curry. everyone in the theater would sing along, shout out the lines, and throw popcorn at the screen ; many would dress up like the characters. now, i didn't dress up - sorry to disappoint you - but no party was complete until all of us danced " the time warp " to the movie's famous song. 1 / 4 bis - central bankers'speeches as it happens, i still remember the steps, and i had intended to demonstrate the time warp for you, but that will not be possible today. instead, i will offer a few thoughts that i might have benefited from hearing when i was sitting in your chairs a mere 45 years ago. embracing change the years since my graduation have brought waves of fundamental change to the workplace and to society at large, much of it driven by technology. imagine a world with no internet, no email or texting, no personal computers or cell phones, no social media. some of you parents are no doubt thinking : i would be fine with that world! the pace of change will likely continue to be very fast. be alert to the ways your working life may change. think about how you can be prepared for those changes and to turn them to your advantage, and to society's advantage. the practice of law has been transformed over the years ; if you do choose the path of a practicing lawyer, i would think about what practicing law could look like in 10 or 20 years. in a world that will continue to evolve quickly and in unexpected ways, you will need to be agile. embracing change and taking risks can be an important part of your development as a professional and as a person. your formal education may end today, but you are not done learning. many of the important things you will need to know can only be learned through experience. and experience can be a hard but irreplaceable teacher. as an example, near the end of my second year here, it was time to select the next editor in chief of the georgetown law journal. i thought that there were plenty of colleagues who were better qualified, but who simply did not want the job. so, with much trepidation, i put my name in. i was secretly, but utterly, terrified that i might be chosen. and amazingly enough, i was. what now? it turned out that, as i feared, i was not well prepared for that responsibility. i had to keep people interested and motivated enough to work on the

jean - pierre roth : once a student, always a student summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the university of bern, switzerland, 9 february 2006. the complete speech can be found in german on the swiss national banka€™s website ( www. snb. ch ). * * * like all decisions relating to the future, monetary policy decisions involve numerous uncertainties. economic researchers are divided as regards both the effects of monetary policy and the form that this policy should take. there are a number of competing models in economic theory, and their policy recommendations often vary. relationships that have been stable in the past may change at any time, due to the fact that the structural equations used in economic models are not based on the laws of nature. the swiss national bank's monetary policy concept takes account of these uncertainties. our inflation forecast is a key element in this concept and combines the results obtained by a variety of different models. research is extremely important in our changing world. we can only be sure of identifying new developments as early as possible and basing our monetary policy decisions on a solid foundation if we engage in constant research.