The two goals for monetary policy—maximum employment and stable prices—are determined by the Congress and are not subject to our review. How we reach those goals is what is up for discussion. One question I hope to explore is whether we need new strategies to more effectively achieve our goals. For many years, inflation has run modestly below our 2 percent objective.
Given that, it would be helpful to hear from you whether you think the Federal Open Market Committee should consider strategies that aim to have inflation exceed our target for a time, to make up for the earlier period of time when it fell short.