Organizations like the CEE and the National Association of Economic Educators exist to improve awareness of economic concepts. This enhances the ability of young people to make better financial decisions and helps to close the gaps in knowledge that contribute to inequality. Top-tier researchers in both academia and the Federal Reserve System are focusing their attention on the causes, consequences, and solutions of this social problem, using better data, methods, and means of communicating their results. Even more importantly, policymakers are also paying close attention. Ultimately, I believe we will identify and implement policies that can make the dream of a better life a reality for more of our fellow citizens. Thank you again for your kind attention. I would be happy to take your questions. 1 Gerard Dages, Jack Gutt, Andrew Haughwout, Anand Marri, and Wilbert van der Klaauw assisted in preparing  these remarks. 2 Board of Governors of the Federal Reserve System, Monetary Policy Report – July 2017, July 7, 2017. 3 See William C. Dudley, Remarks at the Economic Press Briefing on the Regional Economy, August 10, 2017. 4 See the New York Fed’s Economic Press Briefing on Wage Inequality in the Region, August 10, 2017. 5 Pew Research Center, Global Publics More Upbeat About the Economy, June 5, 2017. 6 Corak, 2013. “Income Inequality, Equality of Opportunity, and Intergenerational Mobility.” The Journal of  Economic Perspectives, vol. 27, no. 3 (Summer). 79–102. 7 Goldin and Katz, 2007. Long-Run Changes in the U.S. Wage Structure: Narrowing, Widening, Polarizing.
13  It could be argued that wage formation should be based on inflation always being 2 per cent, as periods below and above the target should cancel each other out in the long term. However, if inflation deviates significantly from the target for a long time, it can be difficult for wage setters to stick to this. Therefore, wage formation would be facilitated if the inflation target were formulated in term of CPIF or HICP inflation rather than in terms of CPI inflation. 14  Until 1999, when the Executive Board was established, monetary policy decisions were made by the General Council of the Riksbank. 6  BIS central bankers’ speeches  The interval remained a part of the monetary policy framework for a long time, but was finally abolished in 2010. The reason for this was that the Riksbank assessed at that time that it had fulfilled its role and was not serving any practical function. In the memorandum published in connection with the decision, it was noted that: “There is considerable understanding for the fact that inflation commonly deviates from the target and that the deviations are sometimes larger than 1 percentage point. Inflation can thus be outside the tolerance interval without threatening the credibility of the inflation target. Such deviations have proved to be a natural part of monetary policy.”15 So as a few years now have passed, it may be justified to evaluate the period where there has been no interval.