11  Approaches to aggregating committee views are discussed further in: Svensson (2003), “The inflation forecast and the loss function”, Central Banking, Monetary Theory and Practice: Essays in Honour of Charles Goodhart, Vol. 1, pp 135–152.
12  Bergstrom and Karagedikli (2013), “The Interest Rate Conditioning Assumption: Investigating the Effects of Central Bank Communication in New Zealand”, Reserve Bank of New Zealand, mimeo, find that if the public interpret interest rate forecasts as conditional, the forecasting performance of private agents for short-term interest rates is improved at short horizons.