Michael Woodford Central Bank Communication and Policy Effectiveness 399
نویسنده
چکیده
tenure of Alan Greenspan as chairman of the Board of Governors has been a steady increase in the Federal Open Market Committee’s (FOMC) willingness to talk openly about the policy decisions that it has made and those it is likely to make in the future. Before the 1990s, central banking was shrouded in mystery, at the Fed as elsewhere. The title of William Greider’s 1987 bestseller about the Fed—Secrets of the Temple—gives an idea of the common perception of the institution at the beginning of the Greenspan era. This “mystique” of central banking was guarded jealously by central bankers—as the epigraph indicates—as essential to their success.
منابع مشابه
Central-Bank Communication and Policy Effectiveness∗
for helpful comments on an earlier draft, without implicating any of them in the views expressed here. I would also like to thank Mauro Roca for research assistance and the National Science Foundation for research support through a grant to the NBER.
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