4 For assessments of the risks that U.S. monetary policy will be constrained by the ELB and its implications for economic activity and inflation, see Kiley and Roberts (2017), Erceg and others (2018), Swanson (2018), and Chung and others (2019). -3Another key development in recent decades is that inflation appears less responsive to resource slack.
5 What should be the response to the potential challenges resulting from the normalization of monetary policy in the United States?