Imperfect substitutability of assets implies that changes in the supplies of various assets available to private investors may affect the prices and yields of those assets.

As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.

Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the policy rate is already at its effective lower bound.

Ben Bernanke Quotes