“A wide range of possible fiscal policy tools and approaches could enhance the cyclical stability of the economy. For example, steps could be taken to increase the effectiveness of the automatic stabilizers, and some economists have proposed that greater fiscal support could be usefully provided to state and local governments during recessions.”

American economist

Janet Yellen is an American economist and public official, known for serving as the 78th United States secretary of the treasury from 2021 to 2025 and as the 15th chair of the Federal Reserve from 2014 to 2018. She was the first woman to hold either post. She has also led the White House Council of Economic Advisers. Yellen is professor emeritus at the University of California, Berkeley, where she joined the faculty in 1980 and held the Eugene E. and Catherine M. Trefethen professorship in business administration and economics. Her career is closely tied to economic policy, central banking, and academic economics.