Anna Schwartz

"Inflation tax falls most heavily on the poorest members of society."

"The business cycle has monetary causes and requires monetary solutions."

"Central banks should focus on stable rules rather than discretionary management."

"The money supply cannot be fine-tuned with precision despite what models suggest."

"Aggregate demand depends on the money supply but also on how it is distributed."

"Financial regulation should aim to prevent systemic risk without stifling innovation."

"The causes of business cycles are not fully understood despite decades of research."

"Monetary history reveals patterns that repeat across different eras and countries."

"The gold standard was abandoned because governments wanted to inflate."

"Exchange rates reflect the relative monetary policies of different nations."

"International monetary coordination requires aligning national interests around common goals."

"The Bretton Woods system collapsed because it could not sustain fixed exchange rates indefinitely."

"Reserve currencies give their issuers both privilege and responsibility."

"Inflation expectations become self-fulfilling through wage and price negotiations."

"The money supply during wartime is often expanded beyond what peacetime would support."

"Price controls fail because they ignore monetary realities and create shortages."

"The purchasing power of money depends on the supply of goods as much as the supply of currency."

"Economic stability requires that monetary and fiscal policy work in concert, not opposition."

"The lag between monetary policy changes and their effects makes real-time adjustment nearly impossible."

"Savings are the foundation of economic growth, not consumption financed by monetary expansion."

"Interest rates are prices that signal the scarcity of capital and willingness to save."

"The natural rate of interest adjusts with changes in productivity and time preferences."

"Negative real interest rates penalize savers and subsidize borrowers."

"The yield curve contains information about future inflation and economic growth expectations."

"Credit rationing occurs when interest rates are held below market-clearing levels."

"Asset bubbles form when excess liquidity chases limited real investment opportunities."

"The aftermath of a bubble includes painful adjustments that cannot be avoided indefinitely."

"Quantitative easing has distributional effects that favor asset owners over wage earners."

"The modern economy requires trust in fiat money, which can evaporate suddenly."

"Inflation targeting provides a nominal anchor that helps coordinate expectations."