people to prosper and to enrich their lives more broadly. thank you. 1 see tomaz cajner, tyler radler, david ratner, and ivan vidangos ( 2017 ), " racial gaps in labor market outcomes in the last four decades and over the business cycle, " finance and economics discussion series 2017 - 071 ( washington : board of governors of the federal reserve system, june ). 2 see, for example, stephanie r. aaronson, mary c. daly, william l. wascher, and david w. wilcox ( 2019 ), " okun revisited : who benefits most from a strong economy? ( pdf ) " brookings papers on economic activity, spring, pp. 333a€ “ 75. 3 see joshua montes, christopher smith, and isabel leigh ( 2021 ), " caregiving for children and parental labor force participation during the pandemic, " feds notes ( washington : board of governors of the federal reserve system, november 5 ). 3 / 3 bis - central bankers'speeches

complicated interaction of people and places. solutions are found through the cycle of experimentation and adjustment. successes look easy but they mask hard work and, often, failed attempts. transformational changes in communities rarely happen without the involvement and support of a network that includes residents, business owners, community organizations, financial institutions, and local government. sustained interaction among these stakeholders is what makes the opportunity known and the solution successful. the city of rochester, new york, put these principles to work and managed to weather the bankruptcy of the city ’ s largest employer. eastman kodak once employed some 61, 000 rochester residents and invested significantly in the city ’ s educational and cultural institutions ; three decades later, it employs fewer than 7, 000 people and recently filed for bankruptcy protection. 7 this is not an uncommon story, except for the fact that rochester managed to gain a net of 90, 000 jobs during the three decades of employment decline at kodak. how did rochester manage this transition so successfully? the city recognized early on the need to diversify its economic base and, some 20 years ago, created a network of private and nonprofit partnerships to leverage the city ’ s assets, the same universities and cultural institutions kodak had supported. together with local government, this network trained entrepreneurs and supported new business ventures, many of which are in optics and wilkinson, amy ( 2011 ). keynote address ( pdf ), delivered at the small business and entrepreneurship during an economic recovery conference, federal reserve board of governors, november 10. applebome, peter ( 2012 ). “ despite long slide by kodak, company town avoids decay, ” new york times, january 16, www. nytimes. com / 2012 / 01 / 17 / nyregion / despite - long - slide - by - kodak - rochester - avoids - decay. html. bis central bankers ’ speeches photonics. through foresight and the collaboration of government, private and nonprofit partners, and committed citizens, rochester was able to build on the kodak legacy, effectively turning lost jobs at kodak into new local opportunities. healthy communities in addition to housing and employment, residents need communities that support their health and well - being in a variety of ways. community developers play a critical role in supporting healthy lifestyles by planning for sidewalks, parks, and other open spaces connecting housing and commercial areas in ways that also provide places for people to meet and children to play. renovation and new construction plans increasingly adhere to standards that incorporate “ green ” materials and technologies not