The Origins, Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary Policy Framework

Francois Gourio, Benjamin K. Johannsen and David Lopez-Salido
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Benjamin K. Johannsen: https://www.federalreserve.gov/econres/benjamin-k-johannsen.htm

No 2025-065, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In this paper, we describe the Federal Reserve’s 2019–20 review of its monetary policy framework. First, we discuss the historical background of and motivation for the review. We then summarize the structure of the 2019–20 review, which included Fed Listens events, a flagship research conference, a series of staff analyses, and related Federal Open Market Committee (FOMC) deliberations. Finally, we present the main outcomes of the review, with particular attention paid to changes to the FOMC’s Statement on Longer Run Goals and Monetary Policy Strategy.

Keywords: Federal Reserve; Framework review; Consensus statement; Inflation targeting; Effective lower bound (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 36 p.
Date: 2025-08-22
New Economics Papers: this item is included in nep-cba, nep-his and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2025-65

DOI: 10.17016/FEDS.2025.065

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