Some doubts about the monetary stimulus on the economy are mentioned in Frederic S. Mishkin “Monetary Policy Strategy: Lessons from the Crisis”, NBER Working Paper No. 16755, February 2011. 6  See Ben S. Bernanke, “Statement before the Committee on Financial Services”, U.S. House of Representatives, July 13, 2011. 7  This argument is fully described in Robert J. Barro, http://www.economist.com/blogs/freeexchange/2010/11/qe2.
In the remainder of my remarks today, I will describe how these two objectives are consistent with our ultimate purpose of fostering economic prosperity and social welfare. I will then talk about some important practical challenges in implementing these goals.