Latest Speech

The Current State of the U.S. Economy and the Fed’s Response (With Reference to Irrational Exuberance and Virgil’s Aeneid) Remarks before the Texas Cattle Feeders Association Grapevine, Texas November 4, 2008 "Despite the efforts of the Fed, the hope that comes with a new presidency, and what will hopefully be responsible and carefully calibrated fiscal initiatives for the Congress, I believe we have an epic challenge ahead of us. We are navigating the mother of all financial storms. We will certainly come out of it with a lesser number of ships than we entered it with, for we cannot and should not 'relieve the rashness of distress that financiers' and other imprudent decisionmakers 'have brought upon themselves.'”

Other Recent Speeches

Addressing a Credit Crisis
Remarks before the International Institute of Finance Annual Membership Meeting
Washington, D.C.
October 12, 2008

Responding to Turbulence (With Reference to Bob Dylan, Alan Brooke, Washington Irving, Anna Fisher and Marcus Nadler)
Remarks before the Money Marketeers of New York University
New York City
September 25, 2008

Economic Challenges
Remarks before the Greater Houston Partnership
Houston, Texas
September 4, 2008
"While it seems pretty clear that economic momentum is slowing, the jury is out on whether lesser momentum will be sufficient to translate into relief on the price front over the intermediate to longer term. In East Texas parlance, 'It might could, but it mightn’t'; it most definitely has not thus far."

Monetary Policy in Uncertain Times (With a Salute to Julius Squeezer and Mr. Bean)
Remarks before the Progress & Freedom Foundation Aspen Summit 2008
Aspen, Colorado
August 19, 2008
"The earnest men and women who make up the FOMC have no intention of squandering the bedrock capital of a central bank: the confidence the public places in our hands to keep inflation at bay while we work to bolster economic growth and restore the financial system."

A Perspective on China
Remarks to a Working Dinner Sponsored by the Progress & Freedom Foundation
Aspen, Colorado
August 18, 2008
"In contemplating China, we need to look past carefully crafted images and deepen our understanding of her national interest. Failure to do so will be perilous."

Storms on the Horizon
Remarks before the Commonwealth Club of California
San Francisco, California
May 28, 2008
"Even the perception that the Fed is pursuing a cheap-money strategy to accommodate fiscal burdens, should it take root, is a paramount risk to the long-term welfare of the U.S. economy. The Federal Reserve will never let this happen. It is not an option. Ever. Period."

Labor Omnia Vincit (Labor Conquers All Things)
Commencement Address to Admiral Farragut Academy
St. Petersburg, Florida
May 17, 2008
"You need to dream of big things. But dreaming will not suffice. To succeed, you must work. If you are willing to work hard, you will achieve your goals. That is all you need to remember of this graduation speech."

Selling Our Services to the World (With an Ode to Chicago)
Remarks before the Chicago Council on Global Affairs
Chicago
April 17, 2008
"The United States, like Chicago, can continue to prosper only if it faces economic change head-on, choosing to compete rather than retreat, seeking out new opportunities in a globalizing economy, where goods, services, money and ideas flow freely across international borders."

The Egocentricity of the Present (Prefaced by the Tale of Ruth and Emma)
Remarks before a Federal Reserve Bank of Dallas Community Forum
San Antonio, Texas
April 9, 2008
"In building the bridge to restore financial order and efficiency, my primary interest is to do the minimum necessary to get the job done. And no more. In so doing, my hope is that we restore the long-term faith of the millions of risk takers who make our economy so mighty."

Comments on Stylized Facts of Globalization and World Inflation
Remarks for a panel discussion at the International Symposium of the Banque de France on Globalisation, Inflation and Monetary Policy
Paris, France
March 7, 2008
"In today’s world, where investors can move their funds instantly from one currency to another to avoid depreciation, the price central bankers pay for high inflation is much higher than in the past. Understanding this, you can see why I am a steadfast inflation-fighting owl."

Balancing Inflation and Growth
Remarks before the Society of Business Economists
London, England
March 4, 2008
"At present, we simply do not have the ability to adequately account for the impact globalization has on the gearing of our domestic economy. Absent that capacity, we cannot, in my opinion, confidently assume that slower U.S. economic growth will quell U.S. inflation and, more important, keep inflationary expectations anchored."

Defending Central Bank Independence
Remarks at Instituto Tecnológico Autónomo de México
Mexico City, Mexico
February 7, 2008
Speech in Spanglish
"Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up inflation once the effect of the new punch kicks in."

Challenges for Monetary Policy in a Globalized Economy
Remarks before the Global Interdependence Center
Philadelphia, Pennsylvania
January 17, 2008
"...the FOMC does not intend to just squat and wait should economic data and sound risk management signal that monetary accommodation is required."

The U.S. Economy, Globalization and Inflation Measurement (With Brief References to Brawls, Beer and Bikinis)
Remarks before the Australian Business Economists
Sydney, Australia
November 14, 2007
"Our job has been made more complicated by globalization—the freer flow of goods, services, money, ideas and people across national borders. Its present incarnation owes a great deal to the revolution in information technology. Faster, cheaper and better communications are breaking down barriers to international business and knitting the world's economies closer together faster than Skippy could outsmart a pack of hungry dingoes."

John Taylor's Contributions to Monetary Theory and Policy
Welcome Remarks at a Federal Reserve Bank of Dallas Conference
Dallas, Texas
October 12, 2007
"John Taylor has divided his career between academia and government service, and both spheres owe him a debt of gratitude for having done so."

Inflation Measurement and Price Volatility
Remarks Before the Charlotte Economics Club
Charlotte, N.C.
October 4, 2007
"Those of us responsible for crafting U.S. monetary policy cannot afford to be distracted by the flux of short-term price changes that are destined to be unwound. Our eye should be focused on underlying inflationary pressures, some of which may indeed be coming from food and energy markets. Routinely excluding food and oil price movements from our inflation gauges may have made sense in the 1970s, the 1980s and even the 1990s—but not now, nor in the next few years."

In the Lap of the Gods
Remarks at the Greater Dallas Chamber Annual State of Technology Luncheon
Dallas, Texas
October 2, 2007
"We live in a time when it is fashionable to look at all glasses as half full. Chicken Little rules the roost of economic prognostication. The innovators in this room know differently."

You Earn What You Learn
Delivered to the North Dallas Chamber of Commerce Seventh Annual Real Estate Symposium
Dallas, Texas
September 24, 2007
"The vital capital stock of our modern economy is not our buildings or our factories or our farms. It is our brains. It is our ability to conjure new and better ideas, inventions and solutions. It is our commitment to exceptional customer service. It is our designs for better buildings, faster computers and more successful space flights."

The U.S., Mexican and Border Economies
Remarks before a Federal Reserve Bank of Dallas Community Luncheon
Laredo, Texas
September 10, 2007
"It is fair to say that I am encouraged by what I have heard against a background of constant negative speculation and the occasional discordant note, such as last week's employment numbers. Our economy appears to be weathering the storm thus far. The future path of that storm and the appropriate policy course, however, are still to be determined. "
English | Spanish

The Southern States in a Globalized Economy
Remarks before the Southern Governors’ Association 73rd Annual Meeting
Biloxi, Mississippi
August 25, 2007
"There is no great secret about how to lay the groundwork for Southern states' success in harvesting and harnessing—in mastering—globalization. The key to adapting to and profiting from globalization lies in education."

Higher Education in Texas
Remarks to the Rotary Club of Dallas
Dallas, Texas
June 13, 2007
"Economists may quibble about widgets and whatnot, but they are united on this: Education pays off. There’s an irrefutable positive link between education and income. We see it across countries, between individuals, in America’s progress over time and when comparing states. "

Commencement Address at the University of Texas Southwestern Medical Center
Dallas, Texas
June 2, 2007
"...True success comes to those who best put their talents in context and who connect a substantial intellect to an equally developed emotional capacity. Those of us who lead cerebral lives must constantly strive to elevate our 'people skills' to a level equal to our intellectual skills."

More 2007 Speeches»