Dr. Stanley Fischer, nominee for the no. 2 role at the Federal Reserve, spoke at the Stanford Institute of Economic Policy Friday about his experience in managing crises and making policy decisions, Reuters reported Friday.
Ann Saphir writes that Fischer accepted an award from the institute a day after a Senate panel conducted a hearing concerning his nomination as Federal Reserve vice chairman.
“We tend to underestimate the lags in receiving information and the lags with which policy decisions affect the economy,” Fischer stated, according to the report.
“Those lags led me to try to make decisions as early as possible, even if that meant that there was more uncertainty about the correctness of the decision than would have been appropriate had the lags been absent.”
Fischer has engaged in policy decision-making during his leadership roles at the International Monetary Fund and the Bank of Israel.