In my remarks today, I would like to look ahead and offer my individual perspective on the consequences of our new framework for the conduct of monetary policy over the business cycle, and I also want to provide some context that connects key elements of our new framework to the literature on optimal monetary policy subject to an ELB constraint that binds in economic downturns.
Let me say at the outset that when I am not quoting directly from the consensus statement and the September FOMC statement, the views expressed are my own and do not necessarily express the views of other Federal Reserve Board members or FOMC participants. 2 The plan of my talk is as follows.