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I felt that the Fed had always been the agency that picked up the pieces when there was a financial crisis, and it was invented to do exactly that.
Janet Yellen -
New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.
Janet Yellen
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The Federal Reserve's objectives of maximum employment and price stability do not, by themselves, ensure a strong pace of economic growth or an improvement in living standards. The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work.
Janet Yellen -
Expanded credit access has helped households maintain living standards when suffering job loss, illness, or other unexpected contingencies.
Janet Yellen -
Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.
Janet Yellen -
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
Janet Yellen -
While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.
Janet Yellen -
Maturity transformation is a central part of the economic function of banks and many other types of financial intermediaries.
Janet Yellen
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To me, the greatest asset of the Fed is the people. We have a tremendously dedicated staff... They feel proud to work for the Fed because this is such a competent, professional and well-respected organization.
Janet Yellen -
It seems to me that women have made an awful lot of progress, but they probably remain underrepresented at the highest levels of most organizations, for a variety of reasons. And it's probably going to take a long time to change that.
Janet Yellen -
A crucial responsibility of any central bank is to control inflation, the average rate of increase in the prices of a broad group of goods and services.
Janet Yellen -
A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
Janet Yellen -
Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment. As a result, I believe a macro-prudential approach to supervision and regulation needs to play the primary role.
Janet Yellen -
New classical economics was the starting point for a rightward shift in economics that went against the idea that monetary policy can improve macroeconomic outcomes.
Janet Yellen
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My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Janet Yellen -
When you're unemployed for six months or a year, it is hard to qualify for a lease, so even the option of relocating to find a job is often off the table.
Janet Yellen -
Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.
Janet Yellen -
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
Janet Yellen -
Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.
Janet Yellen -
During the 1970s, inflation expectations rose markedly because the Federal Reserve allowed actual inflation to ratchet up persistently in response to economic disruptions - a development that made it more difficult to stabilize both inflation and employment.
Janet Yellen
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There is always some chance of recession in any year. But the evidence suggests that expansions don't die of old age.
Janet Yellen -
Yankee Stadium is a natural venue for another lesson: You won't succeed all the time. Even Ruth, Gehrig, and DiMaggio failed most of time when they stepped to the plate. Finding the right path in life, more often than not, involves some missteps.
Janet Yellen -
Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and also lose the habits needed to hold down any job.
Janet Yellen -
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.
Janet Yellen