If prices are stable in the long term, employment should grow along something like a full-employment path. And, as with fiscal policy, if the long-term anchor is holding, the Fed should have the added ability to respond to short-term fluctuations in employment by raising or lowering interest rates without exciting market fears about inflation or deflation.
The work to date has reflected a very constructive and cooperative effort between the central banks and market participants. I would particularly like to acknowledge the enormous time and energy that David has contributed.