These remarks were presented at the 2008 International Conference,, "Frontiers in Monetary Theory and Policy," held by the Institute for Monetary and Economic Studies, Bank of Japan, in Tokyo on May 28-29, 2008. I am grateful to Marvin Goodfriend for many helpful discussions.
Views expressed in the paper are those of the authors and do not necessarily reflect those of the Bank of Japan or Institute for Monetary and Economic Studies.