It quite rightly emphasizes that monetary policy is not a prime determinant of maximum employment, even in the long run. The Committee’s policy stance is based on an  2  BIS central bankers’ speeches  ever-evolving assessment of the maximum level of employment in both the medium and the long term.
My own assessment of the long-run unemployment rate, consistent with 2 percent inflation, is currently 5 percent – and that assessment has fallen greatly over the past 18 months. Finally, the framework statement describes how the Committee weighs the two mandates – promoting maximum employment and promoting price stability – against one another.