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It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.

Although most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers.

Inflation outstripped real wages for people who work for pay from others.

Inflation is lower and more stable and the real business cycle fluctuations are more modest.

Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

Inflation was driven by higher labor costs, not higher goods costs. Frankly, I'd love to see a little bit of that. Because I'd love to pay people more. I'd love to see rising wages for everybody.

Median wages of production workers, who comprise 80 percent of the workforce, haven't risen in 30 years, adjusted for inflation.

When you are growing at a rapid rate, there is bound to be some inflation. I think a 5% rate of inflation is something that we should take in our stride.

When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

I continue to think many of the factors holding down inflation are transitory... We want to be careful not to jump to a premature conclusion about what's in store for the U.S. economy.