Conclusion In conclusion, I believe that both forward guidance and large-scale asset purchases have been effective tools for providing additional monetary accommodation under circumstances in which conventional monetary policy has been constrained by the zero lower bound on the federal funds rate.
My colleagues on the FOMC and I are regularly reviewing the asset  7  Because the latest release of the Survey of Professional Forecasters provided forecasts of the unemployment rate only through 2014, the authors extrapolated the forecasts through 2018 using the extended consensus forecasts reported in the October 2010 Blue Chip survey.