5 At the same time, the separation has imposed transparency and frequent communications on the side of the monetary authority as a manifestation of democratic accountability. 3  See Cukierman, A. and A. Meltzer (1986), 'A Theory of Ambiguity, Credibility and Inflation under Discrection and Asymmetric information', Econometrica 54: 1099-128.
Tiff and I are pleased to be here with you today to discuss the April Monetary Policy Report, which the Bank published last week. •  Global economic growth has evolved broadly as anticipated in January. •  In the United States, the economic expansion is continuing at a modest pace, with gradually strengthening private demand partly offset by accelerated fiscal consolidation.