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One of the most important global economic institutions, The Federal Reserve System, which sets interest rates and determines govt funding has virtually NO Black Economists in its ranks cc @jeannasmialek @nytimes.
And that's a bad thing for everyone. https://www.nytimes.com/2021/02/02/business/economy/federal-reserve-diversity.html?action=click&module=Top%20Stories&pgtype=Homepage
And that's a bad thing for everyone. https://www.nytimes.com/2021/02/02/business/economy/federal-reserve-diversity.html?action=click&module=Top%20Stories&pgtype=Homepage
Remember how yesterday, I talked about #BlackWomenBest- the idea of centering the economy on Black women so that everyone can benefit.
Turns out the people in charge of our nation's economy actually don't look like the nation at all. https://www.teenvogue.com/story/black-women-best-economy
Turns out the people in charge of our nation's economy actually don't look like the nation at all. https://www.teenvogue.com/story/black-women-best-economy
The Federal Reserve or the Fed ( @federalreserve) serves a very important role in our society: Keeping our economy healthy and alive.
But it turns out across all the regional banks (aside from Atlanta) and the HQ in DC, Black people are absent at every level cc @jeannasmialek.
But it turns out across all the regional banks (aside from Atlanta) and the HQ in DC, Black people are absent at every level cc @jeannasmialek.
Someone might say well "Black people simply don't want to work at the Fed" and that someone would be wrong.
Remember @drlisadcook well as the director of @AEASPmsu? She helped diversify the pipeline to the @federalreserve over the past five years. https://www.teenvogue.com/story/economist-lisa-cook-joe-biden-transition
Remember @drlisadcook well as the director of @AEASPmsu? She helped diversify the pipeline to the @federalreserve over the past five years. https://www.teenvogue.com/story/economist-lisa-cook-joe-biden-transition
Not so fun fact cc @Claudia_Sahm: The Federal Reserve System has LESS diversity than the economics profession.
Let me tell you how bad that is: Currently <0.5% of newly minted economists have been Black women, the Fed is WORSE than that. This is *just* at its HQ
Let me tell you how bad that is: Currently <0.5% of newly minted economists have been Black women, the Fed is WORSE than that. This is *just* at its HQ
Here is why this is bad: The Fed is a TOP EMPLOYER of economists in the COUNTRY and they made/make decisions on:
-INTEREST RATES
-GOVERNMENT FUNDING
-WHETHER WALL ST GOT BAILED OUT in 2008
We're talking BIG ASS decisions that impact EVERYONE, BUT not everyone is in the room.
-INTEREST RATES
-GOVERNMENT FUNDING
-WHETHER WALL ST GOT BAILED OUT in 2008
We're talking BIG ASS decisions that impact EVERYONE, BUT not everyone is in the room.
Someone may say well Black people just don't like economics and blah blah blah shut the hell up Chad.
Black people do like economics, but as @DaniaFrancis (mid-career) and Monroe's (early career) profiles show, we are both implicitly and explicitly shut out.
Black people do like economics, but as @DaniaFrancis (mid-career) and Monroe's (early career) profiles show, we are both implicitly and explicitly shut out.
So what to do?
Right now #econtwitter has turned its attention to pre-doctoral programs to help "bridge the gap" and "increase diversity", but as @DomRussel @paulineyliang @zongyhuang point out below, predocs just select on non-Black privileged people: https://www.economist.com/finance-and-economics/2020/08/08/what-it-takes-to-become-an-academic-economist-is-changing
Right now #econtwitter has turned its attention to pre-doctoral programs to help "bridge the gap" and "increase diversity", but as @DomRussel @paulineyliang @zongyhuang point out below, predocs just select on non-Black privileged people: https://www.economist.com/finance-and-economics/2020/08/08/what-it-takes-to-become-an-academic-economist-is-changing
There are two blueprints that work in ensuring diversity in econ:
1) @AEASPmsu program, which is now @HowardEcon
2) @PhDEI_Econ program founded by @PeterBlairHenry
These are the BEST programs out there right now so no surprise Monroe is an alum of both and still wants PhD.
1) @AEASPmsu program, which is now @HowardEcon
2) @PhDEI_Econ program founded by @PeterBlairHenry
These are the BEST programs out there right now so no surprise Monroe is an alum of both and still wants PhD.
Another blueprint that exists outside of the profession?
You guessed it: @SadieCollective addresses the pathway and pipeline problem in economics, finance, policy, and the like for high school and undergraduate.
And we are just getting started.
You guessed it: @SadieCollective addresses the pathway and pipeline problem in economics, finance, policy, and the like for high school and undergraduate.
And we are just getting started.
Last thing: I know Black and Brown people who work at the Fed. Hell I've applied to the Fed and one thing is clear. The article @nytimes @jeannasmialek asks "Why are there so few Black economists at the Fed?" The answer is simple:
Racism.
#EconTwitter https://www.nytimes.com/2021/02/02/business/economy/federal-reserve-diversity.html?action=click&module=Top%20Stories&pgtype=Homepage
Racism.
#EconTwitter https://www.nytimes.com/2021/02/02/business/economy/federal-reserve-diversity.html?action=click&module=Top%20Stories&pgtype=Homepage
@jeannasmialek article follows last summer coverage @bencasselman and both @NEAEcon (body of PhD holding Black economists) and @SadieCollective released open letters.
In the latter, there were demands for the Fed specifically to support Black people: https://sadiecollective.medium.com/open-letter-to-economics-blm-5b38100e59b5
In the latter, there were demands for the Fed specifically to support Black people: https://sadiecollective.medium.com/open-letter-to-economics-blm-5b38100e59b5
Important perspective from a former Black RA at @federalreserve #EconTwitter: https://twitter.com/TheFantaTraore/status/1356644662744875009?s=20
