See Jerome H. Powell (2020), “New Economic Challenges and the Fed’s Monetary Policy Review,” speech delivered at “Navigating the Decade Ahead: Implications for Monetary Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo. (via webcast), August 27, https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm.
BIS Review 55/1999  2  In the face of weak demand, world prices of just about everything tradable are low and competition is fierce. At the same time, the U.S. dollar has been strong, especially in relation to currencies of emerging market countries.