Federal Reserve Blanks

Since the creation of the Federal Reserve System in 1913, the system's leaders have delivered many speeches about the Fed and the U.S. economy in general. We've selected some quotations from Fed chairs past and present. Using drag and drop, match the quotation with the correct missing word.

Sources: Question 1; Question 2; Question 3; Question 4; Question 5; Question 6; Question 7; Question 8; Question 9; Question 10

"But how do we know when irrational __________ has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?"
Alan Greenspan, 1996

The ideal would be to have the money system functioning so smoothly and so efficiently that we would hardly be aware of its __________."
Marriner Eccles, 1935

"Our bankers recognize that the basic premise of their operations must be 'service to the ____________,' and I think it is a fair statement that bankers, today, stand in higher respect throughout the body politic than ever before."
Thomas B. McCabe, 1950

"Significant _________ in the financial environment are usually a reflection of far-reaching economic, technological, and social developments."
Arthur F. Burns, 1970

"The United States has built the most _________ nation ever known, with the highest standard of living for the largest number of people."
G. William Miller, 1978

"But the dramatic swelling of national concern about ______________—a concern that seems to transcend economic, social and indeed political philosophies—seems to me unmistakable."
Paul Volcker, 1979

"I often hear that there are too many voices offering too much diversity of views about the likely path of policy—the ____________ problem."
Jerome Powell, 2016

"We all recognize that trade is the great medium through which peoples come to know each other. The actual volume of international trade is not nearly so important in an ___________ sense as in a social sense."
Daniel Crissinger, 1922

"I have mentioned some of the things the Fed does to help ______________, but the most important thing we do is to use monetary policy to promote a stronger economy."
Janet Yellen, 2014

"Since the inflation crisis of the 1970s, the Federal Reserve has consistently pursued the goal of ____________________ in the United States. And not too long ago, something remarkable happened—the goal was achieved!"
Ben Bernanke, 2003