lisa d cook : lessons from the american economic association summer program speech by ms lisa d cook, member of the board of governors of the federal reserve system, at celebrating 50 years of the american economic association summer program, washington dc, 14 june 2024. * * * i am delighted to celebrate 50 years of the american economic association's summer program ( aeasp ) with you this evening. 1 this is a momentous achievement and an historic moment. not only is the program's continued success a testament to the dedicated efforts of the various faculty, fellows, and administrators, but it is also a testament to the achievements and efforts of its students and alumni. i am incredibly proud of all of you, the program, and its legacy. as an alumna of the program at stanford university, i was deeply humbled, honored, grateful, and proud to be named co - director and then director of the aea summer program at michigan state university ( msu ) from 2016 to 2020. i am also honored to be the first woman to have served as director of the program and proud to have worked with such an extraordinary group of instructors, administrators, seminar speakers, graduate students, and partners from all over the country who sacrificed their summers and time throughout the year over five years to execute this program each summer. the leadership team - thomas jeitschko, christine moser ( from western michigan university ), antonio doblas - madrid, mary wortley, and kirstin heard - were great colleagues and instrumental in implementing the program each year. finally, i am eternally grateful to the staff and leadership of the american economic association, who provided critical infrastructure, funding, and guidance ; the national science foundation for its investment in training economists and in the future of economics ; the federal reserve bank of chicago, our consummate host during our visit to chicago each summer ; the board of governors and individual federal reserve banks for their support ; and western michigan university, the cosponsor of the program with msu. i would like to share with you just a few lessons i learned while leading the aeasp at msu. although the program's main priority is to teach courses that will encourage and prepare students to pursue further study in economics, i would like to highlight a few other features that i think led to success. first, two key features of the aeasp team and program at msu were humility and agility. as many of

for release on delivery 9 : 30 a. m. edt / 2 : 30 p. m. local time june 20, 2018 monetary policy at a time of uncertainty and tight labor markets remarks by jerome h. powell chairman board of governors of the federal reserve system at “ price and wage - setting in advanced economies, ” an ecb forum on central banking sintra, portugal june 20, 2018 nine years into an expansion that has sometimes proceeded slowly, the u. s. economy is performing very well. growth is meaningfully above most estimates of its long - term trend - - though admittedly, that trend is not as strong as we would like it to be. the labor market is particularly robust, with unemployment at its lowest level since april 2000. inflation has moved up close to our 2 percent objective, although we have yet to see it remain near that objective on a sustained basis. today, most americans who want jobs can find them. high demand for workers should support wage growth and labor force participation - - the latter a measure on which the united states now lags most other advanced economies. 1 a tight labor market may also lead businesses to invest more in technology and training, which should support productivity growth. and groups such as some racial and ethnic minorities that still have higher unemployment and lower participation rates could see increasing benefits from a tight labor market. 2 in short, there is a lot to like about low unemployment. achieving our statutory goal of maximum employment in a context of price stability and financial stability is both our responsibility and our challenge. earlier in the expansion, as the economy recovered, the need for highly accommodative monetary policy was clear. but with unemployment low and expected to decline further, inflation close to our objective, and the risks to the outlook roughly balanced, the case for continued gradual increases in the federal funds rate is strong. see organisation for economic co - operation and development ( 2018 ), economic survey of the united states 2018 ( paris : oecd ), www. oecd. org / eco / surveys / economic - survey - united - states. htm. these groups tend to both suffer most from labor market downturns and benefit most from improving labor markets. - 2current labor market conditions at 3. 8 percent, the unemployment rate is below most estimates of its long - run level, which are now clustered in the mid - 4s. many other labor market indicators also suggest an economy near full employment. to name just