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Session 7: Enhancing Fed Credibility
The Fed, like many other central banks, greatly values its credibility--that is, the public's confidence in its commitment to price stability. In her remarks, Janet Yellen will discuss the benefits of Fed credibility, particularly through the anchoring of inflation expectations to price stability, and, looking ahead, she will consider the role of transparency, including a possible future explicit numerical inflation objective, in maintaining Fed credibility.
Sponsor: Bloomberg
Presentations
Speech text at the SF Fed Website
Links of Interest
"2006: A Year of Transition at the Federal Reserve", Speech by Janet Yellen to the Los Angeles Chapter of NABE, January 19, 2006.
Speaker
Janet L. Yellen
President & CEO
Federal Reserve Bank of San Francisco.
Janet L. Yellen took office as President & Chief Executive Officer of the Federal Reserve Bank of San Francisco on June 14, 2004. In 2006, she serves as a voting member of the Federal Open Market Committee, the nation's monetary policymaking body, bringing her District's perspective to policy discussions in Washington.
Prior to joining the Bank, Dr. Yellen was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics at the University of California at Berkeley, where she has been a faculty member since 1980. Dr. Yellen is currently on leave from these positions.
Dr. Yellen earlier took leave from Berkeley for five years starting August 1994 when she served as a member of the Board of Governors of the Federal Reserve System through February 1997, and then left the Fed to become Chair of the Council of Economic Advisers through August 1999. She also chaired the Economic Policy Committee of the Organization for Economic Cooperation and Development from 1997 to 1999.
Dr. Yellen is a research associate of the National Bureau of Economic Research, a Fellow of the Yale Corporation, and a member of the American Academy of Arts and Sciences. She also serves on the board of directors of the Pacific Council on International Policy, and in the recent past, she served as president of the Western Economic Association, and vice president of the American Economic Association.
Among her numerous professional affiliations and honors, she served on the Advisory Board of the Center for International Political Economy and the Jerome Levy Economics Institute. She also served as a senior adviser to Macroeconomic Advisers, a St. Louis-based firm specializing in macroeconomic forecasting and analysis. She was also a member of the Congressional Budget Office’s Panel of Economic Advisers.
Dr. Yellen graduated summa cum laude from Brown University with a degree in economics in 1967, and received her PhD in Economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, an honorary Doctor of Laws degree from Brown in 1998, and an honorary Doctor of Humane Letters from Bard College in 2000.
An Assistant Professor at Harvard University from 1971 to 1976, Dr. Yellen served as an economist with the Federal Reserve’s Board of Governors in 1977 and 1978, and on the faculty of the London School of Economics and Political Science from 1978 to 1980.
