I think it is appropriate to ask whether this trend is compatible with values rooted in our nation's history, among them the high value Americans have traditionally placed on equality of opportunity.
Janet YellenMy 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.
Janet YellenI'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
Janet YellenAlthough most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers.
Janet YellenLong-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Janet YellenThe distribution of wealth is even more unequal than that of income. ...The wealthiest 5% of American households held 54% of all wealth reported in the 1989 survey. Their share rose to 61% in 2010 and reached 63% in 2013. By contrast, the rest of those in the top half of the wealth distribution ยfamilies that in 2013 had a net worth between $81,000 and $1.9 million ยheld 43% of wealth in 1989 and only 36% in 2013.
Janet Yellen