The plan now under discussion, if it is approved by Parliament in its entirety, appears to be on a sufficiently large scale as regards the rehabilitation of the financial system. By contrast, the stimulus for economic activity appears still to be small.
Implementation and Transmission of Monetary Policy Philip N. Jefferson Governor, Federal Reserve Board H. Parker Willis Lecture at Washington and Lee University, March 27, 2023 Disclaimer: The views I will express today are my own and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.