What Can the Fed Do to Promote Diversity at the Bank?

The video discusses the economic impact of the pandemic on minorities, highlighting higher unemployment rates among African Americans, Latinx, and Native Americans. It critiques the economics profession for its lack of diversity and explores the limitations of colorblind economic theory. The need for diversity in the Federal Reserve is emphasized, suggesting outreach to historically black colleges and universities. A report on the gender wage gap affecting black women is also discussed, quantifying a $50 billion annual loss to the black community.

What has been the impact of the pandemic on minority unemployment rates?

• It has only affected white Americans.

• It has had no effect on minority unemployment rates.

• It has increased unemployment rates for minorities.

• It has decreased unemployment rates for minorities.

What is a major criticism of the economics profession?

• It is too focused on technology.

• It lacks diversity and representation.

• It is overly simplistic.

• It is too focused on international issues.

What is a common misconception about economic theory according to the transcript?

• It is inherently biased.

• It is focused on short-term gains.

• It is only applicable to developed countries.

• It is colorblind and gender-neutral.

Why is it important for the Federal Reserve to recruit from historically black colleges and universities?

• They have more sports programs.

• They produce more PhDs in economics.

• They have better facilities.

• They are located in urban areas.

What is a key factor in addressing issues of bias and discrimination in economics?

• Focusing only on elite institutions.

• Government intervention and social movements.

• Ignoring social and political issues.

• Relying solely on market solutions.

What is the focus of the report discussed in the final section?

• The effects of climate change on the economy.

• The role of education in economic growth.

• The gender wage gap affecting African American women.

• The impact of technology on jobs.

What is the estimated annual economic loss to the black community due to wage disparities?

• $100 billion

• $50 billion

• $25 billion

• $10 billion