美联储-美联储2019-20年货币政策框架审查的起源、结构和结果（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)The Origins, Structure, and Results of the Federal Reserve’s2019–20 Review of Its Monetary Policy FrameworkFran¸cois Gourio, Benjamin K. Johannsen, David L´opez-Salido2025-065Please cite this paper as:Gourio, Fran¸cois, Benjamin K. Johannsen, and David L´opez-Salido (2025). “The Origins,Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary PolicyFramework,” Finance and Economics Discussion Series 2025-065. Washington: Board ofGovernors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2025.065.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Page 1 of 35 The Origins, Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary Policy Framework François Gourio, Benjamin K. Johannsen, David López-Salido1 The analysis in this paper was presented to the Federal Open Market Committee as background for its discussion of the Federal Reserve’s 2025 review of its monetary policy strategy, tools, and communications. Abstract: In this paper, we describe the Federal Reserve’s 2019–20 review of its monetary policy framework. First, we discuss the historical background of and motivation for the review. We then summarize the structure of the 2019–20 review, which included Fed Listens events, a flagship research conference, a series of staff analyses, and related Federal Open Market Committee (FOMC) deliberations. Finally, we present the main outcomes of the review, with particular attention paid to changes to the FOMC’s Statement on Longer Run Goals and Monetary Policy Strategy. JEL Classification: E52, E58. Keywords: Federal Reserve, framework review, consensus statement, inflation targeting, effective lower bound. Note: Authors’ affiliations are Federal Reserve Bank of Chicago (Gourio) and Board of Governors of the Federal Reserve System (Johannsen, López-Salido), respectively. The views expressed are those of the authors and do not necessarily reflect the views of anyone else affiliated with the Federal Reserve System. We thank Stephanie Aaronson, Dave Altig, Jim Clouse, Rochelle Edge, Josh Gallin, Chris Gust, Mike Kiley, Sylvain Leduc, Kurt Lewis, Ed Nelson, Anna Paulson, Trevor Reeve, Bob Tetlow, Stacey Tevlin, and Bill Wascher for useful comments and suggestions. We also thank Thomas King and Francois Velde for previous contributions on related topics. Page 2 of 35 1. Introduction and overview In 2012, the