in many cases, its existence is undeniable.

Like myself, President Obama is the father of two daughters. He understands the obstacles that they face as women, but he also understands the emergency of the state of young black men in America.

Not graduating high school on time leads to fewer chances of attending college and obtaining good paying jobs, and creates instead higher chances of incarceration and unemployment.