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 YellenLong-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Janet YellenWe need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.
Janet YellenListening to others, especially those with whom we disagree, tests our own ideas and beliefs. It forces us to recognize, with humility, that we don't have a monopoly on the truth.
Janet YellenIn the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.
Janet YellenFirms don't just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they ask themselves how wage cuts would affect the behavior of the employees. Would they quit or feel dissatisfied and work less hard on the firm's behalf if they feel that wage policies are unfair?
Janet Yellen