Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
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.
Interpretation
What this quote means
Long-term unemployment exacerbates suffering during periods of high overall unemployment.
Janet Yellen's quote highlights the urgency for policy makers to address the dire consequences of prolonged unemployment, especially when the general unemployment rate is already elevated. Long-term unemployment doesn’t just diminish a person's financial stability; it also harms their mental and emotional well-being, creating a cycle of disadvantage that is difficult to break.
Themes
UnemploymentPolicyEconomicsActionCosts
In practice
Example use cases
Use this quote during a discussion on economic policy reforms.
More from Janet Yellen
All quotes →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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A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
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Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
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For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
Janet YellenRead
Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
Janet YellenRead
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I've never been on Wall Street. And I care about Wall Street for one reason and one reason only because what happens on Wall Street matters to Main Street.
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