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Continued: Yellen brings long-held focus on jobs to Fed

  • Article by: DON LEE and MARC LIFSHER , Los Angeles Times
  • Last update: October 12, 2013 - 4:11 PM

“Now is not the time” to be worrying as much about inflation as unemployment, said Georgetown Prof. Harry Holzer, espousing the mainstream economists’ view of the current situation.

“I was in the Clinton administration with her when unemployment was 4 percent, and she was very aware of inflation,” Holzer said, referring to 1999 when he was the Labor Department’s chief economist and Yellen headed the White House Council of Economic Advisers. “She’s not a mindless stimulator.”

At the same time, Holzer said one of Yellen’s challenges, if she is confirmed as expected, will be to deal with the reputation in some circles that she is a dove on inflation.

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  • Janet Yellen, President Obama’s nominee to head the Federal Reserve System, said in April that “progress on reducing unemployment should take center stage” for Fed policymakers.

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