A Quote by Janet Yellen
The future path of the federal funds rate is necessarily uncertain because economic activity and inflation will likely evolve in unexpected ways. For example, no one can be certain about the pace at which economic headwinds will fade. More generally, the economy will inevitably be buffeted by shocks that cannot be foreseen.
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Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy.
The Federal Reserve is the overlord of the money supply. If these two are not steering in the same direction, they can either neutralize each other or have the economy lurching in all directions. This is not a rational system for setting economic policy. It has given us trouble in the past, as the text will establish, and will inevitably in the future.
Monetary policy will, as always, respond to the economy's twists and turns so as to promote, as best as we can in an uncertain economic environment, the employment and inflation goals.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
All economic forecasts are subject to considerable uncertainty. There is always a wide range of plausible outcomes for important economic variables, including the federal funds rate.
A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.
The economic freedom which is the prerequisite of any other freedom cannot be the freedom from economic care which the socialist promise us, and which can be obtained only by relieving the individual at the same time of the necessity and of the power of choice: it must be the freedom of economic activity which, with the right of choice, inevitably also carries the risk and the responsibility of that right
The greatest economic minds of the 19th century, all of them without exception, considered economic growth as a temporary necessity. When all human needs are satisfied, then we will have a stable economy, reproducing every year the same things. We will stop straining ourselves worrying about development or growth. How naïve they were! One more reason to be reluctant about predicting the future. No doubt they were wiser than me, but even they made such a mistake!
Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.
During the 1970s, inflation expectations rose markedly because the Federal Reserve allowed actual inflation to ratchet up persistently in response to economic disruptions - a development that made it more difficult to stabilize both inflation and employment.
If the world economy is divided into isolated economic blocs of this kind, it will be rather difficult to achieve the same interpretation and application of international rules of economic activity and world trade.
The economy of the 21st century will come to center on agriculture. Life will be intensely and profoundly local in ways that we can't conceive of today. Economic growth, as we have known it in a cheap energy industrial paradigm, will cease.
To change our national economic story from one of financial speculation to one of future growth, we need a third industrial revolution: a green revolution. It will transform our economy as surely as the shift from iron to steel, from steam to oil. It will lead us toward a low-carbon future, with cleaner energy and greener growth. With an economy that is built to last - on more sustainable, more stable foundations
Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy.
The road to economic well-being is to reward productive economic activity and to provide a moderate and predictable growth of money to finance real economic growth without reigniting the fires of inflation.
If you cut taxes on the rich, they'll get so excited and go into so much busy economic activity, that the economy will grow and your tax revenues will actually rise. So cut taxes, collect more taxes. It is a miracle.
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