6/8  BIS central bankers' speeches  Pedagogy Having not taught financial regulation since the interesting months of the fall 2008 semester, I am probably at a comparative disadvantage to most of this audience in reflecting on the new pedagogy of financial regulation. However, that will not stop me from making a couple of comments—though only a couple—on the core topic of this conference.
The rebound in U.S. output after the crisis has been disappointing, especially in light of significant stimulus provided through previous fiscal packages and the ongoing extraordinarily expansionary stance of monetary policy. Subpar economic performance may be partly explained by uncertainty regarding the speed and distribution of costs in the pursuit of fiscal consolidation.