Ed McKelvey Quotations

For example, the lowest-wealth quartile has no net worth on balance, while the next quartile has controlled only about 3 percent of the total, and the top 10 percent have held about two- thirds. These figures have changed little over the past decade, a fact that attests to the difficulty that many households have in accumulating wealth.

At the margin they reinforced our growing sense that Fed tightening might stop before the federal funds rate reaches the 5 percent level we are currently forecasting.

If home prices flatten out--and we are expecting that--it has a slowing effect on the economy.

Whenever you have a collapse in a particular output price -- and we certainly saw a lot of that following Asia's decline -- it places a lot of pressure on companies to deal with keeping their revenues up. In that context consolidation isn't a big surprise.

Seen in this light, ... the employee discount program was an enormously successful marketing coup.

Movements in the unemployment rate will tell Fed officials whether growth is absorbing unused capacity.

It's debatable how much the dividend-tax elimination will stimulate the economy, particularly in the short run.

Fed officials do not want to risk overreaction by the markets. This would undermine financial conditions at a time when the Fed needs growth to stay above its potential rate.

Fed officials do not want to risk overreaction by the markets, ... This would undermine financial conditions at a time when the Fed needs growth to stay above its potential rate.

His answers to these questions will probably confirm that he, like most other economists, was born with two hands.