President Bostic addressed the importance of achieving maximum sustainable employment in order to reduce wealth inequality in the U.S. He discussed the role of monetary policy in this endeavor, as well as how the Federal Reserve Bank of Atlanta connects with other policymakers to find workable solutions that increase economic mobility and resilience in the communities they serve. In his lecture, he talked about the need for a sustained effort to achieve real progress, but how many of the ideas and solutions needed are beyond the authority of the central bank and monetary policy. He challenged other policymakers and leaders to collectively step up to find effective and lasting solutions that reduce wealth inequality in this and future generations.
Following the lecture, Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis, moderated a discussion with Darrick Hamilton, founding director of the Institute on Race, Power and Political Economy; Tony James, co-founder of the Partnership for Education Advancement; and Kate Bahn, research director at WorkRise at the Urban Institute.