cohen will monitor a discussion with governor stein. with that, please welcome, please join me in welcoming fed governor jeremy stein. [applause] >> thank you very much. thank you, karen. thank you for that nice introduction. so it's a pleasure for me to be here. and i want to say it's a special thrill and honor for me to be here alongside don cohen. one of my only regrets coming to fed, maybe the dress code, is my timing. i wish i had the good sense to get here a fewers earlier so i could have had don as a colleague and had the opportunity to learn from him. now only way i get to learn from him is indirectly. it is notable some of the best advice i've gotten from people at the board since i joined has often come in the form of here is what don cohen would have done in the situation. don, indirectly thank you very much and i look forward to our discussion. what i was hoping to do was take this opportunity to describe the framework i've been thinking about monetary policy and current environment and focus primarily the role of large-scale asset purchases. before doing so let me note the usual disclaim, the thoughts are about to give you are my own and do not necessaril