The Washington Post is carrying an interview with Michael Woodford on monetary policy.
On levels targets:
The idea that purely forward looking approaches are undesirable is something I’ve been emphasizing in various papers since the 1990s
This theme is one that I had been pushing extensively even before the current crisis, both for reasons that relate to my general views on monetary policy, and the fact that I had been giving talks on responding to the zero lower bound in this general situation. So I already had a well worked out view of that kind. I don’t think it changed my mind about the importance of the particular themes
On the new open-ended, state contingent commitment:
I think that it’s an advantage of the approach taken in the statement yesterday that it’s more plausible that the committee would continue with the policy that’s being announced