Moving in this direction is understandably difficult when there is uncertainty about the effectiveness of the approach. 10  6  See, for example, Krugman (1998).
In this spirit, I would like to review last year’s economic performance and then raise some topics related to the underpinnings of macroeconomics and monetary policy. Of course, the views that I am about to express are my own and do not necessarily reflect those of other members of the FOMC or the Board of Governors.