were narrowing. in contrast, one of the great cruelties of the covid - 19 recession is the toll it took on workers who were finally beginning to experience the benefits of a period of historically long economic growth. those same groups, unfortunately, disproportionately shouldered the brunt of the pandemic ’ s burden. most entrenched inequities are beyond the power of monetary policy to address. the specific goals given to us by congress, however, to foster achievement of our dual mandate of maximum employment and price stability, form the foundation of a strong and stable economy. it was with this in mind that my colleagues and i on the federal open market committee, as part of last year ’ s update to the fed ’ s monetary policy framework, defined maximum employment as a broad and inclusive goal. this innovation recognizes that a strong labor market delivers broadreaching benefits and extends those benefits in particular to low - and moderate - income communities. while monetary policy does not target any particular group of people, when we assess whether we are at maximum employment, we purposely look at a wide range of 1 / 2 bis central bankers'speeches indicators, and we are attentive to disparities in the labor market, rather than just the headline numbers. diversity and inclusion play a role in policymaking as well. as policymakers working on behalf of the entire public, we benefit greatly by seeking out and listening to the perspectives and experiences of people who represent the diverse landscape of the economy. we regularly meet with a broad range of groups as we assess the economy. and as we worked to update our monetary policy framework, we hosted a series of listening events across the country before and during the pandemic, and these conversations factored importantly into our thinking and our new framework. diversity in economics next, i would like to turn to an issue facing many of us at this conference — namely, how central banks as institutions and employers grapple with and confront diversity and inclusion within economics. collectively, we are among the largest employers in the field of economics, which both affects our own workplaces and affords us an opportunity to help influence and shape the evolution of the profession. throughout my career, in both the public and the private sectors, i have seen that the best and most successful organizations are often the ones that have a strong and persistent commitment to diversity and inclusion. these organizations consistently attract the best talent, by investing in and retaining a world - class workforce. i know

lisa d cook : exploring careers in economics welcoming remarks by ms lisa d cook, member of the board of governors of the federal reserve system, at the " exploring careers in economics " conference, sponsored by the board of governors of the federal reserve system, washington dc, 4 april 2023. * * * good afternoon, and welcome to " exploring careers in economics. " i am disappointed i cannot be with you in person, but i am thrilled you will hear from boston fed president susan collins. she is an outstanding colleague and economist, a good friend. you are in for a fantastic discussion. this event has a fairly self - explanatory title - exploring careers in economics. but the broad range of opportunities is anything but straightforward. economics touches every aspect of daily life, and you can see its impact in the world outside your door - and inside as well. some of you are veterans of economic study, while some of you are just " econ - curious. " either way, i hope that when you sign off today, you will have a totally different view of what economics can offer you. i was raised by academics in a college town, but even that access and insight did not give me the full picture of what was out there. a career in economics can take you in directions you never thought possible. we live in a constantly changing world, which means there is always new research to undertake, questions to be posed, and ground to break. my own studies allowed me to investigate everything from the impact of patents on the nation's economic growth to the banking system in post - soviet russia. they also took me to the archives of the kremlin and to university in the united kingdom and senegal. and that was just during my education! my career has taken me all over the globe. economics can take you just about anywhere, figuratively and literally. so i do hope that we do a good job of showing you the world of possibilities in the field. because economics needs you. any field that studies the behavior of an entire population, as economics does, should reflect the population it studies. we all come to the table with different experiences and backgrounds, which give each of us unique perspectives. your generation has seen two once - in - a - century economic events within two decades. your economic experiences are different from anyone else's. that insight and understanding will be critical to policymakers. the economics profession needs your perspective. future fed staff, governors, and chairs may