Monetary Policy Strategy: Lessons from the Crisis

Prepared for the ECB Central Banking Conference, "Monetary Policy Revisited: Lessons from the Crisis," Frankfurt, November 18-19, 2010. The views expressed here are my own and are not necessarily those of Columbia University or the National Bureau of Economic Research. Disclosure of my outside compensated activities can be found on my website at http://www0.gsb.columbia.edu/faculty/fmishkin/. I would like to thank Jean Boivin, Christopher Sims, Michael Woodford, Jean Pisani-Ferry, William White and participants at the brown bag lunch workshop at the Federal Reserve Bank of San Francisco, the New York Area Workshop on Monetary Policy held at the Federal Reserve Bank of New York and the ECB Central Banking Conference for their helpful comments.