Communicative Imperatives in Central Banks

Douglas R. Holmes

14 citations0/0 files storedScholarship @ Cornell Law (Cornell University)

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

For the first time [August 12, 2003], the [Federal Open Market] Committee (FOMC)] was using communication-mere words-as its primary monetary policy tool.Until then, it was probably common to think of communication about future policy as something that supplemented the setting of the federal funds rate.In this case, communication was an independent and effective tool for influencing the economy.The FOMC had journeyed from "never explain" to a point where sometimes the explanation is the policy. 1 Janet L. Yellen,

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