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Not sure how I feel about Yellen. Obviously, she's better than Larry Summers.
Also, it's not clear what she thinks. They all credit her with being an architect of QE. If that's the case, and she thinks it 'works,' we're still in bad hands.
She seems to think that large gov't deficits can't cause inflation, but can raise long interest rates, which is a Monetarist view and completely wrong (see this link
What raises interest rates is the FED threatening to raise interest rates
and then actually
raising interest rates, which can be highly inflationary. As it adds to net-interest incomes, increases the indebtedness of the nongovernment, and raises the cost of money.
Gov't deficits, with no other intervention by government, create excess reserves in the banking system, which would push the minimum interest in the economy all the way down to zero. And it's the practice of selling government securities (intervention) that drives interest up higher than they would otherwise be. So all these Republicans who say interest rates should be higher are really stating that they want gov't to intervene in the economy and fix an interest rate that they approve.
And gov't deficits can cause inflation to the extent that they contribute to spending in the economy beyond what we can produce.
So Yellen has got that all backwards. Monetarists think deficits can't cause inflation because the practice of selling bonds 'crowds out' that amount of investment spending on other things, when in fact deficits add to the total amount of dollars in the economy, and form the net-equity stock of dollars held by the nongovernment.
All QE does is trade cash for Treasury securities held by the nongovernment. So it's like changing funds from savings accounts to checking accounts. No dollars are added to the economy. In fact, because the non-government is losing interest income, dollars are leaving the economy, and we know this because the FED turns over nearly $90 billion in profits a year to the Treasury.