--- title: "15 Policy Quotes By Janet Yellen" description: "15 Policy quotes by Janet Yellen. Plus more from Janet Yellen and more Policy sayings from other authors." image: "https://sms4smile.com/quotes/i/372/janet-yellen-2828_action_policy-makers-should-be-compelled-to-tak_2442296.png" --- > [Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. A…](https://sms4smile.com/quotes/janet-yellen/policy-makers-should-be-compelled-to-take-action-given-the-serious/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/372/janet-yellen-2828_action_policy-makers-should-be-compelled-to-tak_2442296.png) > [In effect, there has been a significant shortfall in the overall amount of monetary policy stimulus since early 2009.](https://sms4smile.com/quotes/janet-yellen/in-effect-there-has-been-a-significant-shortfall-in-the-overall/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/45f/janet-yellen-2828_customer_in-effect-there-has-been-a-significant-s_2022499.png) > [My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect…](https://sms4smile.com/quotes/janet-yellen/my-bottom-line-is-that-monetary-policy-should-react-to-rising-prices/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/550/janet-yellen-2828_assets_my-bottom-line-is-that-monetary-policy-s_1884546.jpg) > [We do not interpret bitcoin's popularity as having a relationship with the public's view of the Federal Reserve's conduct of monetary policy](https://sms4smile.com/quotes/janet-yellen/we-do-not-interpret-bitcoin-s-popularity-as-having-a-relationship/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/9d1/janet-yellen-2828_bitcoin_we-do-not-interpret-bitcoin-s-popularity_2552264.png) > [Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In…](https://sms4smile.com/quotes/janet-yellen/audit-the-fed-is-a-bill-that-would-politicize-monetary-policy-would/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/76a/janet-yellen-2828_audit_audit-the-fed-is-a-bill-that-would-polit_1292751.png) > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Do policy makers have the knowledge and…](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence-3/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/467/janet-yellen-2828_ability_will-capitalist-economies-operate-at-ful_2311464.png) > [Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.](https://sms4smile.com/quotes/janet-yellen/beyond-monetary-policy-fiscal-policy-has-traditionally-played-an/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/91b/janet-yellen-2828_beyond_beyond-monetary-policy-fiscal-policy-has_1744449.png) > [To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.](https://sms4smile.com/quotes/janet-yellen/to-me-a-wise-and-humane-policy-is-occasionally-to-let-inflation-rise/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/4d7/janet-yellen-2828_customer_to-me-a-wise-and-humane-policy-is-occasi_605854.png) > [We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags.…](https://sms4smile.com/quotes/janet-yellen/we-need-to-keep-in-mind-the-well-established-fact-that-the-full/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/c96/janet-yellen-2828_customer_we-need-to-keep-in-mind-the-well-establi_1769613.png) > [The Fed should not be responding to the ups and downs of the markets, and it is certainly not our policy to…](https://sms4smile.com/quotes/janet-yellen/the-fed-should-not-be-responding-to-the-ups-and-downs-of-the-markets/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/03a/janet-yellen-2828_causing_the-fed-should-not-be-responding-to-the_2243402.png) > [At the federal level, the fiscal stimulus of 2008 and 2009 supported economic output, but the effects of that stimulus faded; by…](https://sms4smile.com/quotes/janet-yellen/at-the-federal-level-the-fiscal-stimulus-of-2008-and-2009-supported/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/735/janet-yellen-2828_economic_at-the-federal-level-the-fiscal-stimulus_3218393.jpg) > [Firms don't just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they…](https://sms4smile.com/quotes/janet-yellen/firms-don-t-just-try-to-pay-as-little-as-possible-to-get-the-needed/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/a08/janet-yellen-2828_behalf_firms-don-t-just-try-to-pay-as-little-as_1864111.jpg) > [The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to…](https://sms4smile.com/quotes/janet-yellen/the-federal-reserve-s-monetary-policy-objective-is-to-foster-maximum/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/a01/janet-yellen-2828_customer_the-federal-reserve-s-monetary-policy-ob_761632.png) > [In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International…](https://sms4smile.com/quotes/janet-yellen/in-1977-when-i-started-my-first-job-at-the-federal-reserve-board-as-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/f94/janet-yellen-2828_alone_in-1977-when-i-started-my-first-job-at-t_3197508.jpg) > [Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater…](https://sms4smile.com/quotes/janet-yellen/stronger-productivity-growth-would-tend-to-raise-the-average-level-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Image](https://sms4smile.com/quotes/i/a32/janet-yellen-2828_average_stronger-productivity-growth-would-tend_274311.png) ## Other authors on Policy ## More by Janet Yellen > [Nationally, the share of mortgages that are underwater fell by about one-half between 2011 and 2014.](https://sms4smile.com/quotes/janet-yellen/nationally-the-share-of-mortgages-that-are-underwater-fell-by-about/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and…](https://sms4smile.com/quotes/janet-yellen/individuals-out-of-work-for-an-extended-period-can-become-less/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms…](https://sms4smile.com/quotes/janet-yellen/for-decades-the-pace-of-technological-change-in-manufacturing-has/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow…](https://sms4smile.com/quotes/janet-yellen/for-my-own-part-i-did-not-see-and-did-not-appreciate-what-the-risks/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [It's important for market participants to have a sense of how we think about the economy and the appropriate path of policy, to look…](https://sms4smile.com/quotes/janet-yellen/it-s-important-for-market-participants-to-have-a-sense-of-how-we/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [If there is a job that you feel passionate about, do what you can to pursue that job; if there is a purpose about…](https://sms4smile.com/quotes/janet-yellen/if-there-is-a-job-that-you-feel-passionate-about-do-what-you-can-to/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Although we work through financial markets, our goal is to help Main Street, not Wall Street.](https://sms4smile.com/quotes/janet-yellen/although-we-work-through-financial-markets-our-goal-is-to-help-main/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [I felt that the Fed had always been the agency that picked up the pieces when there was a financial crisis, and it was…](https://sms4smile.com/quotes/janet-yellen/i-felt-that-the-fed-had-always-been-the-agency-that-picked-up-the/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Increased business sales would almost certainly raise the productive capacity of the economy by encouraging additional capital spending, especially if accompanied by reduced uncertainty…](https://sms4smile.com/quotes/janet-yellen/increased-business-sales-would-almost-certainly-raise-the-productive/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [There were a lot of manufacturing jobs lost over a long period of time and particularly after - during the Great Recession. We've had…](https://sms4smile.com/quotes/janet-yellen/there-were-a-lot-of-manufacturing-jobs-lost-over-a-long-period-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices…](https://sms4smile.com/quotes/janet-yellen/uncertainty-about-sales-impedes-business-planning-and-could-harm/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to…](https://sms4smile.com/quotes/janet-yellen/stronger-productivity-growth-would-tend-to-raise-the-average-level-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.](https://sms4smile.com/quotes/janet-yellen/the-federal-open-market-committee-fomc-is-committed-to-policies-that/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [To me, the greatest asset of the Fed is the people. We have a tremendously dedicated staff... They feel proud to work for the…](https://sms4smile.com/quotes/janet-yellen/to-me-the-greatest-asset-of-the-fed-is-the-people-we-have-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/policy/janet-yellen/#itemlist", "name": "15 Policy Quotes By Janet Yellen", "numberOfItems": 15, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. 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Certainly not…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.", "creator": { "@type": "Person", "name": "Janet Yellen" }, "url": "https://sms4smile.com/quotes/janet-yellen/beyond-monetary-policy-fiscal-policy-has-traditionally-played-an/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/91b/janet-yellen-2828_beyond_beyond-monetary-policy-fiscal-policy-has_1744449.png", "contentUrl": "https://sms4smile.com/quotes/i/91b/janet-yellen-2828_beyond_beyond-monetary-policy-fiscal-policy-has_1744449.png", "url": "https://sms4smile.com/quotes/i/91b/janet-yellen-2828_beyond_beyond-monetary-policy-fiscal-policy-has_1744449.png", "width": 1080, "height": 1080, "caption": "“Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.", "creator": { "@type": "Person", "name": "Janet Yellen" }, "url": "https://sms4smile.com/quotes/janet-yellen/to-me-a-wise-and-humane-policy-is-occasionally-to-let-inflation-rise/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4d7/janet-yellen-2828_customer_to-me-a-wise-and-humane-policy-is-occasi_605854.png", "contentUrl": "https://sms4smile.com/quotes/i/4d7/janet-yellen-2828_customer_to-me-a-wise-and-humane-policy-is-occasi_605854.png", "url": "https://sms4smile.com/quotes/i/4d7/janet-yellen-2828_customer_to-me-a-wise-and-humane-policy-is-occasi_605854.png", "width": 1080, "height": 1080, "caption": "“To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Janet Yellen" }, "url": "https://sms4smile.com/quotes/janet-yellen/we-need-to-keep-in-mind-the-well-established-fact-that-the-full/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c96/janet-yellen-2828_customer_we-need-to-keep-in-mind-the-well-establi_1769613.png", "contentUrl": "https://sms4smile.com/quotes/i/c96/janet-yellen-2828_customer_we-need-to-keep-in-mind-the-well-establi_1769613.png", "url": "https://sms4smile.com/quotes/i/c96/janet-yellen-2828_customer_we-need-to-keep-in-mind-the-well-establi_1769613.png", "width": 1080, "height": 1080, "caption": "“We need to keep in mind the well-established fact that the full effects of monetary policy are felt only…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "The Fed should not be responding to the ups and downs of the markets, and it is certainly not our policy to do so. 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Would they quit or feel dissatisfied and work less hard on the firm's behalf if they feel that wage policies are unfair?", "creator": { "@type": "Person", "name": "Janet Yellen" }, "url": "https://sms4smile.com/quotes/janet-yellen/firms-don-t-just-try-to-pay-as-little-as-possible-to-get-the-needed/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a08/janet-yellen-2828_behalf_firms-don-t-just-try-to-pay-as-little-as_1864111.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a08/janet-yellen-2828_behalf_firms-don-t-just-try-to-pay-as-little-as_1864111.jpg", "url": "https://sms4smile.com/quotes/i/a08/janet-yellen-2828_behalf_firms-don-t-just-try-to-pay-as-little-as_1864111.jpg", "width": 1080, "height": 1080, "caption": "“Firms don't just try to pay as little as possible to get the needed bodies on board; when there is…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal.", "creator": { "@type": "Person", "name": "Janet Yellen" }, "url": "https://sms4smile.com/quotes/janet-yellen/the-federal-reserve-s-monetary-policy-objective-is-to-foster-maximum/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a01/janet-yellen-2828_customer_the-federal-reserve-s-monetary-policy-ob_761632.png", "contentUrl": "https://sms4smile.com/quotes/i/a01/janet-yellen-2828_customer_the-federal-reserve-s-monetary-policy-ob_761632.png", "url": "https://sms4smile.com/quotes/i/a01/janet-yellen-2828_customer_the-federal-reserve-s-monetary-policy-ob_761632.png", "width": 1080, "height": 1080, "caption": "“The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. 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