one key element for the diffusion of innovations is the availability of adequate human capital, especially in view of the markedly knowledge - intensive nature of the current innovation process. a highly skilled and well - trained workforce is not just a productivity driver per se. it is a necessary condition both for the adoption of new technologies in the first place, and for the effective unfolding of their effects on firms ’ productivity. • supporting investment in human capital is therefore another crucial policy aim. the education system needs to provide students with a continuously updated set of skills ; to make them alert and adaptable to knowledge - based innovation ; and to enable them, ultimately, to make the most of the fast changing demands of the labour market. designing an effective education system, including lifelong learning opportunities, and providing the right incentives to teachers and students alike, should also therefore be very much on everybody ’ s agenda. designed by the printing and publishing division of the bank of italy

charles i plosser : systematic monetary policy and communication speech by mr charles i plosser, president and chief executive officer of the federal reserve bank of philadelphia, at the economic club of new york, new york city, 24 june 2014. * * * the view expressed today are my own and not necessarily those of the federal reserve system or the fomc. highlights • president plosser gives his views on the economy and the fomc ’ s most recent policy decisions. he also discusses the benefits of rule - like, systematic behavior in the design and conduct of monetary policy and how this behavior combined with greater transparency leads to more effective communication. • president plosser explains how a detailed monetary policy report could promote the fomc to conduct policy in a more systematic manner, which he believes will lead to better decisions and better economic outcomes over the longer run. when policymakers deviate, it would require that they explain why. • president plosser uses five widely recognized simple rules to explore their implications for the future path of policy and highlights the real uncertainties that policymakers face making policy. introduction thank you, roger ferguson, for that kind introduction and congratulations on your term as chairman of this august organization. you have continued to deliver the great programs and speakers that so many have come to expect from the club. as many of you know, this is the centennial year for the federal reserve. in the spirit of such an anniversary, my hat goes off to the economic club of new york, which has been around for 107 years. what a great and storied history you have, and it is an honor to be here. i should note that congress created our decentralized central bank 100 years ago. that decentralized structure is one of our great strengths, but it requires that i begin with the usual disclaimer that the views i express are my own and do not necessarily reflect those of the federal reserve system or my colleagues on the federal open market committee ( fomc ). in my remarks this morning, i want to discuss the benefits of rule - like, systematic behavior in the design and conduct of monetary policy. such behavior, combined with greater transparency, leads to communication that is more effective. this, in turn, helps the public understand the fomc ’ s strategies, individual policy decisions, and the likely path of policy. i will go one step further and illustrate how the fomc might take a step toward a more systematic policy