Economists within the Federal Reserve System and at other central banks have made and will continue to make important contributions in these areas. However, researchers in academia and elsewhere have long been essential partners in building the intellectual foundations for the conduct of monetary policy. One of my objectives today is to encourage the continuation of this fruitful collaboration.
The number of formally employed persons in our private sector increased by around 42 thousand in 2020. Dear colleagues, I believe that it is the task of institutions to make life easier and simpler for people and businesses so that they can use their time, as the most valuable resource, in the best possible way.