Fed's George Discusses Need for Diversity in Economics

The transcript discusses the Jackson Hole Symposium's focus on diversity in central banking and monetary policy. It highlights the challenges and strategies for increasing diversity, the benefits of diverse perspectives, and personal experiences within the Federal Reserve. The issue of bank redlining and fair lending practices is also addressed.

What was the main motivation behind the Kansas City Fed's initiative to increase diversity at the Jackson Hole Symposium?

• To reduce costs of the symposium

• To increase the number of attendees

• To enhance the quality of discussions

• To comply with federal regulations

What was one of the biggest challenges in increasing diversity at the symposium?

• Lack of interest from women

• Resistance from existing members

• Difficulty in finding qualified women

• High costs of participation

How did the Kansas City Fed address the challenge of finding more diverse participants?

• By lowering the entry requirements

• By expanding their network and thinking differently

• By offering financial incentives

• By hosting more events

What is one benefit of having diverse voices in discussions on central banking?

• It increases the number of debates

• It simplifies the topics

• It adds depth and breadth to the discussions

• It reduces the length of discussions

Why is it important not to focus solely on numerical targets when increasing diversity?

• Because it is against policy

• Because it is not cost-effective

• Because it can lead to tokenism

• Because numbers are difficult to track

What was the personal experience of the speaker in rising through the Federal Reserve?

• It was an uneventful journey

• It was mostly negative

• It was a challenging experience

• It was a positive experience

What ongoing issue does the Federal Reserve continue to address in terms of fair access to credit?

• Over-regulation

• Bank redlining

• High interest rates

• Lack of banking facilities