6  BIS Review 126/2009  developments may end up in long-lasting subdued inflationary pressure, or even declining inflation for an extended period of time. Disinflationary pressure is indeed the result found in a formal analysis of this type of situation made in a recent research paper at the ECB.
As part of that review, we held Fed Listens events around the country where representatives from a wide range of groups have been telling us how the economy is working for them and the people they represent and how the Federal Reserve might better promote the goals Congress has set for us: maximum employment and price stability.