Well, one of the key questions in monetary policy is how does the financial sector transmit monetary policy? And what my work is doing is sort of looking at this question deeply. And what we find is that it's going through the pricing of deposits.

So deposits move less than one for one with the short rate. And as a result of that, banks basically expand and contract a balance sheet as monetary policy changes. And that shows up in lending. And it also shows up in terms of insulating them from interest rate risk.

What's really stimulating about the conference here is that we have both academics and policymakers participating. And one of the sessions just recently talked a lot about how policymakers make use of our research, in particular, how macroeconomics started incorporating a lot of the concepts from finance. And that's exactly what I'm working on, and so it's great to get some feedback from

the policymakers on what they think about our work.