The choice is between which mistake is easier to correct: underdoing it or overdoing it.

In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems

The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting.

As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.

The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

Financial crises require governments.

The choice is between which mistake is easier to correct: underdoing it or overdoing it.