give you my views on the significant issues, and the questions i believe deserve further study. i also want to emphasize how important it is for those of us charged with monetary policy implementation to seek broad engagement on these issues, particularly in our effort to better understand how our money markets function and how best to implement monetary policy in these markets. motivation and background why should we think hard about issues related to monetary policy implementation? after all, central banks could always go back to the frameworks they used before the crisis. in the case of the federal reserve, the pre - crisis framework worked well at targeting the federal funds rate and we have high confidence that a similar system could work again in the future. but can we do better? 4 in light of recent experience and changes, are there more effective, transparent, or flexible implementation frameworks that would give policymakers capacity to better steer the economy in the direction they need to satisfy their mandate? recent experience suggests that the federal reserve ’ s new tools – interest on reserves and term deposits5 – as well as its application of old tools towards new purposes – fixed - rate reverse repos and large - scale outright security purchases – can be very helpful, but we can probably still learn more about how best to employ them. we can benefit collectively from studying the impact of differences in the implementation of similar tools across central banks. 6 an extended effort to evaluate potential long - run monetary policy implementation frameworks was announced in the july 2015 fomc meeting minutes. for example, some have suggested that the federal reserve could target a repo rate, rather than the federal funds rate ( see bernanke, or gagnon and sack ). targeting a repo rate could have some benefits, but may entail a number of complications, so more work would be necessary to evaluate the potential consequences of such a change. although the federal reserve only recently introduced these instruments, versions of interest on reserves and term deposits are standard components of some other central banks ’ implementation toolkits. for example, there is much to learn from the experience of the central banks that have implemented negative rates recently. it is important to note that, with the exception of the swiss national bank, the implementation of bis central bankers ’ speeches for example, “ quantitative easing, ” known shorthand as qe, originates with the bank of japan ’ s ( boj ) efforts to stimulate inflation in the early 2000s at the zero bound. in this effort, they targeted the money base and conducted temporary

participants, with researchers both in central banks and in academia, and with our global central bank counterparts. the issues we will have to tackle are important and complex, and there is much to gain from different points of view. market participants can provide a deeper understanding of financial market dynamics and shed necessary light on the impact and limitations of monetary policy on a practical dimension. as we saw today, researchers can provide empirical analysis as well as models that help us think about the impact and effectiveness of different tools or policies. whether they work in central banks or academia, they provide a perspective that we need to take into account when thinking about our long - run framework. and, of course, we can learn from our peers in policymaking and on markets desks at other central banks. we may have tried things that worked very well, or did not work so well, and comparative experience can be extremely valuable. forums like this, which bring together a range of experts from different areas, can help advance our understanding of the important issues we will have to face. so, i hope to see more of this type of engagement going forward. we have a unique opportunity to think very broadly about the issues that will confront us in the foreseeable future. we should seek diverse perspectives and be open to new ideas and perspective. bis central bankers ’ speeches