- india - great - transformation ) bis central bankers ’ speeches adb. 4 to match this huge demand for funds, asean along with china, japan and korea have put in place several initiatives : two key projects include the asean infrastructure fund, which pools regional saving into funds for investment in infrastructure projects and the asian bond markets initiative, which develops and deepens regional bond markets so as to tap regional savings. 15. to conclude, there are great opportunities in store ahead. at the end of the day, the benefits of trade liberalization and infrastructure development will extend to all of us if we work collectively to overcome the challenges. the aec will be a springboard to benefit the whole region, particularly for the gms. this is because the whole region will be more closely knitted, not only in terms of physical connectivity but also in terms of shared production networks. i believe that this conference today will be an excellent platform for us to come together and share our ideas towards realizing long - lasting prosperity in the gms region. thank you. adb website ( 2009 ) ( http : / / www. adbi. org / files / 2009. 08. 31. book. infrastructure. seamless. asia. pdf ) bis central bankers ’ speeches

of the federal reserve system ( 2007 ). “ minutes of the federal open market committee, march 20 – 21, ” press release, april 11. bonis, brian, jane ihrig, and min wei ( 2017 ). “ the effect of the federal reserve ’ s securities holdings on longer - term interest rates, ” feds notes. washington : board of governors of the federal reserve system, april 20. brainard, lael ( 2015a ). “ economic outlook and monetary policy, ” speech delivered at “ north america ’ s place in a changing world economy, ” 57th national association for business economics annual meeting, washington, october 12. — — — — ( 2015b ). “ normalizing monetary policy when the neutral interest rate is low, ” speech delivered at the stanford institute for economic policy research, stanford, calif., december 1. — — — — ( 2017 ). “ transitions in the outlook and monetary policy, ” speech delivered at the john f. kennedy school of government, harvard university, cambridge, mass., march 1. ihrig, jane, elizabeth klee, canlin li, brett schulte, and min wei ( 2012 ). “ expectations about the federal reserve ’ s balance sheet and the term structure of interest rates ( pdf ), ” finance and economics discussion series 2012 – 57. washington : board of governors of the federal reserve system, july. kiley, michael t. ( 2015 ). “ low inflation in the united states : a summary of recent research, ” 6 / 7 bis central bankers'speeches feds notes. washington : board of governors of the federal reserve system, november 23. nalewaik, jeremy ( 2016 ). “ non - linear phillips curves with inflation regime - switching ( pdf ), ” finance and economics discussion series 2016 078. washington : board of governors of the federal reserve system. 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 in the period from 1950 to 2000, inflation often rose late in the business cycle. in response, the federal reserve raised interest rates, which in turn led to a weaker economy. 3 for example, the fomc minutes for march 2007 expressed “ concern ” about the rate of inflation but noted that increases in energy and non - energy imports could explain some of the upward pressure on core prices ( see board of governors, 2007, paragraph 23 ).