Janet Yellen

Janet Yellen is an American economist who chaired the Federal Reserve from 2014 to 2018 and served as U.S. secretary of the Treasury from 2021 to 2025.

Alan Greenspan: Alan Greenspan is an American economist who chaired the Federal Reserve from 1987 to 2006. He led the Federal Reserve before Yellen and appointed her to its Board of Governors in 1994.
Federal Reserve: The Federal Reserve System is the central bank of the United States. Yellen chaired this institution, which sets monetary policy and supervises parts of the financial system.
Labor economics: Labor economics studies wages, employment, working conditions, and the choices of workers and employers. Yellen's research focused substantially on labor markets and their effects on economic policy.
Federal funds rate: The federal funds rate is the interest rate at which banks lend reserve balances to one another overnight. The Federal Reserve began raising this rate during Yellen's chairmanship after years near zero.
Austerity: Austerity is fiscal policy that reduces public spending or raises taxes to limit government deficits or debt. Yellen generally argued for targeted public investment and deficit reduction over abrupt spending cuts.
Ben Bernanke: Ben Bernanke is an American economist who chaired the Federal Reserve from 2006 to 2014. He preceded Yellen as chair and worked with her during the Federal Reserve's response to the financial crisis.
United States Department of the Treasury: The United States Department of the Treasury manages federal finances and advises on economic and financial policy. Yellen led the department as Treasury secretary.
Efficiency wage: An efficiency wage is a wage set above the level that clears a labor market, potentially raising worker productivity. Yellen coauthored influential research explaining why employers may pay wages above market-clearing levels.
Quantitative easing: Quantitative easing is central-bank asset purchasing intended to lower longer-term interest rates and ease financial conditions. Yellen oversaw the Federal Reserve's gradual transition away from large-scale asset purchases.
Supply-side economics: Supply-side economics emphasizes policies intended to increase production, often through lower taxes or reduced regulation. Yellen's policy arguments gave greater weight to labor-market evidence and public investment than to broad tax-cut claims.

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