central bankers'speeches priority. we have come a long way, but there ’ s no doubt we still have far to go. and this is a journey without a final destination. when someone tells me “ we ’ re done, ” is when i know we have the furthest to go. it ’ s also a journey that is so much easier when we do not walk alone. partners like open finance are crucial to our progress. once again, i ’ d like to thank you for inviting me to open today ’ s forum. i know it ’ s going to be a productive and insightful day, and one full of the conversations we all need to be having more frequently. lgbt demographic data interactive. los angeles, ca : the williams institute, ucla school of law, january 2019. 2 james, sandy e., jody l. herman, susan rankin, mara keisling, lisa mottet, and ma ’ ayan anafi. the report of the 2015 u. s. transgender survey. washington, dc : national center for transgender equality, chap. 9, 2016. 3 human rights campaign foundation, a workplace divided : understanding the climate for lgbtq workers nationwide, june 2018. 4 see for example : hewlett, sylvia ann, and karen sumberg, for lgbt workers, being ‘ out ’ brings advantages, harvard business review, july - august, 2011 ; and hunt, vivian, and lareina yee, sara prince, and sundiatu dixon - fyle, delivering through diversity, mckinsey & company, january 2018. 3 / 3 bis central bankers'speeches

to raise awareness around the use of pronouns. on its own, it may seem like a small change, but it sends a loud message that part of respecting one another is using the correct pronouns. this effort has been well received, and a big part of that is because it ’ s created spaces for conversations that just weren ’ t happening before. but policies can only go so far. in fact, we can have world - class policies, but if we don ’ t have a culture where people feel comfortable bringing their whole selves to work, rules alone won ’ t get us to where we need to be. this is true of every element of diversity and inclusion. in a culture where taking extended leave damages your career prospects, a generous parental leave policy won ’ t make up for that. in a culture where people don ’ t feel that their voices are welcome, few will speak up. in a culture that fails to embrace differences, we won ’ t reap the benefits of diversity. 1 / 3 bis central bankers'speeches the data are clear. nearly half of lgbt people are closeted at work, and the top reason lgbt workers don ’ t report negative comments they hear about lgbt employees is they don ’ t believe that anything will be done about it. 3 this gets to the heart of why the “ inclusion ” piece of diversity and inclusion is essential, and a personal priority. obviously, there ’ s a moral imperative for diversity, and numerous studies have shown the benefits to both productivity and the bottom line. 4 but for me, it ’ s my experiences as both an academic and a policymaker that have made inclusion so important. economics is a profession that has a glaring diversity issue. as economists, we have not done enough to create a diverse profession or an inclusive culture. when i ’ m sitting in a room and see a bunch of people who look and sound the same, i know it ’ s a problem. when everyone has an identical view, it ’ s easy to assume it ’ s because that view is the right one. but for me it raises questions : who isn ’ t in the room? who ’ s missing, and why aren ’ t they here? i ’ m always on the hunt for different perspectives on how to interpret the data, new takes on old problems, and innovative approaches to tackle the challenges that lie ahead. if i have a bunch of cookie - cutter theories and explanations that look like my own, i know it ’ s highly probable we