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Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.

Janet Yellen

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Janet Yellen
Age: 78
Born: 1946
Born: August 13
Banker
Economist
Politician
Professor
Brooklyn
New York
Janet Louise Yellen
Janet L. Yellen
Janet L Yellen
Things
Contribute
Painful
However
Short
Growth
Side
Disruptive
Sides
Occurs
Term
Productivity

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If it were possible to take interest rates into negative territory I would be voting for that.
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For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.
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Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and also lose the habits needed to hold down any job.
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My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
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