Discussion of Ajello, Laubach, López-Salido, and Nakata, “Financial stability and optimal interest-rate policy”

Discussion (slides) of the paper “Financial Stability and Optimal Interest-Rate Policy” by Andrea Ajello, Thomas Laubach, David López-Salido, and Taisuke Nakata, Federal Reserve Board, at the conference “The New Normal for Monetary Policy,” Federal Reserve Bank of San Francisco, March 27, 2015.
A later (and different) discussion of this paper is here.