Janet Yellen Quotes

For the first time the committee [Federal Reserve] was using communication — mere words — as its primary monetary policy tool.

 
Context
Prior to that the practice of the Fed was simply to make interest rate and other decisions and never discuss or explain anything. And they never tried to use words to try and change economic behavior. See {639156} for the Fed Chairman’s practice. However in 2001 that changed and they used language to shape investor and consumer behavior.
Citations

Janet Yellen, Chairman, Federal Reserve Bank, Describing the Federal Reserve Bank’s Change of Style in 2001 when the nation was recovering from a recession, Quoted in Douglas R. Holmes, “How the Fed Learned to Talk”, New York Times, February 2, 2014

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Janet Yellen
Janet Yellen
  • Born: August 13, 1946
  • Nationality: American
  • Profession: Public Servant

Janet Louise Yellen is an American economist who served as the Chair of the Board of Governors of the Federal Reserve System from 2014–2018, and 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.

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