Based on remarks delivered before the Annual Financial Services of the New York Bankers Association on March 21, 1996, and the Economic Club of New York on October 2, 1996.

On September 29, 2002, William J. McDonough, President of the Federal Reserve Bank of New York, delivered the William Taylor Memorial Lecture in Washington, D.C., at an event cosponsored by the William Taylor Memorial Fund and the Group of Thirty, a private, international consultative group on...

[...]In my view, a goal of price stability requires thatmonetary policy be oriented beyond the horizon of itsimmediate impact on inflation and the economy. Thisimmediate horizon is on the order of two to three years.This orientation properly puts the focus of a forwardlookingpolicy on the time...

I am delighted to be here today to address this importantconference on economic, supervisory, and regulatory issuesfacing foreign banks operating in the United States. I alsovery much appreciate the efforts of my colleague GeneLudwig and his staff at the Office of the Comptroller of theCurrency...