I am grateful to Hess Chung, Rochelle Edge, William English, Michael Kiley, Thomas Laubach, Matthias Paustian, David Reifschneider, Jeremy Rudd, and Stacey Tevlin of the Federal Reserve Board for their advice and assistance  It is an honor for me to speak at the opening of this conference in honor of Michael Woodford, whose contributions to the theory of economic policy are frequently a central part of the economic analysis that takes place in the policy discussions at the Federal Reserve.
The main story I want to tell today is about the quality of Michael’s major book, Interest and Prices (henceforth MWIP).