Austan Goolsbee, Interview: Yahoo Finance

Recession

“I think you have to say that recession is a possibility. You’ve got a lot of major forecasters forecasting a mild recession already for the second half of the year. So I think that that’s got to be on everyone’s mind.”

Credit Conditions

“We have to figure out how much of the work of monetary policy is getting done already through the credit conditions.”

Fed Funds

“Well, like I say, we’re more than a month away from the next FOMC meeting. I don’t think we can decide what we should do with rates now. We have to see what’s happening with these conditions, especially the credit conditions, the job market conditions, and what’s coming in on the month to month inflation on the price side.”

Balance Sheet

“There’s a balance to be had on any quantitative tightening or easing where putting that on autopilot so people are not thinking that, at every meeting they’re debating exactly how many billions of tightening or easing should be done, I think it’s healthy to get on a rule and a path. Now if there are really major adjustments that happen in the economy, of course you can revisit that.”