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Greetings Ms. Yellen,

Especially coming from the age I live in, it is very impressive to see such a strong woman figure in economics!! Although I am quite astonished by your accomplishments, I must say that I do not agree with your advocacy for monetary policy and your strong focus on unemployment. I actually believe there is little need to put so much focus into reducing unemployment. Policies enforced will only significantly increase inflation, harming the economy. When the market is left free, unemployment will return to its natural rate in the long run and should not be of concern. I also think that your support for monetary policies is actually harmful to the economy as well. Expansionary monetary policy, in particular, causes artificially high investment and causes inefficient allocation of resources. It causes consumers to put money into things they usually wouldn't and don't truly believe to be worthwhile, and continued support of these investments would require more incentive given, continuously increasing inflation. I hope you take some time to consider my points and try to see the benefits of the free market.
Best, F. A. Hayek

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Dear Ms. Janet Yellen,

I agree with your implementation of Keynesian theory in your economic philosophy.  As you know, I was really excited that you were chosen to be the chair of the federal reserve.  During my interview with you I respect your careful response to my question regarding where interest rates are going.  You were safe and logical in your view that the Fed should be gradually and cautiously increase our overnight interest rate over time.  See you around!

Greg Mankiw

Response:

Hello, Mr. Mankiw! It's great to hear from you! Yes, I agree, our conversation was an excellent one and I truly appreciate you taking the time to meet with me. As I said in the interview, I still agree with my beliefs that the Fed should gradually increase the overnight interest rate over time, as the effects and impacts of monetary policy cannot be seen immediately. I look forward to talking to you soon!
Best,
Janet

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Dear Ms. Yellen, I am happy to see you agree and support monetary policy, which I strongly believe in, but I disagree that you still support many Keynesian ideas. Monetary policy is very effective in stimulating the economy! It can make it so the economy is running smoothly, which is more stabilizing. In a long run of a normal economy, it can stimulate a lot of economic growth in a country. It is far better than fiscal policy in this regard. One thing I also need to disagree in is that I believe Fiscal policy is not extremely effective approach to the economy, and it also is restrictive on the market. Free markets are a better way to approach the economy. It opens up a lot of opportunities for people. Free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other big countries. The best of a country's abilities come from its free markets. One good example is Hong Kong. Also, I understand that you strongly believe in the modern Philips curve. I had many criticisms for the old kind of approach in looking at the economy and the market as a whole. Through my ideas on natural unemployment and critiques, I have had many effects on the new and modern the Philips curve. But even though it is a way of showing unemployment's relationship with inflation, it is a rather simplistic view of the overall situation. I feel you must also have other evidences to back up claims along side with the Philips curve. I admire you stepping up to be the chair of the Federal Reserve System, and I hope you can do well and make more contributions to economics in the future. I feel like an extremely effective and helpful way to do so would be to read more of my work. Ones I would especially recommend would be Free to Choose, A Theory of Consumption, Capitalism and Freedom, Price Theory, and The Optimum Quantity of Money. I am very interested and keen to hear you ideas and thoughts about this.

Kind Regards,
Milton Friedman.

P.S. I'm not sure how I'm not one of the people who have influenced you as I have strongly advocated for monetary policies, but that is not too important.

Response

Good morning, Mr. Friedman! Thank you very much for taking the time to read and respond to my page. I'm glad to see that we see eye to eye on monetary policy and its benefits. Like you, I also believe that monetary policy is very beneficial in making the economy run smoothly. Sadly though, I disagree with you when it comes to open markets. I have strong Keynesian beliefs and so I believe in government intervention in order to help an economy, after all, I am the chair of the Fed! I do not believe that free markets are the right choice for an economy, however, I do think that sometimes letting inflation rise for a short period of time can have positive impacts. I will definitely take the time to read some of your work and I appreciate your recommendations. Finally, I recommend that you read the book that I wrote, "The Fabulous Decade", so that you will be able to understand my perspectives in depth as well.

Best,
Janet

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Greetings Ms. Yellen,

Glad to see a fellow Keynesian economist in the area. I still disagree with you on the economic policy that you have chosen to enact at the moment. I believe that a fiscal policy would be good for the economy, but you still believe that an expansionary fiscal policy would be bad for the economy at this current point in time, and you'll most likely counteract the expansionary fiscal policy with reactionary monetary policy, as we've seen with the recent increase in interest rates. As the Trump administration enacts expansionary fiscal policy (albeit irresponsible and dangerous), it is still somewhat good for the economy. However, any changes in Aggregate Demand that the expansionary fiscal policy may bring could be negated by your policies. I implore you to allow Trump to enact his expansionary fiscal policy, and to use your own monetary policy to reign his policies in.

Best,

Paul Krugman

Response

Good morning, Mr. Krugman! Thank you very much for taking the time to comment on my page and I truly appreciate your detailed message. I understand that you view fiscal policy as the best way to speed up economic growth, however, I think that by implementing an expansionary fiscal policy into an economy that is already near full employment, this will result in inflation, unless the policies are geared towards improving productive capacity, (for example through improved infrastructure such as roads, ports and airports). I would like to continue this conversation and hear your views in more detail, therefore please contact me when you have time. Best, Janet

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Greetings Ms. Yellen, I respectfully disagree with your view that letting inflation rise on occasion is a wise way to increase output. May I recommend that you look into my "dosanomics" theory? If you look at the average consumer in an economy, dosanomics theory shows how they are better off in a period of low inflation. Lower inflation, even if it comes with lower interest rates, are ultimately better for the economy. You stated that each percentage point in inflation causes a larger loss in GDP, but I must step in to say that a short-term increase in output is not the end goal. A fast growing economy needs to uphold that growth for 20 years if its citizens are to have a decent standard of living. As you are chair of the FED, I hope that you will see the importance of curbing inflation.

Your fellow economist,

Raghuram Rajan

Response

Hello Mr. Rajan!

Thank you for taking the time to comment on my page! I understand your perspective and viewpoints, however, I still feel that occasionally letting inflation rise is a good way to increase output, as there are many positive benefits to this. For example, by letting inflation rise, this gives the Fed more room for accommodation in another downturn. Also, this inflation can actually benefit consumers. Plus, by letting inflation rise this further helps women and minorities, as they tend to get a boost when inflation is elevated. In fact, Nobel economist Joseph Stiglitz has said that, "The only time when the unemployment rate for these groups goes down and wages go up is when we have a very tight economy, much tighter than the Fed has in mind when it's focusing on a 2 percent inflation target. As far as workers go, the answer is unambiguous: They are the winners in this." Therefore, this rise in inflation actually has positive results. All in all, I would be very interested in hearing your perspective on this in greater detail.

Best,
Janet

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Some of the people who have influenced my economic career were my professors at Brown including professor George Borts and professor Herschel Grossman. I switched majors to from philosophy to economics and they made me feel like I made the right choice. Besides them, my biggest influence would have to be John Maynard Keynes. I'm very fond of his method of running an economy and taking control. I'm a believer of using economic models to benefit the economy for example using an expansionary fiscal policies to reduce unemployment, which I recently spoke of in a speech to the Washington Conference. I also believe using monetary policies is an efficient and affective way to aim towards the macroeconomic goals and to focus on the expansion of the labor market, especially when inflation rates are too low and unemployment is too high.

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This is the only book I have ever written, but trust me, it's the best book that you will ever read! In short, I co-wrote "The Fabulous Decade" with Alan S. Binder and the book is a comprehensive analysis of macroeconomics during the 1990s. Within this book, Alan and I attribute the strong economic performance to a combination of favorable preconditions, excellent monetary and fiscal policy, and a harvest of good luck, especially the sharp acceleration of productivity after 1995! In addition, because Alan and I both had firsthand experience during this time period, we drew from this experience in addition to marshaling a wide variety of data, and using two large-scale models of the U.S. economy, in order to analyze the roles of deficit reduction, Federal Reserve policy, and a series of favorable "supply shocks" in bringing about the happy combination of strong growth and low inflation. Contrary to previous conventional wisdom, we concluded that the Fed demonstrated that fine tuning the economy is at least possible, but only if you have both skill and luck. But in order to do this job properly, the central bank must place high value on growth. Finally, Alan and I also argued that a policy mix of smaller federal budget deficits (or larger surpluses) and lower interest rates produces superior long-term macroeconomic results. What an amazing book, right?!

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1990s, Alan Blinder, and Janet Yellen. "The Fabulous Decade". Goodreads. N.p., 2017. Web. 28 May 2017.

Domm, Patti. "This Is What Yellen Could Say That Would Change Everything." CNBC. CNBC, 26 Aug. 2016. Web. 3 June 2017.

"Federal Reserve Interest Hike: What Janet Yellen Says | Money." Time. Time, n.d. Web. 4 June 2017.

"Janet Yellen." Wikipedia. Wikimedia Foundation, 05 May 2017. Web. 11 May 2017.

"The Fabulous Decade: Macroeconomic Lessons From The 1990S: 9780870784675: Economics Books @ Amazon.Com". Amazon.com. N.p., 2017. Web. 28 May 2017.

"The Fed - Janet L. Yellen, Chair". Board of Governors of the Federal Reserve System. N.p., 2017. Web. 28 May 2017.

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While I have not created any theories myself, I do have strong feelings and opinions on previously created theories and these opinions have shaped my influence on the field of economics.

1.) A "Dove"
Due to the fact that I am "dove" and that I'm more concerned with unemployment, rather than inflation, I'm also much less likely to advocate Federal Reserve interest rate hikes. Therefore, my viewpoints shape the way that the Fed is run and furthermore, allow my viewpoints to strongly influence the field of economics.

2.) Keynesian economist
In addition, I'm also classified as a Keynesian economist and I advocate the use of monetary policy in stabilizing economic activity over the business cycle. I also believe in the modern version of the Phillips curve. Some of you may know my iconic statement, at my 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, "The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support." Overall, my iconic statement additionally shows my strong support for the modern Phillips curve.

Plus, when I was serving on the Board of Governors of the Federal Reserve System, I said at the Federal Open Market Committee that occasionally letting inflation rise could be a "wise and humane policy" if it increases output. At the same meeting I also stated that each percentage point reduction in inflation results in a 4.4 percent loss of Gross Domestic Product (GDP).

Overall, my influence on the field of economics is truly shaped by my economic viewpoints and beliefs.

However, in addition to my opinions, I have also made history, furthermore influencing the field of economics.

3.) First Female FED Chair
I am the first female chair of the Federal Reserve in its entire history! Throughout my entire life I have faced discrimination in the field of economics, as women make up less than 30% of the field. But nevertheless I have persevered on and now I have made history and changed the field of economics forever! This furthermore shows my powerful influence on the field of economics.

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My Most Incredible Publication and  The Ideas Shown 

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My Most Incredible Publication and  The Ideas Shown 

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My name is Janet L. Yellen. I was born August 13th, 1946 and have been a part of the Federal Reserve Bank since 1997. But before I get into my present day life, let me tell you about how I got here.

I was born in Brooklyn, New York, and I'm the daughter of Anna and Julius Yellen, a physician. I graduated from Fort Hamilton High School in Brooklyn and then I attended Brown University and graduated with a degree in economics in 1967. But when I was at Brown, I actually switched my major from philosophy to economics and I'd have to say that my professors, George Borts and Herschel Grossman, strongly influenced me when I was there. After this, Yale University and recieved my PhD in economics there in 1971. In fact, my dissertation was titled, "Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach" under the supervision of Nobel laureates James Tobin and Joseph Stiglitz. This class was truly amazing and I was actually the only woman in that doctoral class. Amazing right!?

Soon after, I became an assistant professor at Harvard from 1971-76, an economist with the Federal Reserve Board of Governors in 1977-78, and even a lecturer at The London School of Economics and Political Science in 1978-80. Plus, beginning in 1980, I conducted research at the Haas School and taught macroeconomics to full-time and part-time MBA and undergraduate students. Currently, I'm a Professor Emerita at the University of California Berkley.'s Haas School of Business. While working at the Hass School, I've been awarded the Haas School's outstanding teaching award twice!

In addition, I served as Chair of President Bill Clinton's Council of Economic Advisers from February 18, 1997 to August 3, 1999 and I was even a member of the Federal Reserve Board of Governors from August 12, 1994 to February 17, 1997. I am one busy woman!

Plus, from June 14, 2004, until 2010, I was the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. I was also a voting member of the Federal Open Market Committee in 2009. After my appointment to the Federal Reserve in 2004, I decided to speak publicly about my concern about the potential consequences of the boom in housing prices during meetings of the Fed's monetary policy committee. Sadly though, I was not able to lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of the Countrywide Financial, the largest lender in the U.S.

On April 28, 2010, President Obama nominated me to succeed Donald Kohn as vice-chair of the Federal Reserve System. Then, on October 4, 2010, I was sworn in for a 4-year term ending October 4, 2014. However, at the same time, I began a 14-year team as a member of the Federal Reserve board that will expire on January 31, 2024.

On October 9, 2013, I was officially nominated to replace Bernanke as the Chair of the Federal Reserve. On December 20, 2013, the U.S. Senate voted 59-34 for cloture on my nomination and on January 6, 2014, I was confirmed as the Chair of the Federal Reserve by a vote of 56-26, the narrowest margin ever for the position. I'm still currently the chair of the Federal Reserve Bank of America and I was actually the first woman to EVER hold the position. Plus, I was the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. National Association for Business Economics

Finally, throughout my years as an economist, I've received many honors and awards. Here are a few:

In October 2010, I received the Adam Smith Award from the National Association for Business Economics.

In 2012, I was elected Distinguished Fellow of the American Economic Association.

In September 2012, I was included in the 50 Most Influential list of Bloomberg Markets magazine.

In 2014, I was named by Forbes as the second  most powerful woman in the world. (I'm the highest ranking American on the list!)

In October 2015, Bloomberg Markets ranked me as first in their annual list of the 50 most influential economists and policymakers.