Greater transparency is a means to better synchronize the public with policymakers and minimize the risks of undesirable economic outcomes.

It's hard to make a firm prediction as to when the Fed will raise interest rates.

Current excess reserves could create a massive increase in the money supply if banks significantly increase their lending or investing.

The FOMC’s two-pronged approach involves a potential conflict: forward guidance assumes a high degree of substitutability across the maturity structure, while quantitative easing assumes a low degree.

On balance, the figure suggests that structural unemployment during economic downturns has increased since 1991.

Policymakers should not think of price stability and economic stability as competing objectives but as complements - the best way to achieve the latter is to be firmly committed to achieving the former.

Permanent increases in the monetary base foreshadow eventual increases in inflation that can increase, rather than reduce, unemployment.

While bank lending contracts during the typical recession, liquidity in bond markets may not.

Libor-OIS remains a barometer of fears of bank insolvency.

While the data seem to suggest that lenders did the right thing by tightening standards and increasing denials...the ongoing financial crisis suggests that they did not tighten them enough.