2  BIS Review 129/2008  I believe these lessons can be summed up in one key message: anchoring inflation expectations at a low level is crucial for monetary policy to be successful.
In addition, we are studying the Neighborhood Stabilization Program and interviewing some 50 program grantees nationwide to learn about the early successes and challenges to this effort to restore health to communities with high foreclosure rates. We continue to engage in a good deal of outreach to stay informed about the challenges facing communities as this crisis evolves.