Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
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.
Interpretation
What this quote means
Transparency in monetary policy helps the public understand and trust the government's actions, leading to better outcomes.
Janet Yellen emphasizes the importance of transparency in the Federal Reserve's monetary policy, arguing that when the public is better informed, the effectiveness of such policies is enhanced. Furthermore, transparent communication signifies the Federal Reserve's dedication to accountability within a democratic framework, ensuring that citizens can hold the institution responsible for its decisions.
Themes
TransparencyAccountabilityMonetary PolicyPublic UnderstandingDemocracy
In practice
Example use cases
During a lecture on economic policy, a professor might quote Yellen to show the importance of government accountability.
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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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.
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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
In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
Janet YellenRead
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