Indeed, as Chairman Bernanke has recently indicated, our communication strategy is "a work in progress," and the Federal Reserve "will continue to look for ways to improve the accountability and public understanding of U.S. monetary policymaking" (Bernanke, 2007). And I certainly hope that my remarks will be helpful in contributing to the continuation of that process.
17  8  Further discussion regarding the scientific approach to monetary policy is in Mishkin (2007b).