e. o. svensson, the zero bound in an open economy : a foolproof way of escaping from a liquidity trap, monetary and economic studies, volume 19, issue s1, pp. 277 - 312, february 2001 ; gunter coenen, athanasios orphanides, and volker wieland ;, price stability and monetary policy effectiveness when nominal interest rates are bounded at zero, advances in macroeconomics, volume 4, issue 1, 2004 ; ben s. bernanke and vincent r. reinhart. 2004. conducting monetary policy at very low short - term interest rates, american economic review, volume 94, no. 2, pp. 85 - 90, may 2004 ; klaus adam and roberto m. billi, optimal monetary policy under commitment with a zero bound on nominal interest rates, journal of money, credit and banking, volume 38, no. 7, pp. 1877 - 1905, october 2006. 13 reifschneider and williams 2000 ; board of governors 2002. 14 gauti b. eggertsson and michael woodford, the zero bound on interest rates and optimal monetary policy, brookings papers on economic activity, volume 34, no. 1, pp. 139 - 211, 2003 ; reifschneider and williams 2000. 15 ben s. bernanke, vincent r. reinhart, and brian p. sack, monetary policy alternatives at the zero bound : an empirical assessment, brookings papers on economic activity, the brookings institution, volume 35, no. 2, pp. 1 – 100, 2004. 16 john c. williams, lessons from the financial crisis for unconventional monetary policy, presentation at national bureau of economic research conference, cambridge, mass., october 18, 2013 ; john c. williams, monetary policy at the zero lower bound : putting theory into practice, the hutchins center on fiscal and monetary policy, the brookings institution, january 16, 2014. 17 thomas laubach and john c. williams, measuring the natural rate of interest redux, business economics, volume 51, no. 2, pp. 57 - 67, april 2016. 4 / 4 bis central bankers'speeches

as the economy recovers. 14 a third is that large - scale asset purchases ( lsaps ) can complement conventional policy actions by making financial conditions more favorable for growth even when short rates are constrained by the zlb. 15 armed with these insights, policymakers were prepared and able to act quickly and decisively when the financial crisis hit. a great deal was learned about the zlb and unconventional policy tools along the way. 16 indeed, another conference organized by the boston fed was held in october 2010 to assess lessons learned, and the proceedings of that conference were published in a special issue of the jmcb in february 2012. for me, the most interesting aspect of that conference was that participants took the zlb as a defining feature of the landscape : what was once viewed as primarily theoretical had become grounded in practice and experience. the zlb in 2019 this brings me to today. the federal reserve has embarked on a review of its monetary policy strategic framework. as was the case 20 years ago, the question is how to best achieve our monetary policy goals in the context of low inflation and the zlb. indeed, the policy questions we are grappling with today are exactly the ones laid out in woodstock. the one fresh wrinkle is that with estimates of the neutral real interest rate much lower than those that prevailed 20 years ago, the zlb is likely to be an even more powerful force than was imagined in 1999. 17 in approaching this question today, we should take lessons from the conference held in woodstock 20 years ago : bring together leading researchers and policymakers, draw out the best and most creative thinking, and take a long - run view of how we can navigate the environment before us. i am happy to say that this process is already in train, with the fed ’ s framework review incorporating perspectives from a wide range of stakeholders, culminating in an academic conference next week in chicago. conclusion in closing, i want to add a personal thanks to ken west for all he has done to promote outstanding research that is both innovative and relevant to the real - world problems that central banks face. and my best wishes for the jmcb, which i hope may continue its illustrious record for the next 50 years. as a researcher and policymaker, the one thing i am certain about is that fostering an open and active dialogue between researchers and policymakers is the best way for us to succeed in our work. thank you. 1 for references to the early literature, see james cl