Over the years, the Federal Reserve has striven to improve its communication strategy, and our recent enhancements should be seen as an important further step in this direction. We have learned from our earlier experiences with increasing the transparency of our communications, and we expect to continue learning.
We will also continue to examine how we can improve our communication with the public and the markets so that we can better achieve our congressionally mandated goals. References Benigno, Pierpaolo, and Michael Woodford (2003). "Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach," NBER Macroeconomics Annual, vol. 18 (no. 1), pp. 271-333. Bernanke, Ben S. (2007).