Policymaking on the FOMC: Transparency, Continuity

This Economic Letter is adapted from remarks by Janet Yellen, President and CEO of the San Francisco Fed, made on 31 May. Yellen says over the past decade, the FOMC has continually re-assessed the costs and benefits of various steps toward greater transparency and has made several significant increases in policy communication and openness.

"In February 1994, just months before I became a Federal Reserve Governor, the FOMC started to explicitly announce changes in the federal funds rate target

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