The bottom line for policy appears ambiguous.

Monetary policy is not a panacea.

I think policy is currently quite accommodative. I think it can remain quite accommodative for a while to come.

In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.

When historical relationships are taken into account, it is difficult to ascribe the house price bubble either to monetary policy or to the broader macroeconomic environment.

Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.