Nevertheless, our understanding of the empirical relationships and of the theoretical underpinnings of those relationships remains incomplete. Substantial progress has been made, but we should hope that future research will help to untangle the remaining puzzles. This research agenda is important for the advancement of economic understanding and the conduct of monetary policy.
As you know, both the Federal Reserve and the Bank of England have long-run goals of price stability and sustainable growth. To achieve these goals, these central banks take an active interest in all the factors that affect economic performance, including business and consumer confidence, economic growth abroad, the foreign exchange value of the dollar, fiscal policy, and so on.