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12/21/22, 5:43 PM How the World Achieved Partial Consensus on Monetary Policy | James Bullard | St. Louis Fed Home > Latest from President Bullard > Speeches, Presentations and Commentary From the President How the World Achieved Partial Consensus on Monetary Policy March 6, 2020 Remarks: pdf In remarks at the Shadow Open Market Committee’s spring meeting in New York, St. Louis Fed President James Bullard discussed the work of the late economist Marvin Goodfriend and his influence on monetary policy. “Marvin Goodfriend was a brilliant economist who helped the profession make great strides on a critical social problem—inflation control—over the last four decades,” Bullard said, noting that Goodfriend’s 2007 paper titled “How the World Achieved Consensus on Monetary Policy” lays out the deep ideas that formed the foundation of an apparent consensus on monetary policy that seemed to have developed by the eve of the global financial crisis. “Subsequent global macroeconomic events have challenged that consensus,” Bullard pointed out. “Our responsibility is to follow the example of Marvin Goodfriend’s career and ethos to aggressively explore new ideas in order to forge a new consensus on monetary policy.” FOLLOW US SIGN UP FOR EMAIL ALERTS Receive updates in your inbox as soon as new content is published on our website SIGN UP https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2020/how-the-world-achieved-partial-consensus-on-monetary-policy 1/2 12/21/22, 5:43 PM How the World Achieved Partial Consensus on Monetary Policy | James Bullard | St. Louis Fed QUICK LINKS About Us Legal Information Contact Us Privacy Policy Careers Doing Business with the Fed Events Federal Reserve Services Visiting the St. Louis Fed Federal Banking Regulations https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2020/how-the-world-achieved-partial-consensus-on-monetary-policy 2/2