Janet Yellen Term Paper
- Length: 5 pages
- Sources: 5
- Subject: Economics
- Type: Term Paper
- Paper: #76833208
Excerpt from Term Paper :
Fox news website, on Dec. 20, 2013, "If confirmed, Yellen would be the first woman to lead the Fed and the first Democrat to do so since Paul Volcker stepped down in 1987." She is an economist, a democrat, a woman, she is married to a Nobel Prize winner and she has a son. She comes from a Jewish family from Brooklyn and she has the solid reputation of an economist who has been educated in some of the best schools of the U.S. And has taught in some of the best schools in the U.S. ad the UK. One will easily find out about her career and life achievements going on Google and typing her name.
During the last months of 2013 and the beginning of 2014 there were rivers of ink flowing from the journalists pens as well lots of words uttered from their mouths announcing first Janet Yellen's nomination and then her swearing in as Chairwoman of the Federal Reserve Bank of the U.S.' board of governors. Both President Obama and the republicans agreed upon her nomination.
Monetary policy is crucial to a democratic state such as the U.S. Its head of the Federal Reserve, Janet Yellen, needs public approval, along with both the Republican and Democratic parties support in order to go on with whatever policies the Federal Reserve Bank of the U.S. decides to implement. As Sarah Binder comments in her February 2014 article in the newspaper The Washington Post comments: "The greater the public's confidence in the Fed, the greater the Fed's autonomy and its ability to make tough policy choices. When public confidence is low, the Fed's political resolve to make hard choices might be questioned. In turn, uncertainty about future Fed policy undermines the effectiveness of monetary policy." (Binder, 2014)
Janet Yellen has served as vice-chair of the board of governors of the U.S. Federal Reserve for the last four years. This year, she has been sworn in as Bernanke's successor as Chair of the Board of governors of the same institution. As previously noted, public opinion will be crucial for her position. The financial markets, which are very sensitive to any change, including this one, will also be likely to sense the slightest change in her Fed policies and start shaking. She should feel like walking on fire, but as a reputed economist and politician, she seems to know only too well how political communication is done.
In the Internet era, the power of the other payer in the political communication elements, the public, should have increased once the reader's or watcher's opinions got a space on the newspaper or the TV channel website. On the hand, politicians such as Janet Yellen, will be able to find out almost instantly what pleases or displease her public and therefore she will be able to act accordingly. As Brian McNair notes in his book An Introduction to Political Communication, audiences may be as big as an entire U.S. nation. Janet Yellen got the Senate approval; she will need the rest of the nation's approval.
When analyzing some of the most important news makers in the U.S. As well as the rest of the world, one will soon find out that Janet Yellen's name is always closely related to the U.S. economy. Not surprisingly, of course, considering her affiliation with the U.S. Federal Reserve Bank. At one point, one of the readers who posted comment on a newspaper website wrote that she might hold even more power that the President of the U.S. himself. As much as an exaggeration, some portions of the target public might regard her as just that: a policymaker who has the power to change the economic destiny of an entire nation and therefore, make the world spin toward a certain direction.
Fox News as well as CNN, two apparently directly opposed from a political orientation point-of-view news makers and some of the most important news TV channels in the world, when tackling the question of where should Janet Yellen take the federal Reserve monetary policy next . As previously noted, the Chair of the federal Reserve is in as much need of public approval as anyone who is regarded as highly as the President, but the Chair of the Fed is in a special position that makes him or her somehow invincible once in that position. Some voices claim that no matter what the public opinion says about monetary policies, unemployment rates vs. inflation and so one, the Chair is above all that and will always act according to some technicalities that the public might have a hard time to understand.
When Mcnair talks about political reality and its three elements: subjective, objective and constructed, one is likely to be invited to look deeper into whatever makes news that day. In the case of Janet Yellen, the fact that she is the first woman Chair of the U.S. federal reserve in undoubtedly objective. Additionally, she is also a white hair, Jewish from Brooklyn woman. These are undeniable facts. What do they communicate to the target public? That is an entirely different matter. Is that a desirable image for the chair of the U.S. Federal reserve in 2014, under President Obama? That is one nomination that both the republicans and the Democrats were able to agree upon, no doubt. Other than that, the political message Janet Yellen carries is that the U.S. nation should consider her commitment to their welfare, as she has previously done. She is famous for having coined the economic situation of the U.S. As a housing bubble for the fist time in 2005. Of course, she also assumed that the bubble would be easily swallowed just as the tech bubble was and the economy would have to suffer minimal consequences. That is an entirely different story.
Janet Yellen, just as any of the previous Chair of the board of governors of the Federal Reserve, has the advantage of playing the card of a politically engaged player who has the privilege to present herself as a technocrat. She is dual in her manifestation and that made her eligible as president Obama's nomination. She is neutral enough to be able to withstand the republican party scrutiny. In addition to that, as McNair observes: "Recent decades have seen the political arena become more international." That translates in a shift in the popular support at home that is directly influenced by the way international players take their vote. Globalization as well as a new era involving terrorism and financial markets all over the globe that became very sensitive and linked to one another, made the presence of the Chair of the Fed more loaded with political significance than ever before. International relations are no longer restrained to matters of international conflicts. The world economy is tightly related to that of ts players and since the U.S. are still a major player, the Chair of their federal Reserve should make the most out of its public relations and seek the positive opinions not only in the most important domestic news makers, but also in those international newsmakers who can make a difference. Janet Yellen's name should bear the seal of approval of an entire nation. She appears to be one of the most potentially spotless than the entire financial elite that has led the country through the housing bubble and has come out at the other end of the tunnel as spotted and as conspicuous as giraffes. As any political player, she is seeking the support of the people and has a good chance of getting it. This is, of course, highly dependent on how the country's economy will evolve.
Considering ho the mass media is characterizing Janet Yelen, one would very much conclude that there is not very much of bad publicity for Janet Yellen today. Apart from being a democrat, which places her on the opposite end of the political sphere of a considerable portion of the U.S. electorate, Janet Yellen has mostly good reviews. On one end of the rainbow, Janet Yellen benefits from such news like CNN's headlines and commentaries": "Janet Yellen has interviewed herself" and Janet Yellen describes herself as an "versatile, attractive, talented ," "mini-celebrity on the Yale campus," continuing with her propensity of surrounding herself with Nobel laureats, such as her professor at Yale. Whereas, on the other side of the scale, the Fox Nwes only presented what could be characterized as mild commentaries on her behalf.
Janet Yellen is a political player that was not directly voted by the electorate, but first as a member of the board of governors, nominated by the President, she had to be approved by the Senate and second, as the Chair of the Fed, she againd had to be approved by the Senate and she will also answer to the Congress on numerous occasions during her four-year term. This position makes her enjoy a special position as well as relationship with the public. On one…