My first question is how do we establish a better relationship with your organization in an effort to – we can get this information that you have and its resources on the grassroot level? And my second question is –  President Dudley: All you have to do is give me your card afterwards. Audience Member: Oh, okay. My second question is we’ve done an assessment of the economic state of Southeast Queens, Sen. Sanders’ office, and a majority of our residents here are considered banked and under-banked. My question to you is a lot of ... especially for – we have a huge population of Millennials, we’re looking to purchase homes in our area. A lot of us make under $ and probably have some problems with credit. But my question with the home buyers programs is there a way, or how can we have a conversation about increasing the matching funds because the highest that the rates for the federal home buyers program is 4:1. And we want to talk about how we can get that to 10:1 so it can help, it can match the demographics, economic demographics, of our community, so people can start receiving in tangible resources like purchasing a home with the resources that they have. President Dudley: I’m not an expert in the issue of how much money you need to match. I don’t think I can speak to that directly.
It is also well-known, including from historical experience, that productivity depends importantly on a number of structural features of the economy, including levels of education and skills in the workforce, the quality and quantity of infrastructure and innovation and the scale of financing to companies. Price and financial stability are necessary conditions for rising productivity. But they are far from being sufficient ones. When it comes to those structural features of the economy, central banks do not have the tools to affect lasting change. Central bank tools are cyclical, rather than structural, because their impact on the economy is temporary, not permanent. We do not build schools, colleges, houses, roads, railways or banks. Nor do we finance them. Those tools, rightly, are in the hands either of governments or private companies. So too is the financing of them. Through their role in securing stability in prices and the financial system, central banks do have a clear interest in understanding the forces shaping productivity and the supply-side of the economy. Central banks can also help in diagnosing productivity problems and in identifying policies that could lift barriers to productivity improvement. That is the purpose of this lecture. It is also the reason several Bank colleagues have given recent speeches on this topic. 51  Before turning to that, let me say something about monetary policy. The job of securing price stability falls to the Bank of England’s Monetary Policy Committee (MPC), of which I am a member.