*** Thank you, Jim, and thank you to the University of Kentucky for the opportunity to speak to you today. It is nice to be back in the Bluegrass state and see old friends and colleagues. I taught at UK from 1998 to 2003 and one of my colleagues at that time was Mark Berger, who passed away at far too young an age.
During this period, staff throughout the Federal Reserve System examined whether house prices were overvalued and arrived at a wide range of answers.