*  *  *  Introduction Thank you for inviting me back again to the University of Delaware. It has been three years since I last spoke at this event and a lot has happened. Yet, as I will explain, we have come a long way on the road to recovery from the Great Recession.
So, this morning I will share with you my take on the economic outlook. Then I want to discuss the hazards of trying to apply ever more monetary accommodation to speed up the recovery process.1 Economic outlook We are now in the third year of a moderate economic recovery that has had more than a few bumps along the way.