economic growth. a few years ago, the dallas fed identified an opportunity in texas to support community partnerships, specifically in education and workforce development. working across different sectors and industries brings its own set of unique challenges. each brings different goals, operations, and even terminology to the discussion. we know that collaboration is necessary, and it is achievable. advance together provides the structure, ongoing support, and investment from external partners to support communities in strengthening their collaborative work. it takes time and skill to build deep and trusting partnerships. it also takes time and resources for communities to agree upon a common understanding of complex, local needs like improving college and career readiness or developing pathways to living wage employment. this work requires that all partners move in the same direction, toward those common strategies and goals. when communities collaborate effectively, the results can lead to broader access to economic opportunity. at team introductions we are here today to celebrate the success of our pilot participants ; i'd like to reintroduce each of them : the big country manufacturing alliance is building awareness and creating accessible pathways to well - paying manufacturing careers through training, recruitment, and retention. the deep east texas college & career alliance supports rural and firstgeneration college students in attaining postsecondary credentials that employers seek in their workforce. the education partnership of the permian basin is developing a cradle - to - career continuum of support by working to improve early childhood outcomes and college and career readiness in the region. the travis county 2 - gen coalition is expanding practices and policies to support dual generations of parents and children in education attainment and achieving long - term financial stability. conclusion as we begin today's celebration, i'd like to recognize the vision of the dallas fed team for creating this incredible opportunity for our partners. i'd also like to thank our advance together partnerships for their hard work and progress. i also want to recognize them for the work that they will continue to accomplish in their communities as they move forward. this work is challenging and will continue to build pathways to a more inclusive economy. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches

bank, could improve on earlier efforts to achieve and maintain “ full employment. ” by the 1960s, policymakers seemed to concentrate their short - run objectives on maintaining a “ high pressure ” economy in the belief that such a recipe could virtually thwart economic contractions at little or no risk to long - run stability and growth. if this high - pressure management inadvertently carried the economy beyond its productive potential, some cost in terms of inflation could be expected, but such costs appeared tolerable in light of the employment gains that came with them. furthermore, policymakers hoped that additional tools at their disposal - so - called incomes policies enforced by “ jawboning, ” guideposts, and price and wage controls - were ready to combat and control any resulting upcreep in inflation with minimal macroeconomic cost. by the turn of the 1970s, the ugly reality of stagflation forced an overhaul of this policy framework. the corrosive influence of inflation on our nation ’ s productive potential was beginning to take hold. policymakers slowly came to recognize the adverse long - term consequences of compromising the purchasing power of our currency for economic well being. indeed, by the late 1970s, a consensus gradually emerged that inflation destroyed jobs rather than facilitating their creation. unfortunately, a legacy of failed attempts during the decade to restore stability with gradualist plans and with various incarnations of incomes policies took its toll on business and household attitudes toward inflation and toward the prospects of our nation. by the end of the decade, an inflationary psychology had become well entrenched and complicated efforts to restore a sense of stability in the national psyche. alan greenspan ( 1980 ), “ statement, ” in domestic and international implications of the federal reserves new policy actions, hearing before the subcommittee on international economics of the joint economic committee, november 5, 1979, 96 cong. 1 sess. ( washington : government printing office ), p. 5. little leeway for policy was left before the federal reserve took decisive action on october 6, 1979. in retrospect, the policy put in place on that day was the obvious and necessary solution to the nation ’ s troubles. as events unfolded, however, the federal reserve did not escape criticism, and for a time it was not entirely obvious that the system could maintain the necessary public support to see its disinflationary efforts come to fruition. though widely anticipated even before the actions of october, the recession and retrenchment in employment that followed