But this only underscores the need – no, the necessity – to fully understand the nature of our economies. Know thy economy, ladies and gentlemen! And now I invite you all to share your ideas and experiences with the rest of us. Tell us about the nature of your economies; tell us about your toolkits; and tell us how they have fared with time.
This is the subject of my lecture today and it was very much the subject of Alan Holmes’ career. He was an economist for 31 years at the Federal Reserve Bank of New York, and for many years served as Executive Vice President of the Federal Reserve Bank of New York and as Manager of the System Open Market Account.