A Quote by Janet Yellen
It's important for market participants to have a sense of how we think about the economy and the appropriate path of policy, to look at incoming data, and to form their own judgments as to whether or not changes in policy would be appropriate.
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Financial market participants appear to recognize the FOMC's data-dependent approach because incoming data surprises typically induce changes in market expectations about the likely future path of policy, resulting in movements in bond yields that act to buffer the economy from shocks.
And judging what is appropriate or not appropriate for a country, I think it is important in particular in judging what is the appropriate economic policy framework, one should take into account the overall political environment and the institutional framework within which economic policy operates.
The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.
I think the actions taken by the (rate-setting) Federal Open Market Committee have been the appropriate actions. And I assume we will continue to take the appropriate actions, depending on what is happening with the data and the dynamics of the economy
Now it is worth noticing two things about the private substitutes that I have described. The first is that in the aggregate they are probably much more expensive than would be the implementation of the appropriate public policy. The second is that they are extremely poor replacements for the missing outcomes of good public policy. Nevertheless, it is plain that the members of a society can become so alienated from one another, so mistrustful of any form of collective action, that they prefer to go it alone.
Congress is the appropriate place to make laws about our country's immigration policy; it is not something that the president gets to decide on his own.
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.
Technology policy - whether we should have one and what form such a policy should take - was a core issue of the 1992 presidential campaign, and in February 1993 the Clinton administration confirmed that fostering new technologies will be a critical part of its agenda for redirecting the American economy.
Reasonable people can disagree about the authorities the NSA should have, when it's appropriate for the CIA to use drone strikes, and how assertive U.S. foreign policy and intelligence should be.
I spoke with Gerhard Schröder about a lot of things, including foreign policy. Schröder knows how important European policy is to me personally. I have worked together with Angela Merkel on European policy for many years, so I was surprised when Volker Kauder who has little experience in European policy, claimed that I had not represented German interests in Europe. That's an example of how the conservatives conduct an election campaign.
The policy that received more attention particularly in the past decade and a half or so has been the US cocaine policy, the differential treatment of crack versus powder cocaine and question is how my research impacted my view on policy. Clearly that policy is not based on the weight of the scientific evidence. That is when the policy was implemented, the concern about crack cocaine was so great that something had to be done and congress acted in the only way they knew how, they passed policy and that's what a responsible society should do.
I have said it before and I will continue to say that I don't think art is the most effective form of protest. I don't think it changes policy; I think it changes discourse, and discourse can change ideas, and for me, that's what it's about: having that space for conversation.
Foreign policy is inseparable from domestic policy now. Is terrorism foreign policy or domestic policy? It's both. It's the same with crime, with the economy, climate change.
To me, terrorists should not be able to hide behind their passports and their citizenship, and that includes U.S. citizens, whether they are overseas or whether they are here in the United States. What we need to do is to apply the appropriate tool and the appropriate response.
An important instrument of economic policy-making in a market economy is credible, consistent, and timely communication.
The reality is the most important thing that can be done are these permanent changes like to the tax code, reduction of government spending. These are the things that pop up in economy and move it in the right direction, start to make it an economy that is moving because of the money in the private economy. When you think about it, when the Fed is lowering an interest rate, what it's doing is it's creating more liquidity. It's putting more money into the economy. The same thing happens when you reduce the tax except if happens from physical policy.
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