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Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.

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
Make
Worker
Unemployment
Workers
Economy
Term
Less
Even
Progressively
Long
Strengthens

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Stores don't order merchandise unless they think they can sell it right away. Manufacturers and builders don't produce unless they have buyers lined up. My business contacts describe this as a paradigm shift and they believe it's permanent.
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I would be strongly committed to working with the FOMC to continue promoting a robust economic recovery ... I consider it imperative that we do what we can to promote a very strong recovery.
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I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
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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.
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I am anxious to fix welfare. There has to be more training and child care.
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Are deviations from full employment a social problem? Obviously.
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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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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.
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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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Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not.
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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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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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It slightly worries me that when people find a problem, they rush to judgment of what to do.
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