A política monetária do DÓLAR nunca mais será a mesma

[Music] b seen me talk at this in prior years i've talked about how you need to throw away your old textbooks and talking about monetary policy that you've got to get away from looking at the traditional view of monetary policy of you know the in terms of reserve requirements terms of maybe even setting interest rates and i think i emphasized a few years ago that there were actually 14 different monetary policy tools on the board of governors website not just the three that were in the textbook the good news and this is my my talk

is back to the future the good news is actually we're starting to get back to the point where instead of 14 monetary policy tools we're getting back to more i think over the next few years a more normal operating a monetary policy primarily through short-term interest rates but that said things have changed a lot and i'll talk a little bit about where we are today in terms of why monetary policy is operating differently and will be for the next few years and then where i see how kind of how in talking about the normalization monetary

policy can my views of how that will work and maybe what the new normal will look like i think um is target [Music] um [Music] is normalization principles foreign [Music] [Music] [Music] [Applause] [Music] is [Applause] academics