Janet L. Yellen’s Speeches

Presentation charts (pdf, 324 kb) Good morning. I’m delighted to be part of the CFA’s annual conference this year. I’d like to thank the organizers for inviting me and for giving me an opportunity to talk about the U.S. economy and the conduct of monetary policy to such a large and knowledgeable group of professionals. Most, if not all, of you have been first-hand witnesses to one of the most significant economic shocks in our memories—one that is seriously affecting the U.S. outlook. I mean, of course, the events that have been roiling U.S. and global financial markets since midsummer of […]

Good morning. I’d like to thank the Bay Area Council for inviting me to speak at this year’s annual outlook conference. This important event is just one of the many significant contributions the Council makes to help shape the future of the Bay Area economy, and I’m privileged to be part of the distinguished lineup of speakers. During the last nine months financial markets have been in turmoil. The disruptions have impacted households, businesses and state and local governments throughout the country. In my remarks today, I’ll review the developments that led to the current economic and financial situation and offer […]

Good afternoon, everyone. It’s always a pleasure to participate in events at SIEPR, and I’d like to thank my long-time friend, John Shoven, for inviting me to join you today. These are challenging times for economic policymakers. The financial turmoil that has been unfolding since last summer raises fundamental questions about the structure of our financial system. We are grasping to understand the causes even as we grapple with the consequences. I am certain that they will be the subject of research and debate for years to come. These developments highlight the importance of sound economic policy grounded in objective analysis—the […]

Good morning. On behalf of the San Francisco Fed and our co-hosts, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, I’m delighted to welcome you to San Francisco and to the 2008 National Interagency Community Reinvestment Conference.    This year’s event marks the 13th time that the regulators have jointly sponsored a conference on the Community Reinvestment Act. As in past years, one of the goals of this year’s conference is to help you to understand the regulations and provide you with information on how to meet your CRA obligations. […]

I would like to thank Governor Noyer and the Banque de France for organizing this stimulating conference on globalization, inflation and monetary policy. With strong global growth boosting oil, food and materials prices, the linkages between globalization and domestic inflation—one focus of Bill White’s interesting paper–are very much on the minds of monetary policymakers these days. I will return to this development as I conclude my remarks. Bill White’s paper is an ambitious attempt to identify the main factors responsible for the decline in global inflation since the 1970s and the persistence of low global inflation in recent years. The stylized facts […]

Prospects for the U.S. Economy in 2008 Good morning, and thank you very much for inviting me to speak to you today. I was very pleased that things worked out for us to get together here at the San Francisco Fed, and I want you to know that we’re delighted to have you. I’d also like to say a word of appreciation for all the support this event has received from the people at Shorenstein. It is yet another example of the company’s engagement in and commitment to San Francisco and to the Bay Area. Today I’d like to talk about […]

Good evening, and thanks for inviting me to be part of CFA Hawaii’s Annual Economic Forecast Dinner tonight. As President of the Federal Reserve Bank of San Francisco, it’s my responsibility to be in touch with what’s happening to the economy throughout our District, which includes Hawaii and eight other Western states. I do this both by monitoring developments and by visiting in person. I must say that this responsibility gives me particular delight when it comes to this beautiful and diverse state. For many years, my family and I have come to these islands for the perfect getaway, and, though […]

Good afternoon, and thanks very much to everyone at the Seattle Community Development Roundtable and the Board of Trustees of the Seattle Chamber of Commerce for inviting me to join you. Seattle is home to one of the four branches of the Federal Reserve Bank of San Francisco, and I was glad to be able to combine a board meeting at the Branch with my talk to you today. As I’m sure you know, there are some nice connections between the Roundtable and our Seattle Branch —Mic Dinsmore is currently the Chairman of the Branch Board of Directors, and Mark Gould […]

I would like to add my voice to the chorus in thanking President Fisher and the Dallas Fed for hosting this conference honoring John Taylor.1 It is a particular pleasure to have been invited to join this distinguished panel and to have this opportunity to discuss some of John Taylor’s many important contributions to economics and monetary policy. In looking back at his work, I am struck by how thoroughly his research has affected the way policymakers and economists analyze the economy and approach monetary policy. His influence and, indeed, his name is heard whenever people talk about monetary policy, whether it’s […]

Good afternoon. I’m honored by the invitation to speak to you today, and I’m especially pleased to have the chance to visit Los Angeles, where, as you may know, our Reserve Bank has a major branch. This is such an important metropolitan area, both for the District and for the nation, that I particularly welcome the opportunity to exchange views with you about local and national economic conditions, and I’m looking forward to a lively question-and-answer session following my remarks. I would like to focus on recent developments in financial markets. I will discuss their impact on the prospects for the […]