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4. “Policymakers should be prepared to continue using unconventional monetary policies in myriad ways to combat future economic crises.” Fischer served as vice chair of the U.S. Federal Reserve, governor of the Bank of Israel, and chief economist at the World Bank. A professor of economics at MIT from 1977 to 1988, Fischer was back on campus in Cambridge, Massachusetts to accept the Miriam Pozen award, which recognizes academics and practitioners who have demonstrated outstanding research or practice in financial policy. The Miriam Pozen Prize is awarded every two years in remembrance of the late mother of  a productivity expert and senior lecturer at MIT Sloan. The event, sponsored by the MIT Golub Center for Finance and Policy , included remarks from economists Lawrence Summers , Olivier Blanchard , and Kenneth Rogoff , and was moderated by MIT economists James Poterba and Deborah Lucas. Praise for the speed, scope, and size of the response Quoting from his new paper, “ Comparing the Monetary Policy Responses of Major Central Banks to the Great Financial Crisis and the COVID-19 Pandemic ,” Fischer said that the helpful resources economic recovery was “fast and robust” throughout the developed world, with conditions improving “much more quickly than had originally been anticipated” due to central banks’ willingness to react “in a manner that was unprecedented in terms of the speed, scope, and size of their asset purchases and emergency lending programs.” The past two decades have shown how important speed, size, and adaptability are to monetary policy of the 21st century. Stanley Fischer Economist, Inaugural Recipient of the Miriam Pozen Prize While the forceful fiscal policy responses of governments “deserve much of the credit for the economic turnaround," Fischer said the actions of central banks were "crucial to halting the downward spiral of markets, lessening the pandemic-driven lines [and] losses of business, and jump-starting the economic recovery.”  Noting a mere 12 years in between two enormous financial events — the great financial crisis and the COVID-19 pandemic, Fischer said that events of “seismic economic magnitude are taking place more frequently in today's highly globalized and increasingly volatile world.” “The past two decades have shown how important speed, size, and adaptability are to monetary policy of the 21st century, and they will all continue to be critical for central banks as they contend with future economic downturns,” Fischer said. 5 qualities of top banking and finance leaders A panel of distinguished speakers commented on Fischer’s contributions, including Summers, president emeritus of Harvard University and the former U.S. Treasury secretary.


A collection of students sit and stand on stage. It’s really important to talk about — school is still a struggle. And it’s not because the work is hard. It’s just because [of] low motivation,” Tucker said. “Every time somebody asks me what I want to do after school, I just want to cry because I do not know yet. And it’s really, really, really a struggle. Being alone is good, but then I come here and I feel like I don’t want to be alone.”  Student Emily Thao checks on lighting controls during a rehearsal at Patrick Henry High School in Minneapolis on Friday. Not every student has been able to find such a strong connection to their school following the last nearly two years of interrupted learning. The pandemic has taken a serious toll on student mental health. In October the American Academy of Pediatrics and American Academy of Child and Adolescent Psychiatry declared a national emergency in children’s mental health .  “There has been a significant increase in mental health crises since the pandemic started,” said Raghu Gandhi, a child psychologist and assistant professor at the University of Minnesota’s Department of Psychiatry and Behavioral Sciences. He said isolation, stress, closed schools and academic struggles are all having an effect on the students he sees in his practice.  “We are seeing a lot of teenagers who are coming to our ERs with depression, assessment of suicide attempts, self-injurious behaviors such as cutting and a lot of substance abuse,” Gandhi said.  School leaders around the state say they’re seeing these same issues in their buildings.  “In August, when students came to school, we were so excited to have them in person that we didn’t recognize or realize some of these social skills that they maybe had lost or not developed,” said Andrea Rusk, principal at Brainerd High School.  In October she sent a letter to families in her district, pleading for help with student behaviors she and her staff had never seen before.