  President Plosser believes that the model created by the Federal Reserve Board staff, called FRB/US, seems to be a reasonable starting point for providing economic forecasts based on those rule-based policies; however, other models would be useful to consider. Introduction I would like to thank Governor Kuroda for inviting me to participate in this thought-provoking conference.
I would also like to thank Professor Maury Obstfeld for suggesting a number of interesting topics for us to consider. He has highlighted some issues that I believe are intimately related to one another: namely, the central bank’s ability to influence expectations through forward guidance, the role of quantitative easing, and the process of exiting from that easing.