The box “Complexities of Monetary Policy Rules” in the Board’s July 2018 Monetary Policy Report contains an application of such a modified rule; see Board of Governors (2018, pp. 37-41). 14 See English, López-Salido, and Tetlow (2015) for applications of flexible price-level targeting and nominal income-targeting strategies to a quantitative model of the U.S. economy. -8financial turmoil and deteriorating economic conditions.
However, during the period 1996-2004, productivity fell to 1.3%. Decomposing trend labour productivity growth, in turn, shows that this decline reflects both lower growth in total factor productivity and less capital deepening.