"Pulling from an
extensive record of public speeches and FOMC meeting transcripts, Goldman Sachs
reviews Fed Chair-nominee Janet Yellen's views on a number of policy-relevant
issues. Probably the most differentiating feature of Yellen's public
communications relative to other Fed officials has been her focus on
"optimal control" considerations in illustrating potential future
paths for the fed funds rate, which generally suggest a more accommodative path
than current consensus expectations.
Yellen has expressed confidence in the benefits of QE in the past, and has generally not suggested that the costs of QE are substantial enough to warrant any changes to the stance of policy.
She believes that most of the increase in unemployment since the crisis has been cyclical rather than structural in nature, and will be looking for a broad-based improvement in labor market indicators before deciding that a "substantial" improvement has occurred.
FOMC meeting transcripts show that Yellen generally erred on the side of preferring more accommodation during 2006 and 2007 (detailed transcripts are delayed 5 years), but expressed significant concern about inflation during the mid-1990s.
Via Goldman Sachs, (...)"
Yellen has expressed confidence in the benefits of QE in the past, and has generally not suggested that the costs of QE are substantial enough to warrant any changes to the stance of policy.
She believes that most of the increase in unemployment since the crisis has been cyclical rather than structural in nature, and will be looking for a broad-based improvement in labor market indicators before deciding that a "substantial" improvement has occurred.
FOMC meeting transcripts show that Yellen generally erred on the side of preferring more accommodation during 2006 and 2007 (detailed transcripts are delayed 5 years), but expressed significant concern about inflation during the mid-1990s.
Via Goldman Sachs, (...)"
