The TWIST Collaboration has performed new measurements of two of the parameters that describe muon decay: , which governs the shape of the overall momentum spectrum, and , which governs the momentum dependence of the parity-violating decay asymmetry. This analysis gives the results ¼ 0:750 14 AE 0:000 17ðstatÞ AE 0:000 44ðsystÞ AE 0:000 11ðÞ, where the last uncertainty arises from the correlation between and the decay parameter , and ¼ 0:750 67 AE 0:000 30ðstatÞ AE 0:000 67ðsystÞ. These are consistent with the value of 3=4 given for both parameters in the standard model of particle physics, and are a factor of two more precise than the measurements previously published by TWIST. A new global analysis of all available muon decay data incorporating these results is presented. Improved lower and upper limits on the decay parameter P of 0:995 24 < P < 1:000 91 at 90% confidence are determined, where P is the polarization of the muon when it is created during pion decay, and governs the muon decay asymmetry. These results set new model-independent constraints on the possible weak interactions of right-handed particles. Specific implications for left-right symmetric models are discussed.