I would like to give a brief summary of what we heard there: Janice Eberly, James Stock, and Jonathan Wright provided a thorough and thoughtful evaluation of the Federal Reserve’s monetary policy strategy, tools, and communications since 2009.
Lars Svensson evaluated the pros and cons of several monetary policy strategies that have makeup features, and argued that average inflation targeting could be more likely than price-level targeting to be understood by the public and garner credibility.