Former Federal Reserve Chair Janet Yellen says the lack of women and minority economists at the Fed and the federal government in general deserves top priority.
Her concerns were echoed by Committee on the Status of Women in the Economics Profession Chair Judith Chevalier who noted economists with different backgrounds could ask different questions and have different perspectives from the on the labor market to inequality.
Their comments were made at a Brookings Institution forum on gender and racial diversity among federal government economists.At the session, a report was released that showed the share of female economists employed by the Federal Reserve System which includes the Federal Reserve Board and all its banks has stayed stable since 2013 at 24 percent while the share of minorities has increased from 22 percent in 2013 to 25 percent in 2018.
Federal Reserve Board Senior Adviser Ellen Meade told the gathering the agency is working on how to make meetings more inclusive and help ensure interesting assignments are distributed fairly. Meade added the Fed is trying to encourage more women and minorities to become interested in becoming economists at an early age by increasing high school financial literacy programs and by bolstering mentoring programs at colleges and universities.
To try to encourage more young people to enter the profession, Chevalier said the American Economics Association is working on a video series showing diverse economists talking about their work.“ disproportionately have cool jobs and do cool things.
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