How did you end up working as an economist at the Federal Reserve Bank of Kansas City – rather than at the New York Fed – in the 1970s, and subsequently moving to the US Federal Reserve Board in Washington, DC, five years later?

I already had family at the time, and the New York Fed didn’t pay enough to compensate you sufficiently for the extra expense of living in New York. Kansas City was much less expensive – and I am an economist! It also had a smaller department, and I thought that by