ByRichard H. Clarida Manfred J. M. Neumann
Pages 2

I would like to thank Axel Weber for inviting me to this splendid conference and, more broadly, for his leadership at the Bundesbank, an institution that has, in so many ways, been a leader in the practice of central banking. I am also so pleased to have this opportunity to discuss this fine chapter by Governor Mishkin, a leading scholar in the field whose work has certainly influenced my research.