Anna Schwartz

"The link between monetary expansion and inflation is indirect but powerful."

"Historical episodes of hyperinflation offer stark lessons about monetary discipline."

"Expectations about policy matter as much as the policy itself."

"Economic stability requires restraint from those who wield monetary power."

"We must distinguish correlation from causation in economic data."

"The purchasing power of money depends on monetary policy and supply conditions."

"Policy makers must think in terms of decades and centuries, not quarters."

"Market discipline on government spending is an alternative to monetary discipline."

"The study of monetary history reveals recurring patterns and eternal lessons."

"Financial stability and price stability are related but distinct objectives."

"Economic models are useful guides, but they are not reality."

"The demand for money responds to interest rates, income, and expectations."

"We learn as much from economic failures as from successes."

"Inflation is a choice, not an inevitable consequence of growth."

"The money supply can expand without causing inflation if velocity falls."

"Trust in money rests on the credibility of institutions managing it."

"Economic cycles are real phenomena with monetary and real causes."

"Policy makers should be humble about their ability to fine-tune the economy."

"The relationship between money and prices is loose in the short run."

"Banking systems require regulation to prevent excessive risk-taking."

"Monetary policy is a blunt instrument suited to broad effects."

"We must understand the transmission mechanisms of monetary policy."

"Inflation expectations become embedded in wage and pricing behavior."

"Economic freedom and monetary stability are mutually reinforcing."

"The history of money is the history of human civilization itself."

"Monetary policy affects real variables only through its effect on expectations."

"We cannot escape the consequences of monetary mismanagement indefinitely."

"Economic growth requires both monetary stability and productive capacity."

"The lender of last resort function requires careful limits to prevent moral hazard."

"Price signals guide economic decisions and must remain clear."