American - Public | August 13, 1946 -
Maturity transformation is a central part of the economic function of banks and many other types of financial intermediaries.
Janet Yellen
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By putting downward pressure on interest rates, the Fed is trying to make financial conditions more accommodative - supporting asset values and lower borrowing costs for households and businesses and thus encouraging the spending that spurs job creation and a stronger recovery.
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The extent of and continuing increase in inequality in the United States greatly concern me.
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After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. By comparison, the average real income of the other 95% of households grew less than 10%.
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Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. A week of unemployment is worse when it is experienced as part of a longer spell.
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Are deviations from full employment a social problem? Obviously.
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The pace of increases in labor compensation provides another possible indicator, albeit an imperfect one, of the degree of labor market slack.
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Household spending growth has been particularly solid in 2015, with purchases of new motor vehicles especially strong. Job growth has bolstered household income, and lower energy prices have left consumers with more to spend on other goods and services.
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Because food and energy prices are volatile, it is often helpful to look at inflation excluding those two categories - known as core inflation - which is typically a better indicator of future overall inflation than recent readings of headline inflation.
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A pickup in demand in many advanced economies and a stabilization in commodity prices should, in turn, boost the growth prospects of emerging market economies.
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Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to ease monetary policy in the event of a recession.
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Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
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