So let me now present some of my own thoughts on both the specifics of the present situation and on some of the ongoing policy issues raised by these discussions. As a preliminary matter, it is important to note that incorporating financial stability considerations into monetary policy decisions need not imply the creation of an additional mandate for monetary policy.
Guiding policy by the stars in practice, however, has been quite challenging of late because our best assessments of the location of the stars have been changing significantly. 3  In this talk, I will sidestep the issue of navigating by short-run versus long-run versions of the stars.