Product details

In the past, central bank communication could be described as 'blowing smoke': the bankers were purposefully ambiguous about their policy actions and economic forecasts. Starting in the late 1980s, however, a decline in political attacks on central banks made it easier for central bankers to be open about what they were attempting to do. Open communication with the public encouraged greater trust in the central bank. This chapter is excerpted from ‘Ben Bernanke's Fed: The Federal Reserve After Greenspan'.