Speech at the Federal Reserve Bank of St. Louis research symposium on “Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter”, 7 February.
For a careful discussion of the channels through which a low-for-long scenario could still engender material risks to financial stability, see Committee on the Global Financial System (2018) Financial stability implications of a prolonged period of low interest rates. CGFS Papers No 61.