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Our Review Covers Central Banking and Labor Force Participation

In this quarter's lead article, "Technological Change and Central Banking," David Andolfatto refers to an old adage: "It is said that the only things we can be certain of in this world are death and taxes... But I'm inclined to add technological change to this list." 

Central banks are hubs in the networks that characterize modern day financial systems. Because central banks play a key role in the process of clearing and settling payments across banks in the payments system, it follows that technological advances that disrupt the money and payments system are likely to have both tactical and strategic repercussions for a central bank.

Other articles in the Review cover research and commentary on the Fed's communication of its monetary standard, labor force participation during the pandemic, and quiet quitting.