Jerome H. Powell: Monetary Policy in a Changing Economy: "Analysts talk about... u* (pronounced "u star") is the natural rate of unemployment, r* ("r star") is the neutral real rate of interest, and π* ("pi star") is the inflation objective. According to the conventional thinking, policymakers should navigate by these stars...
...In that sense, they are very much akin to celestial stars.... Navigating by the stars can sound straightforward. Guiding policy by the stars in practice, however, has been quite challenging of late because our best assessments of the location of the stars have been changing significantly...
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