*  *  *  The views I express here are my own and not necessarily those of my colleagues in the Federal Reserve System. Thank you to the International Monetary Fund for allowing me to take part in what I expect will be a very lively discussion.
Only five or six years ago, there wouldn’t have been a panel on the “many instruments” and “many targets” of monetary policy. Before the financial crisis, the focus was on one policy instrument: the short-term policy interest rate.