Unconventional Monetary Policy in Normal Times

Speech by Governor John Williams on October 18, 2013 expressing his belief that unconventional monetary policy should not be used in normal times:

"Nevertheless, I don’t see LSAPs as being part of the FOMC’s toolkit once we leave the zero bound behind us. We’re still much less certain about their effects than we are about the effects of changes in the federal funds rate."

…

"That said, I expect that the explicit link between future policy actions and specific  numerical thresholds, as in the recent FOMC statements, will not be a regular aspect of forward  guidance, at least when the federal funds rate is not constrained by the zero lower bound."

Reference: Lessons from the Financial Crisis for Unconventional Monetary Policy [Federal Reserve Bank of San Francisco]