feds notes. washington : board of governors of the federal reserve system, september 2. — — — ( 2021 ). " research data series : index of common inflation expectations, " feds notes. washington : board of governors of the federal reserve system, march 5. christiano, lawrence, martin eichenbaum, and sergio rebelo ( 2011 ). “ when is the government spending multiplier large? " journal of political economy, vol. 119 ( february ), pp. 78 – 121. clarida, richard h. ( 2020 ). " the federal reserve ’ s new framework : context and consequences, " speech delivered at “ the economy and monetary policy, ” an event hosted by 2 / 3 bis central bankers'speeches the hutchins center on fiscal and monetary policy at the brookings institution, washington ( via webcast ), november 16. — — — ( 2021 ). " the federal reserve ’ s new framework and outcome - based forward guidance, " speech delivered at “ somc : the federal reserve ’ s new policy framework, ” a forum sponsored by the manhattan institute ’ s shadow open market committee, new york ( via webcast ), april 14. eggertsson, gauti b. ( 2011 ). “ what fiscal policy is effective at zero interest rates? ” in daron acemoglu and michael woodford, eds., nber macroeconomics annual2010, vol. 25 ( chicago : university of chicago press ), pp. 59 – 112. powell, jerome h. ( 2020 ). " new economic challenges and the fed ’ s monetary policy review, " speech delivered at “ navigating the decade ahead : implications for monetary policy, ” a symposium sponsored by the federal reserve bank of kansas city, held in jackson hole, wyo., august 27. woodford, michael ( 2011 ). “ simple analytics of the government expenditure multiplier, " american economic journal : macroeconomics, vol 3 ( january ), pp. 1 – 35. woodford, michael, and yinxi xie ( 2020 ). " fiscal and monetary stabilization policy at the zero lower bound : consequences of limited foresight, " nber working paper series 27521. cambridge, mass. : national bureau of economic research, july. 1 the views expressed are my own and not necessarily those of other federal reserve board members or federal open market committee participants. i would like to thank chiara scott

we have done this because we have an abiding commitment to consider how our decisions affect institutions and the customers they serve. we are well aware that community banks serve communities, businesses, and households that are often underserved by larger institutions and offer more extensive and more personalized services than are often otherwise available. we know that community bankers are part of the communities they serve, and they are often better able to understand the needs and the aspirations of their customers. we hope that the research presented at this conference stimulates discussion about the leading policy issues facing the industry and supervisors. as in the past, i see that this year ’ s agenda includes presentations related to several important issues, including the effect of supervision on risk - tasking and the effects of greater competition on community banks. i am cheered to see that finance students at the university of akron remain interested enough in community banking to participate in a case - study competition related to community banking, and i am pleased that the conference will hear a presentation of the winning case study. in closing, let me thank the conference organizers with the fed and the conference of state bank supervisors, the scholars and others making presentations, and all of you for attending. i hope you have a terrific conference. 1 / 1 bis central bankers'speeches