Having said this, monetary policy may wish to display more inertia – by which I mean caution or carefulness - in deploying policy instruments on those fronts where our knowledge is less developed. This applies to less conventional policy tools, of which the effects are still not fully appreciated, both in phasing-in and the phasing-out.
From community banker to central banker I fully expected to complete my career working as a community banker in my hometown. But in early 2007, I received a call asking if I would be interested in serving as a member of the Board of Governors of the Federal Reserve System. I was intrigued, flattered, and more than a little intimidated by the prospect.