. pentti had an incredibly wide scope of interest. so it was very interesting. but finally in april, i told to him that it is nice to talk but not much has happened with your thesis. only two months later he came back with a very good thesis. ” that happened in about 1974. the story describes well stan ’ s general approach to leadership : he is one of the friendliest and warmest people, but also firm when needed. third, he also made great recruitments. at the mit, stan was the one who recruited bengt holmstrom, the recent nobel laureate and a university of helsinki alumnus, from yale to the faculty of his department. bengt has told me that the presence of stan at the department was an important attraction for him, so he was actually quite disappointed when stan was soon asked move to the imf. stan ’ s move to the imf in 1994 occurred on the eve of very momentous events. together with managing director michel camdessus, they navigated the fund, and the global economy, 1 / 2 bis central bankers'speeches through the turbulence of the 1990 ’ s, which included the asian and russian crises, for example. they also witnessed the formation of the euro area. we all know that stan, as the first deputy managing director at the imf, was much respected and admired in the fund, by the staff and by the executive directors. stan is one of the fathers of new keynesian economics, which is now the dominant and evolving approach in leading economics departments and policy institutions. his choice of approach has been motivated by the desire to combine theoretical rigor with applicability to real - world problems of real - world people. when i was appointed governor of the bank of finland, before starting my term i naturally asked for some briefings about what was going on in the world of central banks. our head of research told me, before you read anything else, start with this. and he gave me a copy of stan ’ s essay written for the bank of england tercentenary conference of 1994, titled “ modern central banking ”. indeed, it is all there : price stability, independence, accountability and transparency. that gave me a good start, for which i am grateful. finally, i come to the fourth connection between stan and finland. as governor of the bank of finland, i have had the privilege of meeting stan often and in different places : in the u. s., at the bis meetings

jerome h powell : welcoming remarks – “ a virtual teacher and student town hall meeting ” welcoming remarks ( via webcast ) by mr jerome h powell, chair of the board of governors of the federal reserve system, at conversation with the chair : a virtual teacher and student town hall meeting, washington dc, 17 august 2021. * * * thank you, gigi and scott, and thanks to everyone for your work in bringing us together today, particularly the economic education group. congratulations on the launch of economic education month as well. we ’ re very proud of this initiative and looking forward to what you have in store for us in october. it ’ s a pleasure to be here, albeit in a very different format than we ’ re used to. the downside is that we don ’ t get to connect in quite the same way as we do in person. the upside is that we ’ re able to include a lot more people. and wear much more comfortable clothes. before i turn to your questions, i want to say a few words to recognize the incredibly powerful work you all do as teachers. it would be important to mention this in any year, but especially now, in the 17th month of our upended reality. at the fed, we take the value and responsibility of public service pretty seriously, and there really is no greater contribution to the common good than teaching. the pandemic has been tough on everyone, but it has asked more of some than others. making it through this time has been no small feat for anyone, but teachers deserve distinct praise and appreciation. educators have had to restructure their teaching, adapt to new platforms, and help their students make their way through added stresses and pitfalls. that must have been especially tough without the day - to - day interactions that help you connect. it is clear that so many teachers have gone above and beyond the call of duty to remain a consistent, reliable resource for their students. parents deserve a shout - out as well for their part in helping reconstruct something as enormous and consequential as our entire education system. and students have also shown remarkable courage and resilience. for all of us, daily life has been disrupted, milestones like birthdays and graduations have been missed, and a once - in - alifetime crisis has cast a shadow of insecurity and uncertainty. but to take on that burden as a formative experience is extraordinary. you should all feel proud. finding the bright