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The financial crisis and the housing bust created headwinds to the recovery in part through adverse impacts on the mechanisms of monetary policy transmission. The topic of today’s workshop is important for understanding how to gauge and potentially improve the transmission of monetary policy to the household sector. It is important that we correctly identify and to the greatest extent possible quantify the forces that have been acting on the primary-secondary spread. This requires bringing a broad range of informed perspectives to the table, perspectives that many of you have. For this workshop to succeed, we need for you to be as open, frank and precise in your discussions today as possible. President Rosengren and I thank you for your participation in this effort and we look forward to the key findings from the workshop. BIS central bankers’ speeches  3