And congratulations, Ariel, for what you have accomplished in service to others, which has made you such a deserving recipient of this award. 5  Janet L. Yellen, “So We All Can Succeed: 125 Years of Women’s Participation in the Economy” (speech delivered at “125 Years of Women at Brown,” a conference sponsored by Brown University, Providence, Rhode Island, May 5, 2015), www.federalreserve.gov/newsevents/speech/yellen20170505a.htm.
This is because the resulting economic slowdown and inflation go hand-in-hand. Past experience and the consensus among economists suggest that, when there is a high risk of second-round effects, in other words when a cost shock feeds into overall price increases by way of rising wages, monetary tightening is necessary.