This Economic Letter is adapted from a speech delivered by Janet L. Yellen, president and CEO of the Federal Reserve Bank of San Francisco, on October 30, 2008, to the UC Berkeley-UCLA Symposium "The Mortgage Meltdown, the Economy, and Public Policy," at the University of California, Berkeley.

Speech to UCLA Symposium at UC Berkeley, Berkeley, California, October 30, 2008

Speech to UCLA Symposium at UC Berkeley, Berkeley, California, October 30, 2008

Presentation to the Commonwealth Club of California, San Francisco CA, June 30, 2009

Speech to the Silicon Valley Chapter of Financial Executives International, Palo Alto, California, October 14, 2008.

Speech to the Asia Society of Southern California, Los Angeles, California, February 6, 2007

Speech to the Silicon Valley Chapter of Financial Executives International, Palo Alto, California, October 14, 2008.

Speech to the Asia Society of Southern California, Los Angeles, California, February 6, 2007

The Federal Reserve has responded to a severe recession by developing programs to bolster the financial system and restore economic growth. The Fed has the tools to unwind these programs when appropriate, maintaining price stability. The following is adapted from a speech delivered by the...

Presentation to the Commonwealth Club of California, San Francisco CA, June 30, 2009