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American workers have faced serious difficulties in the labor market since the first oil shock in 1973. Since that time, the pace of productivity advance has slowed for reasons which are still not understood, lowering the rate at which living standards have advanced.
Janet Yellen -
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
Janet Yellen
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It is hard to have great confidence in predicting what market reactions to Fed decisions will be.
Janet Yellen -
Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy.
Janet Yellen -
We have put in place policies through supervision and regulation that has greatly enhanced the safety and soundness of the banking system.
Janet Yellen -
I would be uncomfortable raising the federal funds rate if readings on wage growth, core consumer prices, and other indicators of underlying inflation pressures were to weaken, if market-based measures of inflation compensation were to fall appreciably further, or if survey-based measures were to begin to decline noticeably.
Janet Yellen -
I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
Janet Yellen -
It's extremely important for our banks to have more capital, higher quality capital.
Janet Yellen
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People stop buying things, and that is how you turn a slowdown into a recession.
Janet Yellen -
At the federal level, the fiscal stimulus of 2008 and 2009 supported economic output, but the effects of that stimulus faded; by 2011, federal fiscal policy actions became a drag on output growth when the recovery was still weak.
Janet Yellen -
Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices and harm business planning.
Janet Yellen -
I studied piano for seven years and play for my own enjoyment.
Janet Yellen -
Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Janet Yellen -
Over a long period of time, technological change is something that has been important in reducing manufacturing employment - absolutely and as a share of jobs in the economy.
Janet Yellen
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The pace of increases in labor compensation provides another possible indicator, albeit an imperfect one, of the degree of labor market slack.
Janet Yellen -
I don't feel that I've faced discrimination. I've had every chance to succeed and more, and I think that's what all women should have.
Janet Yellen -
Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.
Janet Yellen -
I continue to think many of the factors holding down inflation are transitory... We want to be careful not to jump to a premature conclusion about what's in store for the U.S. economy.
Janet Yellen -
Food and energy account for a significant portion of household budgets, so the Federal Reserve's inflation objective is defined in terms of the overall change in consumer prices.
Janet Yellen -
Strapped by tight credit and plummeting sales, businesses have overhauled the way they manage supply chains, inventory, production practices and staffing.
Janet Yellen
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Are deviations from full employment a social problem? Obviously.
Janet Yellen -
If strong economic conditions can partially reverse supply-side damage after it has occurred, then policymakers may want to aim at being more accommodative during recoveries than would be called for under the traditional view that supply is largely independent of demand.
Janet Yellen -
For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
Janet Yellen -
The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.
Janet Yellen