We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.

By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.

My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.

Listening to others, especially those with whom we disagree, tests our own ideas and beliefs. It forces us to recognize, with humility, that we don't have a monopoly on the truth.

I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

[A] major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions. ...the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013

If it were possible to take interest rates into negative territory I would be voting for that.