and it will have a big effect sooner or later, and maybe a negative effect on how we form public holocene. i urge you all as a group -- policy. i urge you all as a group to come forward if this is possible with programs that have a chance of developing widespread public support. we need it on a you need it, and the country needs it. a cue ball very much for your time and attention. thank you all very much for your time and attention. [applause] thank you for allowing me to host this panel. i am going to try to get right to it. the topic at hand is the hospital of tomorrow. next to somebody who could not be better positioned to give us some thoughts about how things are going with the implementation of the affordable care act. might venture to give a grade to the implementation. -- might that grade b wade be weighed? >> it has been very tough. but if we know how to do anything in this country, we know how to do software. i think this will eventually roll out. look at the states that are doing it themselves. they already have the platforms for medicaid. they are registering hundreds, thousa

despite the challenges inherent in communicating in an unprecedented economic and holocene environment, about a future that can be in -- imperfectly foreseen, i will explain why i believe that i'll see transparency remains -- policy transparency remains an element of the strategy for meeting economic objectives. to understand the critical role that the federal reserve's communications about monetary policy have played in recent years, it is useful to start by discussing the role of monetary policy communications more generally. including the relationship between policy communication and the broader policy framework. making monetary policy is sometimes compared to driving a car. with policymakers pressing on the accelerator or the brakes depending on whether the economy needs to be sped up or slowed down at that moment. analogy is imperfect for at least two reasons. first, the main effects of monetary policy on the economy are not felt immediately but instead play out over quarters or even years. hence, unlike the driver of a car, monetary policymakers cannot simply respond to what lies