A Quote by 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.
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Fiscal policy, monetary policy, they need to work together to try and raise the level of growth.
Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.
Policy is formed by preconceptions, by long implanted biases. When information is relayed to policy-makers, they respond in terms of what is already inside their heads and consequently make policy less to fit the facts than to fit the notions and intentions formed out of the mental baggage that has accumulated in their minds since childhood.
Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.
The problem is the policy makers don't have practitioners in the policy team. You won't make an IT policy without consulting a Narayan Murthy or Nandan Nilekani. But for energy, people think they know everything and they know what to do for it. That's how the policies are created in Delhi and that needs to change.
We need to have a clear moral vision for both our foreign policy, and economic policy and policy on racial justice.
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.
Foreign policy can mean several things, not only foreign policy in the narrow sense. It can cover foreign policy, relations with the developing world, and enlargement as well.
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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.
Fiscal policy is a very important part of the tool kit for policy makers.
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
Watch out Mr. Bush! With the exception of economic policy and energy policy and social issues and tax policy and foreign policy and supreme court appointments and Rove-style politics, we're coming in there to shake things up!
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
For policy makers interested in using tax policy to stimulate investments or especially to smooth business cycle fluctuations, the results are not promising.
Let's not build the policy around the abuse. That's not good policy. That's actually bad policy. Build the policy around the aspiration point. That's what we need to do when we're seeing abuse online.
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