Wynne, Mark A., and Ren Zhang (2018). “Measuring the World Natural Rate of Interest,” Economic Inquiry, vol. 56 (January), pp. 530–44. Yellen, Janet L. (2015). “Inflation Dynamics and Monetary Policy,” speech delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, September 24, https://www.federalreserve.gov/newsevents/speech/yellen20150924a.htm.
In the revised Statement on Longer-Run Goals and Monetary Policy Strategy shown below, underlined bold red text shows additions and struck through text shows deletions relative to the statement the Committee issued on January 29, 2019. Note that the discussion of the employment and inflation goals has been separated into two paragraphs and their order reversed relative to the January 2019 statement.