The target has remained at 2 per cent since then. 2 CPI inflation has averaged 1.9 per cent since 1991. I would like to thank Patrick Sabourin, Stefano Gnocchi and Laurence Savoie-Chabot for their help in preparing this speech.
Romer, Christina D., and David H. Romer (2002). “The Evolution of Economic Understanding and Postwar Stabilization Policy,” (439 KB PDF) in Rethinking Stabilization Policy, symposium sponsored by the Federal Reserve Bank of Kansas City, August 29-31. Kansas City: the Reserve Bank, pp. 1178. Stock, James H., and Mark W. Watson (2007). "Why Has U.S. Inflation Become Harder to Forecast?"