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One common way of judging whether housing's price is in line with its fundamental value is to consider the ratio of housing prices to rents. This is analogous to the ratio of prices to dividends for stocks.
Janet Yellen -
Increased business sales would almost certainly raise the productive capacity of the economy by encouraging additional capital spending, especially if accompanied by reduced uncertainty about future prospects.
Janet Yellen
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The outlook for the economy, as always, is highly uncertain.
Janet Yellen -
Because food and energy prices are volatile, it is often helpful to look at inflation excluding those two categories - known as core inflation - which is typically a better indicator of future overall inflation than recent readings of headline inflation.
Janet Yellen -
It slightly worries me that when people find a problem, they rush to judgment of what to do.
Janet Yellen -
Firms are not always willing to cut wages, even if there are people lined up outside the gates to work. So why don't they?
Janet Yellen -
Labor force participation peaked in early 2000, so its decline began well before the Great Recession. A portion of that decline clearly relates to the aging of the baby boom generation. But the pace of decline accelerated with the recession.
Janet Yellen -
We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
Janet Yellen
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When I was very young, my father had an accident. He fell down a flight of stairs, fractured his skull, and lost sight in one eye.
Janet Yellen -
U.S. economic activity continues to expand, led by solid growth in household spending. But business investment remains soft, and subdued foreign demand and the appreciation of the dollar since mid-2014 continue to restrain exports.
Janet Yellen -
My parents were born in 1906 and 1907. I think the experience of the Depression greatly influenced the way they thought about the world.
Janet Yellen -
Policies to strengthen education and training, to encourage entrepreneurship and innovation, and to promote capital investment, both public and private, could all potentially be of great benefit in improving future living standards in our nation.
Janet Yellen -
Nationally, the share of mortgages that are underwater fell by about one-half between 2011 and 2014.
Janet Yellen -
By putting downward pressure on interest rates, the Fed is trying to make financial conditions more accommodative - supporting asset values and lower borrowing costs for households and businesses and thus encouraging the spending that spurs job creation and a stronger recovery.
Janet Yellen
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It's pretty rare to just talk to people who are having a tough time in the economy, to hear their individual stories.
Janet Yellen -
We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.
Janet Yellen -
Our objective in regulation should be to put in place tough enough regulation and capital and liquidity standards that we level the playing field and make it costly.
Janet Yellen -
In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
Janet Yellen -
We will watch very carefully what is happening in the economy and adjust policies appropriate.
Janet Yellen -
To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.
Janet Yellen
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In 2006, the Congress had approved plans to allow the Fed, beginning in 2011, to pay interest on banks' reserve balances. In the fall of 2008, the Congress moved up the effective date of this authority to October 2008.
Janet Yellen -
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
Janet Yellen -
We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.
Janet Yellen -
Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to ease monetary policy in the event of a recession.
Janet Yellen