• Favors eliminating calendar date commitment to easing
• Market response to incoming data would be automatic stabilizer if the Fed adopted thresholds
• Would define a zone of inflation and unemployment where Fed would keep rates on hold
• Optimal policy would hold rates near zero until early 2016
• Says 2% inflation shouldn’t be considered a ceiling
• FOMC must better communicate policy with rates so low
• Hard to achieve consensus FOMC forecast on the economy