11 See Juan Salgado (2019), remarks for panel 1, “What Does Full Employment Look Like for Your Community or Constituency?” at the Fed Listens Conference on Monetary Policy Strategy, Tools, and Communication Practices, held at the Federal Reserve Bank of Chicago, June 4, available on YouTube at https://www.youtube.com/watch?v=mF-GnAGOOa0.
•  The limited impact of capital flows on monetary aggregate growth suggests that sterilization policies have been broadly effective. •  Credit growth has not contributed to macroeconomic imbalances, as inflation has remained low. A second – and related – challenge is the need to ensure continued financial stability.