Average from 2013/Q2 to 2019/Q2 + 0.5%  CPI (all items less fresh food and energy) Average from 2000/Q1 to 2013/Q1 - 0.5%  00  05  10  15  Chart 10  Natural Rates of Interest 7  % U.S.  6  Canada 5 Euro area 4  U.K.  3  Japan  2 1 0 -1 -2 CY 80  82  84  86  88  90  92  94  96  98  00  02  04  06  08  10  12  14  16  18  Sources: Kathryn Holston, Thomas Laubach, and John C. Williams, "Measuring the Natural Rate of Interest: International Trends and Determinants," Journal of International Economics, 2017, 108, S59-S75; Yosuke Okazaki and Nao Sudo, "Natural Rate of Interest in Japan: Measuring Its Size and Identifying Drivers Based on a DSGE Model," Bank of Japan Working Paper Series, no.18-E-6, 2018.
Chart 11  Discussions over the Monetary Policy Framework Overseas Proposals  Description  Higher Inflation Target  … raise the target [from 2 percent] to, say, 3 or 4 percent (Bernanke, 2017)  Average Inflation Targeting  … targeting average inflation over a multiyear period (Clarida, 2019)  Price-Level Targeting  … [targeting] the level of prices on a steady growth path, rising by (say) 2 percent per year (Bernanke, 2017)  Temporary Price-Level Targeting  … apply a price-level target … only to periods around ZLB episodes, retaining … the current 2 percent [inflation] target at other times (Bernanke, 2017)  Inflation Target Range  … [setting a] goal within that range …, perhaps year by year, depending on specific economic circumstances (Rosengren, 2018)  Nominal GDP Targeting  … targeting the growth rate or the level of nominal GDP (Svensson, 2019)  Sources: Ben S. Bernanke, "Temporary Price-Level Targeting: An Alternative Framework for Monetary Policy," The Brookings Institution, October 12, 2017, https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/; Richard H. Clarida, "The Federal Reserve's Review of Its Monetary Policy Strategy, Tools, and Communication Practices," remarks at the 2019 U.S. Monetary Policy Forum, February 22, 2019; Eric S. Rosengren, "Considering Alternative Monetary Policy Frameworks: An Inflation Range with an Adjustable Inflation Target," speech at the Money, Models, & Digital Innovation Conference, January 12, 2018; and Lars E.O.