Janet Yellen Quotes

Supply can create its own demand.

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.

My decision to leave applied mathematics for economics was in part tied to the widely-held popular belief in the 1960s that macroeconomics had made fundamental inroads into controlling business cycles and stopping dysfunctional unemployment and inflation.

The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.

The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.

We are all Keynesians now.

Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.

The stagflation of the 1970s blessed us with damaging wage and price controls and the utterly counterintuitive supply-side notion - famously drawn on a napkin - that cutting taxes would lead to higher tax revenues.

The BBC is locked to the reading of the economy that is run out of Ed Miliband and Ed Balls' office. They think if only you spend and borrow more money you can create growth everywhere.

Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.

I don't accept as an article of faith that lots of short-term stimulus boosts the economy and gets us back on the long-term trajectory.

The president's grand experiment in trickle-down government has held back rather than sped economic recovery. He seems to sincerely believe we can build a middle class out of government jobs paid for with borrowed dollars.

Is supply-side economics finished? Only in the sense that General George S. Patton's army was finished in Germany in May, 1945.

There is one policy for recession or depression and another for good times.

Things swept so badly that I had distrust - after 1967, let's say - of American Keynesianism. For better or worse, U.S. Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian.

Modern conservatism was forged in the crucible of the 1970s inflation crisis, and in the aftermath of the 2008 financial crash many conservatives were convinced that there was nothing the Federal Reserve could do about the vast army of the unemployed without touching off a similar inflationary spiral.

The human capital of most macroeconomists, heavily invested in demand management, was wiped out by the policy failures of the 1970s.

I don't think Keynesian Monetarism has to be Democrat or Republican.

Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.

Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Do policy makers have the knowledge and ability to improve macroeconomic outcomes rather than make matters worse? Yes.

The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.

The truth of the matter of is that stimulus money not only doesn't stimulate; it actually reduces output.

Recent research suggests that New Deal programs may actually have had their primary impact on the economy by influencing consumer and business expectations of future growth and inflation.

As the Wall Street Journal called our economic plan, supply-side economics for the working man, is resonating in Minnesota and here in Missouri and across this country.

Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.