to a wide array of other indicators in determining the implications of movements in realized inflation and measures of inflation expectations. information about the review and the events associated with it are available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategy - tools - andcommunications. htm. - 4the program includes overviews by academic experts of themes that are central to the review. building on the perspectives we hear and on staff analysis, the federal open market committee will perform its own assessment of how it conducts monetary policy, beginning around the middle of the year. we expect to make our conclusions public in the first half of 2020. concluding thoughts the economy is constantly evolving, bringing with it new policy challenges. so it makes sense for us to remain open minded as we assess current practices and consider ideas that could potentially enhance our ability to deliver on the goals the congress has assigned us. for this reason, my colleagues and i do not want to preempt or to predict our ultimate finding. what i can say is that any changes to our conduct of monetary policy that we might make will be aimed solely at improving our ability to achieve and sustain our dual - mandate objectives in the world we live in today. - 5references bank for international settlements ( 2017 ). 87th annual report. basel, switzerland : bis, june, https : / / www. bis. org / publ / arpdf / ar2017e. pdf. blanchard, olivier, eugenio cerutti, and lawrence summers ( 2015 ). “ inflation and activity — two explorations and their monetary policy implications, ” imf working paper wp / 5 / 230. washington : international monetary fund, november, https : / / www. imf. org / external / pubs / ft / wp / 2015 / wp15230. pdf. boivin, jean, and marc p. giannoni ( 2006 ). “ has monetary policy become more effective? ” review of economics and statistics, vol. 88 ( august ), pp. 445 – 62. boivin, jean, michael t. kiley, and frederic s. mishkin ( 2010 ). “ how has the monetary transmission mechanism evolved over time? ” in benjamin m. friedman and michael woodford, eds., handbook of monetary economics, vol. 3. amsterdam :

past year and similar growth is expected over the next couple of years. if this expected growth eventuates, the mining - related sector ’ s share of gdp will continue to increase and there will be strong jobs growth both directly in resource extraction and processing and in a wide range of ancillary activities. indeed, it would not be surprising if, over the next few years, growth in mining - related employment, broadly defined, was as high as one - half of the total growth in the australian workforce. if these broad forecasts for the mining - related sector come to be realised, then employment growth in the non - mining - related part of the economy averaging around ¾ to 1 per cent a year is likely to be needed to maintain the unemployment rate around its current level. the rate of growth in output in the non - mining - related economy would then depend upon the rate these figures exclude the boost to australia ’ s real income, as opposed to output, from the rise in the terms of trade. if this rise had not occurred and instead the terms of trade over recent years were equal to their average during the 1990s, real income in australia would be around 15 per cent lower than it currently is. this is a very big effect and it is in addition to the current boost to output that is occurring because of the investment phase of the boom. bis central bankers ’ speeches of productivity growth. if, for example, growth in labour productivity were to average 1 to 1¼ per cent per annum, then non - mining output might be expected to grow by around 2 per cent per year on average. this is above the recent rate of growth of the non - mining economy – which we estimate to be a bit less than 1 per cent – but below the long - term average of a bit over 3 per cent. there are, of course, a wide range of other scenarios and these calculations are best thought of as a guide to what broad configuration of output growth might be possible given the supply - side constraints. inevitably, there are a number of uncertainties, foremost amongst which are the future rate of productivity growth in the non - mining economy and the ability of the labour market to effectively match workers with the new employment opportunities that are being created. these are both issues that we will need to watch carefully over the period ahead as we continue to assess the balance between supply and demand in various parts of the economy. the overall conclusion from this work is that given the huge pipeline of mining investment and the