Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials.
Jerome PowellRead
My own experience is that the best outcomes are reached when opposing viewpoints are clearly and strongly presented before decisions are made.
Interpretation
What this quote means
Strongly presenting different viewpoints leads to better decision-making.
Jerome Powell emphasizes the importance of openly discussing and contrasting opposing viewpoints prior to making decisions. By engaging in a thorough deliberation of diverse perspectives, leaders are more likely to arrive at informed and effective outcomes, ultimately enhancing the quality of their decisions.
Themes
Decision MakingViewpointsLeadershipOutcomesDiscussion
In practice
Example use cases
In a corporate meeting when discussing a new strategy, a manager might quote Jerome Powell to emphasize the need for all team members to share their differing opinions.
More from Jerome Powell
All quotes βWhile the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.
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I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.
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Long-term economic growth depends mainly on nonmonetary factors such as population growth and workforce participation, the skills and aptitudes of our workforce, the tools at their disposal, and the pace of technological advance. Fiscal and regulatory policies can have important effects on these factors.
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It is worth noting that 'too big to fail' is not simply about size. A big institution is 'too big' when there is an expectation that government will do whatever it takes to rescue that institution from failure, thus bestowing an effective risk premium subsidy. Reforms to end 'too big to fail' must address the causes of this expectation.
Jerome PowellRead
There is no risk-free path for monetary policy.
Jerome PowellRead
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