expected fiscal stimulus, see wendy edelberg and louise sheiner ( 2021 ), " the macroeconomic implications of biden ’ s $ 1. 9 trillion fiscal package, " brookings institution, january 28 ; alex arnon, daniela viana costa, zheli he, austin herrick, jon huntley, marcos dinerstein, victoria osorio, and john ricco ( 2021 ), " macroeconomic effects of the $ 1. 9 trillion biden covid relief plan, " penn wharton budget model ( philadelphia : wharton school of the university of pennsylvania, february 3 ) ; and olivier blanchard ( 2021 ), “ in defense of concerns over the $ 1. 9 trillion relief plan, ” realtime economic issues watch ( washington : peterson institute for international economics, february 18 ), www. piie. com / blogs / realtime - economic - issues - watch / defense - concerns - over - 19 - trillion - relief - plan. 9 see the point estimates for 2019 : q2 in table 1 in jeremy b. rudd ( 2020 ), " underlying inflation : its measurement and significance, " feds notes ( washington : board of governors of the federal reserve system, september 18 ). 10 see 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. 333 – 75. 11 see lael brainard ( 2021 ), “ how should we think about full employment in the federal reserve ’ s dual mandate? ” in note 4. 4 / 4 bis central bankers'speeches

ben s bernanke : the ten suggestions speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the baccalaureate ceremony at princeton university, princeton, new jersey, 2 june 2013. * * * it ’ s nice to be back at princeton. i find it difficult to believe that it ’ s been almost 11 years since i departed these halls for washington. i wrote recently to inquire about the status of my leave from the university, and the letter i got back began, “ regrettably, princeton receives many more qualified applicants for faculty positions than we can accommodate. ” 1 i ’ ll extend my best wishes to the seniors later, but first i want to congratulate the parents and families here. as a parent myself, i know that putting your kid through college these days is no walk in the park. some years ago i had a colleague who sent three kids through princeton even though neither he nor his wife attended this university. he and his spouse were very proud of that accomplishment, as they should have been. but my colleague also used to say that, from a financial perspective, the experience was like buying a new cadillac every year and then driving it off a cliff. i should say that he always added that he would do it all over again in a minute. so, well done, moms, dads, and families. this is indeed an impressive and appropriate setting for a commencement. i am sure that, from this lectern, any number of distinguished spiritual leaders have ruminated on the lessons of the ten commandments. i don ’ t have that kind of confidence, and, anyway, coveting your neighbor ’ s ox or donkey is not the problem it used to be, so i thought i would use my few minutes today to make ten suggestions, or maybe just ten observations, about the world and your lives after princeton. please note, these points have nothing whatsoever to do with interest rates. my qualification for making such suggestions, or observations, besides having kindly been invited to speak today by president tilghman, is the same as the reason that your obnoxious brother or sister got to go to bed later – i am older than you. all of what follows has been road - tested in real - life situations, but past performance is no guarantee of future results. 1. the poet robert burns once said something about the best - laid plans of mice and men ganging aft agley,