Zeti Akhtar Aziz: The International Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of The International Centre For Education In Islamic Finance (INCEIF), Kuala Lumpur, 23 March 2006. *  *  *  It is my great pleasure and honour to welcome you to this luncheon in conjunction with the Meeting of the 1440 Hijrah Vision Commission of the Islamic Development Bank (IDB) and the Launch of the Vision Document that has taken place this morning for the transformation of the Islamic Development Bank to become the premier catalyst for greater shared prosperity and development among the ummah. We are most honoured today by the presence of Yang Amat Berhormat Dato Seri Abdullah Ahmad Badawi. I would like to take this opportunity to congratulate the IDB for the successful launch of the IDB 1440 Hijrah Vision. The Vision Document would serve as an important blue print for the transformation of the IDB into a dynamic Development Bank that will contribute to the "comprehensive human development", and thereby achieving prosperity for the ummah. We are also honoured today by the presence of His Excellency Tun Dr. Mahathir bin Mohamad, Chairman of the Commission, and His Excellency Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group.
John C Williams: Monetary policy strategies for a low-neutralinterest-rate world Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the 80th Plenary Meeting of the Group of Thirty, Federal Reserve Bank of New York, New York City, 30 November 2018. * * * As prepared for delivery I would like to start by thanking Tharman for the invitation to participate in this panel of esteemed current and former policymakers. I am also pleased to continue the long tradition of hosting the Group of Thirty at the Federal Reserve Bank of New York and very much look forward to this morning’s discussion. In my remarks, I will focus on the following question: What long-run monetary policy strategy is best suited to anchor inflation expectations, foster price stability, and promote maximum employment? I emphasize the phrase “long-run” because I will focus on the features of a systematic policy framework, rather than tactical policy decisions. This topic is not only of academic interest: As was recently announced, the Federal Reserve is embarking on a review of its long-run monetary policy framework.1 I will argue that the global decline in the neutral rate of interest over the past quarter century poses significant challenges to maintaining wellanchored inflation expectations in a standard inflation-targeting regime. I will then lay out some alternative policy strategies that have the potential of providing a solid anchor for inflation expectations—even with a very low neutral interest rate—while preserving broad continuity with current inflation-targeting practice.