Janet Yellen
Janet Yellen
Janet Louise Yellenis an American economist. She is the Chair of the Board of Governors of the Federal Reserve System, previously serving as Vice Chair from 2010 to 2014. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers under President Bill Clinton; and business professor at the University of California, Berkeley, Haas School of Business...
NationalityAmerican
ProfessionPolitician
Date of Birth13 August 1946
CityNew York City, NY
CountryUnited States of America
I see no evidence of feedbacks from energy prices to wage bargaining. The risk, though, is that, without appropriate policy, we could see a repetition of the '70s-type dynamic.
I see no evidence of feedbacks from energy prices to wage bargaining, ... The risk, though, is that, without appropriate policy, we could see a repetition of the 70's type dynamic.
Certainly, analyses do indicate that house prices are abnormally high --- that there is a 'bubble' element, even accounting for factors that would support high house prices, such as low mortgage interest rates. So a reversal is certainly a possibility.
Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.
Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices and harm business planning.
This sector has been a key source of strength in the current expansion, and the concern is that, if house prices fell, the negative impact on household wealth could lead to a pullback in consumer spending.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Those of you who lived through the 1970s will remember that higher oil prices touched off a wage-price spiral that pushed inflation into double-digit territory.
Those of you who lived through the 1970's will remember that higher oil prices touched off a wage-price spiral that pushed inflation into double-digit territory,
A crucial responsibility of any central bank is to control inflation, the average rate of increase in the prices of a broad group of goods and services.
I support the idea of a quantitative objective for price stability.
Higher oil prices may be partly passed through to core inflation at least for a time,
At this stage, wage and salary growth seems quite well contained, and I see no evidence of feedbacks from energy prices to wage bargaining,
The Fed has and must have a commitment to price stability. The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast,