Speeches by Dallas Fed President Richard W. Fisher

Labor Omnia Vincit (Labor Conquers All Things)--Speech by Richard W. Fisher

Sat, 17 May 2008 8:00 CST

"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)

Thu, 17 Apr 2008 12:45 CST

"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)

Wed, 9 Apr 2008 12:40 CST

"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

Fri, 7 Mar 2008 7:00 CST

"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

Tues, 4 Mar 2008 12:00 CST

"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

Thurs, 7 Feb 2008 12:00:00 CST

"...the FOMC does not intend to just squat and wait should economic data and sound risk management signal that monetary accommodation is required."

Challenges for Monetary Policy in a Globalized Economy

Thurs, 17 Jan 2008 11:30:00 CST

"...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)

Wed, 14 Nov 2007 7:00:00 CST

"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

Fri, 12 Oct 2007 8:30:00 CST

"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

Thurs, 4 Oct 2007 11:00:00 CST

"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

Tues, 2 Oct 2007 12:30:00 CST

"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

Mon, 24 Sept 2007 8:00:00 CST

"It goes without saying that we must use our franchise to ensure a smoothly operating financial system. Money is the blood of the body of capitalism. It must be pure and free of the virus of inflation, and the cardiovascular system through which this lifeblood of the economy flows must be in good working order."

The U.S., Mexican and Border Economies: Speech by Richard W. Fisher

Mon, 10 Sept 2007 12:20:00 CST

"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."

The Southern States in a Globalized Economy

Sat, 25 Aug 2007 13:50:00 CST

"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

Wed, 13 June 2007 12:20:00 CST

"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."

Introductory Remarks to the Price Measurement for Monetary Policy Conference

Thu, 24 May 2007 09:20:00 CST

One of our main criticisms here at the Dallas Fed of much of the core inflation literature is that it lacks theoretical coherence. It reminds me of the time-honored saying that an economist is someone who sees something work in practice and then wonders if it can work in theory.

Comments on Current Conundra

Fri, 27 Apr 2007 12:00:00 CST

"Many options would improve the fiscal fitness of our entitlement system and reduce the need for drastic action elsewhere in the federal budget. But let’s be honest. These remedies work only because some people would get less than they are currently slated to receive. Painful as that may be, the question is whether other options would be even more difficult."

Comments on Current Conundra

Fri, 27 Apr 2007 13:55:00 CST

Fiscal Issues: From Here to Eternity

Mon, 16 Apr 2007 08:45:00 CST

"Yes, we remain the biggest player on the global stage, but if we fail to get our fiscal house in order, we could bequeath our descendants unconscionable debt and slow the global economy to boot. Is that to be our legacy?"

Globalizing the Knowledge Economy

Fri, 13 Apr 2007 12:30:00 CST

"We need new and better tools to help us determine just how globalization is affecting economies around the world, and how policymakers can reap benefits from these insights. Getting it right may well alter our notions of economic progress, with ramifications for how we approach the goal of price stability."

Risk Is a Many Splendored Thing: Lessons Learned

Wed, 04 Apr 2007 12:00:00 CST

"The elimination of risk can never be the goal of any type of policymaker in a capitalist system. Risk becomes a problem only when it is excessive or when it is abused—a proposition that is especially true in today’s environment, where financial markets are increasingly globally integrated and information moves with the click of a mouse."

Speech by Richard W. Fisher.

Mon, 27 Feb 2007 18:30:00 CST

Dallas Fed President Richard Fisher's remarks to the Headliners Club in Austin, Texas.

Remarks to the Marine Military Academy upon Receipt of the Iwo Jima Leadership Award: Speech by Richard W. Fisher

Fri, 16 Feb 2007 17:15:00 CST

"We learned the values of camaraderie and esprit de corps, and that semper fidelis was more than a slogan. Being faithful to your country, your mission and your potential is reward in itself."

Brief Comments on the Economy and the Business of the Dallas Fed

Fri, 9 Feb 2007 12:15:00 CST

"At this early juncture in 2007, I think it entirely reasonable to expect the economy to maintain an average pace of 3 percent growth for the year. And, if we at the Fed do our job well, we should be able to accommodate that growth rate while bringing inflation down below 2 percent.

A Year-End Wrap-Up of the Economy and a Peek Ahead

Tue, 19 Dec 2006 12:30:00 CST

"I do not agree with pundits who argue about whether we can engineer a “soft landing.” “Landing” implies stopping. I prefer to say that the Fed’s job is to provide the monetary conditions necessary to pilot our economy at a comfortable cruising altitude and speed while preventing the engine from overheating with inflation. As we look to 2007, I consider this objective to be within reach."

Is German Economic Decline Exaggerated or Inevitable?

Mon, 20 Nov 2006 13:00:00 CST

"Persistence in pursuing economic reform will solve the problems that threaten Germany's future. Germany must 'press on' with needed reforms to its laws and to its attitudes toward competition and the pursuit of excellence."

The Extended Importance of the Euro

Thu, 17 Nov 2006 13:00:00 CST

"While the ECB has delivered a currency that retains its purchasing power at least as well as the dollar, there are at least three reasons why the euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency."

Confessions of a Data Dependent

Thu, 02 Nov 2006 11:00:00 CST

"Globalization brings new influences into the Fed's navigation calculations to determine the best flight path for the U.S. economy. To determine that course ... we must develop a better understanding of the new forces exerting themselves on the aircraft we have been charged with flying. That aircraft no longer flies solely in domestic space, affected soley by domestic factors. Rather, it flies all over the world, requiring more sophisticated navigation instruments to monitor changing global and domestic economic conditions, enabling us to pilot the craft safely and efficiently."

Richard W. Fisher's Remarks Upon Accepting the Service to Democracy Award and the Dwight D. Eisenhower Medal

Wed, 18 Oct 2006 12:00:00 CST

"To simply know that you and the American Assembly feel that I and my colleagues in public service have lived a life worth living and are doing good things worth continuing to do is the truest honor of all."

Monetary Policymaking in a Globalized World

Mon, 10 Oct 2006 8:50:00 CST

"My point is simply that the committee’s wisdom would be enhanced, and the economy would benefit, from having analytical tools to help us build more practicable models than what we currently have to guide our thinking as we make monetary policy in a complicated, reconfigured, globalized world."

The Current State of the U.S. and Mexican Economies: Where Do We Go From Here?

Mon, 25 Sept 2006 8:30:00 CST

"As I sit at the FOMC table, I continue to fret more about inflation than I do about growth. While I am well aware of the risks to economic growth, the history of inverted yield curves, and the ever present possibility of exogenous shocks in a politically hazardous world, the “balance of risk,” in my book, is still tilted to the inflation side of the equation."

A Primer on Inflation

Wed, 30 Aug 2006 8:00:00 CST

"Today, we live in a world where goods, services, money, and the ideas and tasks performed by American businesses cross international borders with great ease. It stands to reason, then, that inflationary trends in any economy cannot be properly assessed without knowing how readily resources, inputs, finished products and capital from outside the country can be brought to bear. The Dallas Fed’s globalization initiative is aimed at developing measures of these broader output gaps, which we hope will let us determine how the dramatic rise of China and India, for example, or the processing of tasks in cyberspace will impact inflation in the U.S."

The Federal Reserve and Texas

Tue, 29 Aug 2006 12:30:00 CST

"The business of getting it right on inflation is not an easy task. I keep a close eye on all of the inflation measures—especially now, when high energy prices and utility bills are putting pressure on many businesses to raise prices. But I put extra weight on the Trimmed-Mean PCE Deflator because I believe it provides a more realistic picture of the price pressures in the economy and more accurately measures what conditions the operations of our economy."

Speech by Richard W. Fisher: "An Update on the Status of the Economy and Its Implications for Monetary Policy"

Wed, 16 Aug 2006 12:30:00 CST

Richard W. Fisher's remarks for the Annual Joint Luncheon of Commerical Real Estate Women Dallas and North Texas Certified Commercial Investment Members: "In determining future policy, my colleagues and I will watch and listen and “taste” the indicators carefully as they come in. And, as we said at the conclusion of our last FOMC meeting, we will act accordingly. If anybody tells you with absolute conviction that the Fed is done raising interest rates or with equal conviction that they have only paused and will raise rates more starting in September or October, remind yourself that at best—and I’m being generous here—they are only guessing."

Speech by Richard W. Fisher: "Globalization’s Impact on U.S. Growth and Inflation"

Mon, 22 May 2006 12:30:00 CST

Richard W. Fisher's remarks before the Dallas Assembly: "Our globalizing economy is not a vintage car. It is more like a 2006 BMW Z4 roadster, fully equipped and Bluetooth enabled. It is a very complex, highly integrated, technologically advanced and brilliantly engineered vehicle that just cannot help exceeding the posted speed limit."

Commencement Address by Richard W. Fisher: "To the Trustees of America's Economic Potential"

Sat, 20 May 2006 09:00:00 CST

Richard W. Fisher's commencement address to the Department of Economics, University of Texas at Austin: "Today, China and India, nanotechnology, the Internet and the human genome project, the BlackBerry and the iPod are the railroads of the 21st century that are changing the landscape of history. They are propelling us forward into a world in which whatever was optimal before is no longer so."

Globalization and the Latin Perspective (with Reference to Las Meninas)

Thu, 19 April 2006 12:00:00 CST

Remarks at the Central Bank of Argentina, Buenos Aires, April 19, 2006 (Also available in Spanish)

Racing to the Top: How Global Competition Disciplines Public Policy

Tue, 11 April 2006 12:00:00 CST

Remarks before the Dallas Friday Group, Dallas, Texas, April 11, 2006

A Perspective on Mexico

Wed, 5 April 2006 12:00 CST

Remarks for the Jose Cuervo Tequila Talk, Institute of the Americas, La Jolla, California, April 5, 2006

A New Perspective on Policy

Tue, 18 April 2006 09:30:00 CST

2006 Streich Family Lectureship on Free Enterprise, Midwestern State University, Wichita Falls, Texas, April 4, 2006

Trade Deficits and the Health of the U.S. Economy

Tue, 14 February 2006 12:00 CST

Remarks before the Little Rock Rotary Club, Little Rock, February 14, 2006