Kellogg Distinguished Lecture Series: Donald Kohn

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Executive Summary

Kohn discussed various challenges at the intersection of monetary policy and financial stability. While he said that the Fed's role is to help the country achieve long-term financial objectives - maximum employment and stable prices - Kohn acknowledged that the recent global liquidity crisis has inspired widespread reflection among his peers. "After a serious setback to economic stability, monetary policymakers must ask whether the strategies and tools they have been using need to be adapted to fulfill their responsibilities for price and economic stability in modern financial markets," Kohn said.

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