Diane Swonk, Neal Soss Reflect on Janet Yellen's Legacy

The transcript discusses the state of the labor market, highlighting the changes since the 1990s and the role of Janet Yellen in reshaping labor market analysis. Yellen's contributions to the Fed, her adaptability through various economic phases, and her non-ideological approach are praised. The need for a vice chair at the Fed, potentially with a theoretical background, is also discussed to complement the practical leadership of Jerome Powell.

What did Janet Yellen emphasize about the unemployment rate?

• It is irrelevant to economic policy.

• It is not the sole summary statistic.

• It should be ignored completely.

• It is the only important statistic.

How did Janet Yellen's approach to the labor market differ from previous Fed chairs?

• She ignored human behavior.

• She brought a human perspective.

• She was strictly ideological.

• She focused solely on inflation.

What is a notable aspect of Janet Yellen's career at the Federal Reserve?

• She only worked during the 1990s.

• She focused exclusively on stagflation.

• She adapted to changing economic conditions.

• She was inflexible in her policies.

What is suggested as a beneficial addition to Jerome Powell's leadership at the Federal Reserve?

• A vice chair with a practical approach.

• A vice chair with no economic background.

• A vice chair focused on international policy.

• A vice chair with a theoretical approach.

Why might it be useful to have someone with a theoretical approach at the Federal Reserve?

• To ignore practical economic issues.

• To complement the practical leadership.

• To focus solely on labor markets.

• To replace the current chair.