Social safety-net spending is an important form of public funding that helps offset disparities in family resources for children. – Janet Yellen
Long-term unemployment can make any worker progressively less employable, even after the economy strengthens. – Janet Yellen
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York. – 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
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
Sometimes you have to make decisions without knowing all that you would like to know That’s part of the job. – 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
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
I will be the first to say that it is always difficult to get monetary policy just right. But the Fed’s analytical prowess is top-notch, and our forecasting record is second to none. – 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
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
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
It’s appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time. – 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
Productivity depends on many factors, including our workforce’s knowledge and skills and the quantity and quality of the capital, technology, and infrastructure that they have to work with. – 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
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
Firms don’t just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they ask themselves how wage cuts would affect the behavior of the employees. Would they quit or feel dissatisfied and work less hard on the firm’s behalf if they feel that wage policies are unfair? – Janet Yellen
A pickup in demand in many advanced economies and a stabilization in commodity prices should, in turn, boost the growth prospects of emerging market economies. – Janet Yellen
In effect, there has been a significant shortfall in the overall amount of monetary policy stimulus since early 2009. – Janet Yellen
If we were to raise interest rates too steeply, and we were to trigger a downturn or contribute to a downturn, we have limited scope for responding, and it is an important reason for caution. – 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
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
In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things. – Janet Yellen
It slightly worries me that when people find a problem, they rush to judgment of what to do. – 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
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
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