''Policymakers dealing with challenges should seek to emulate the boldness and imagination Marvin Goodfriend showed two decades ago.''

Excerpt: “In 1999, Marvin Goodfriend was able to consider what had not occurred in the recent past, and contemplate bold alternatives. Over the next few years, that type of vision and boldness will be needed by all policymakers if we have to consider how policy should react to any large, adverse shock to the economy.”