This hinges crucially on monetary policy being embedded in a complementary set of supervisory and regulatory policies that create incentives for balance sheet adjustment and responsible financial behaviour. Another concern, which has accompanied the fall of interest rates to their effective lower bound and the introduction of unconventional measures, is the distributional consequences of monetary policy.
The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website. *  *  *  Good morning.