Finance and Economics Discussion Series (FEDS)
August 2025
The Origins, Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary Policy Framework
François Gourio, Benjamin K. Johannsen, and David López-Salido
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.
Keywords: Federal Reserve, framework review, consensus statement, inflation targeting, effective lower bound
DOI: https://doi.org/10.17016/FEDS.2025.065
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