in south africa, and none among the g - 7 advanced economies. since then, two other women have led g20 central banks, and now i have the honor of serving with the first woman to lead the federal reserve, janet yellen. so what ’ s my take away from that experience? it was a good reminder to me that we have to see the challenges that are right in front of our eyes if we want to address them and we should not be satisfied until the people sitting around every decisionmaking table look like america in all its rich diversity. earlier this year, the federal reserve bank of atlanta hired raphael bostic as its president and chief executive officer, the first african - american to lead a reserve bank. i look forward to the day when we have moved far beyond all the firsts, when we can see with satisfaction that the people of the federal reserve fully reflect the characteristics of the american people. we are working hard to get there, but we still have a long way to go. of course, getting to that point in the future starts with people like you and the paths you choose today. you should choose the path where you feel you will make your greatest contribution — the one that is right for you. but if economics seems like a great fit, then choose it with the confidence that you have the capacity to make an important contribution that will be valued. so with that, i will be glad to respond to your questions. 1 amanda bayer and cecilia elena rouse, ( 2016 ) “ diversity in the economics profession : a new attack on an old problem, ” journal of economic perspectives, vol. 30, no. 4 ( fall ), pp. 221 – 42. 3 / 3 bis central bankers'speeches

; bank of canada ( 2017 ), “ monetary policy framework issues : toward the 2021 inflation - target renewal, ” workshop held at the bank of canada, quebec, september 14, https : / / www. bankofcanada. ca / 2017 / 09 / monetary - policyframework - issues - toward - 2021 - inflation - target - renewal ; and mark carney ( 2020 ), “ a framework for all seasons? ” speech delivered at “ the future of inflation targeting, ” a research workshop held at the bank of england, london, january 9, https : / / www. bankofengland. co. uk / events / 2020 / january / the - future - ofinflation - targeting. the federal reserve ’ s review of its monetary policy strategies, tools, and communications is ongoing. see the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / review - of - monetary - policystrategy - tools - and - communications. htm ; richard h. clarida ( 2019 ), “ the federal reserve ’ s review of its monetary policy strategy, tools, and communication practices, ” speech delivered at the 2019 u. s. monetary policy forum, sponsored by the initiative on global markets at the university of chicago booth school of business, new york, february 22, https : / / www. federalreserve. gov / newsevents / speech / clarida20190222a. htm ; and jerome h. powell ( 2019 ), “ monetary policy : normalization and the road ahead, ” speech delivered at the 2019 siepr economic summit, stanford institute of economic policy research, stanford, calif., march 8, https : / / www. federalreserve. gov / newsevents / speech / powell20190308a. htm. - 2learned from earlier papers that have examined the performance of unconventional policy tools with respect to individual components of financial conditions — most notably, longterm sovereign yields, but also mortgage rates, equities, exchange rates, and corporate debt spreads. 3 empirically assessing the question in the report is not only important, but also challenging, as the report readily acknowledges. there are a host of difficult endogeneity and omitted - variable issues, which the authors endeavor to address. the authors conclude that unconventional monetary policies worked during the crisis but did not fully offset a