As I have discussed elsewhere,11 we have taken initiatives to explain more fully our assessment of economic developments and our outlook for output and inflation. We have clarified how we make judgments about the actions needed to achieve the inflation target, and how we operate in markets to implement those judgments.
Moreover, the Bank’s senior staff now spends much more time than before on public explanations and discussions across the country about monetary policy and central bank operations. All these initiatives were designed to make the implementation of monetary policy and the achievement of the targets more effective.