I am delighted to be at the Cato Institute today to participate in your annual monetary conference. The last time I had the privilege of speaking at this conference was in 2004. This year's conference, "Fed Policy: A Shadow Review," takes up the Federal Reserve's 2019 review of our monetary policy strategy, tools, and communication practices. This topic is, of course, timely and one to which I and others have devoted much thought over the past year.1 Motivation for the Review Although I will have more to say about the review in a moment, let me state at the outset that we believe our existing framework, which has ... (full story)