Quotes by Frederic Mishkin

“You want to set rules, but with a lot of flexibility.”

“Its irrelevant what somebodys politics are. It just matters whether they would be a good central banker.”

“Ben has been very clear that controlling inflation is the primary long-term goal of the Fed. And he has the credibility to do that.”

“This is not somebody who is full of himself or has to show hes the smartest guy in the room.”

“There has been an evolution in his thinking. . . . He is much more aware of the subtleties of making this work in the American political process. He is not an egghead academic who doesnt get it. He knows how to learn and operate in the real world.”

“One of the most important qualifications to run the Federal Reserve is the ability to build consensus, which means you dont want to sound like youre saying, Im smarter than you are, ... And Ben is not full of himself; he doesnt have to show that hes smarter than other people. As evidence of that, he has got tremendous clout at the Federal Reserve. You can talk to people at all levels, down in the staff or whatever -- this is someone who is respected and liked.”

“The common law system in which the law is continually reinterpreted by judges ends up protecting property rights far more than others and makes it easier to enforce restrictive covenants.”

“What is not appropriate is for the central bank to talk about the details of how the fiscal balance should be achieved. Thats a political issue. Its something that the Federal Reserve should not be involved in talking about.”