A Quote by Janet Yellen
Monetary policy ultimately must be conducted in a pragmatic manner that relies not on any particular indicator or model but, instead, reflects an ongoing assessment of a wide range of information in the context of our ever-evolving understanding of the economy.
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Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But it's sharing information. It's not coordinating policy. It's not coordinating a single monetary policy.
While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy's growth.
A model is a good model if first it interprets a wide range of observations in terms of a simple and elegant model, and second if the model makes definite predictions that can be tested, and possibly falsified, by observation.
The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
A very simple and useful device is to have a memorandum-book, so small that it can be easily carried in the pocket, to be used instead of your mind to keep note of any errand or any appointment that you may have. The Standard Diary, less than four inches long and less than two and a half inches wide, is one of the best for this purpose. ...In fact, such diaries as these, in their wide range of information, would seem to be all that one needs in practical life, the only other book that at all approaches them in this respect being unquestionably Webster's Unabridged Dictionary.
Data isn't information. ... Information, unlike data, is useful. While there's a gulf between data and information, there's a wide ocean between information and knowledge. What turns the gears in our brains isn't information, but ideas, inventions, and inspiration. Knowledge-not information-implies understanding. And beyond knowledge lies what we should be seeking: wisdom.
Before any family is placed in any type of shelter, there must be a thorough, top-to-bottom, building-wide inspection. These inspections must be ongoing and publicly accessible. There is no excuse for any person to be blindly put into an apartment without a guarantee that the space is safe.
Privacy is not a static construct. It is not an inherent property of any particular information or setting. It is a process by which people seek to have control over a social situation by managing impressions, information flows, and context.
If you start writing to an audience you're talking down to them. I've never written for any age group, I just write character. If you can capture that you'll get the audiences, and it will be a wide range, as it is for 'Twilight,' it's a pretty wide range.
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.
If instead policy makers and program managers participate in an interdisciplinary assessment team, make informal visits to local families and have in-depth conversations with local providers and health authorities, the real needs and complex challenges of organizing good reproductive health services become apparent.The first country that implemented this participatory program of assessment, research and policy development was Brazil. I was one of the outsiders who provided support to the initiative.
Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
I think it's very, very important that in foreign policy and national security decision making, as in any other realm, that there be a range of diversity that reflects the full complexity of America. We should draw on those experiences to inform our decision making.
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