Under rational expectations, monetary policy is generally highly effective in stabilizing the economy. Aggregate demand management operates through the expectations hypothesis of the term structure: Anticipated movements in future short-term interest rates control current demand. This paper...

The conference papers and panel discussion explored a number of issues bearing on monetary policy design and operation in an environment of very low nominal interest rates.

Remarks at the Whitman School of Management at Syracuse University, Syracuse, New York.

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Remarks at New York University's Stern School of Business, New York City.

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.

Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.