* * * When I was asked to participate on this panel in the middle of last year, the prevailing metaphor regarding Federal Reserve balance sheet policy was "as boring as watching paint dry." Well, times have changed, and I commend the conference organizers for their foresight.
The theme of this conference is, “Lessons from the Financial Crisis for Monetary Policy.” Given the opportunity to speak about this topic, my first thought was that I should organize my remarks around the familiar “lean versus clean” debate.