TYLER COWEN: I want to ask you a series of questions about what’s overrated and underrated. It can be in your area of expertise, it could be in life in general, up to you. JANET YELLEN: Sure. TYLER COWEN: Let me start with an easy one. Bitcoin, overrated or underrated? JANET YELLEN: Oh, that’s a tough one. I’m going to say overrated. TYLER COWEN: Why? JANET YELLEN: Well, it doesn’t produce anything. It doesn’t earn any income for anybody. It’s just essentially speculative, people thinking it will be worth more in the future because other people think it will be worth more in the future. And so it’s kind of a bubble. TYLER COWEN: If we think about the Federal Reserve and its role in society, is it overrated, underrated, or properly rated? JANET YELLEN: I think it’s properly rated. We have a very important role in setting monetary policy, which can affect economic activity and employment and inflation. So, I think the public understands that we play an important role. TYLER COWEN: How about the role of the United States in the world economy? Overrated, underrated, or properly rated? JANET YELLEN: Oh, that’s a tough one. I would say we are probably rated about right. We are the largest economy in the world. We are a very important player in the global economy. TYLER COWEN: How about the role of academic economists in society? Overrated, underrated, or properly rated? JANET YELLEN: Oh, that’s a tough one, too. I would say we are probably a bit overrated. We have a lot of smart people and we do good work, but we don’t always get it right. TYLER COWEN: Last one. In terms of your own career, looking back, is there anything you would have done differently? JANET YELLEN: Oh, that’s a tough question. I don’t know. I’ve been very lucky. I’ve had a great career. I’ve loved what I’ve done. I can’t think of anything I would have done differently.
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