A Quote by Janet Yellen
In effect, there has been a significant shortfall in the overall amount of monetary policy stimulus since early 2009.
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It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.
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.
Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
Monetary policy suffers from the unfortunate absence of any occult effect. It has long been clear that economic management...would be greatly facilitated if resort could occasionally be had to witchcraft.
A significant U.S. troop presence in Afghanistan has been continuous since October 2001, and President Obama's short-lived 'surge' in 2009 was a continuation of his predecessor's buildup there.
The Obama administration has turned a blind eye to radical Islam since before they came to office. If you look at everything that's transpired since the famous Cairo speech in 2009, it's all been an embrace of those who are the most radical elements in that part of the world. That is not a good sign for America's foreign policy.
Since the early 1960s, since what's been called the charismatic movement within the Christian church, a significant number of Christians believe that virtually every problem a human can have is of demonic origin.
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.
In all likelihood, a significant amount of time will be required to restore the nearly eight and a half million jobs that were lost nationwide over 2008 and 2009.
The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.
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.
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
I believe, unlike people that are totally free-market, laissez-faire fundamentalists, that there is an important role that the government can play - one, in providing public goods, whether it's education, health care, or other things, and two, supervising countercyclical policy - stimulus, whether it's monetary, fiscal, or otherwise.
Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.
Not for nothing that [Donald] Trump, who himself has had some high unfavorable ratings, distrusted by a significant amount of the population and even a significant amount of the Republican voting electorate is more trusted than the media right now.
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.
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