In this review, we expect to benefit from the insights and perspectives that are presented today, as well as those offered at other conferences devoted to this topic, as we assess possible practical ways in which we might refine our existing monetary policy framework to better achieve our dual-mandate goals on a sustained basis.
My talk today will not, however, be devoted to a broad review of the Fed’s monetary policy framework—that process is ongoing, and I would not want to prejudge the outcome—but it will instead focus on some of the important ways in which economic models and financial market signals help me think about conducting monetary policy in practice after a career of thinking about it in theory.