Notably, following the ideas of Lars Svensson and others, the FOMC has moved toward a framework that ties policy settings more directly to the economic outlook, a so-called forecast-based approach.43 In particular, the FOMC has released more detailed statements following its meetings that have related the outlook for policy to prospective economic developments and has introduced regular summaries of the individual economic projections of FOMC participants (including for the target federal funds rate).
The provision of additional  40  See Bernanke (2002). 41  The statement can be found at www.federalreserve.gov/newsevents/press/monetary/20120125c.htm. 42  See Bernanke and Mishkin (1997).