*  *  *  Introduction Thank you for giving me an opportunity today to speak at the international conference organized by the Economic and Social Research Institute, the Cabinet Office, the Government of Japan. I. Introduction of “quantitative and qualitative monetary easing”  Japan’s economy has been in a state of deflation for nearly 15 years.
By being open and transparent about these various perspectives, the decentralized model for the Federal Reserve helps strengthen public confidence and preserve its independence. Whether we vote or not, all Reserve Bank presidents attend the FOMC meetings, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.