Central banks must take responsibility for this gap: if the public does not understand what we are trying to achieve and whether we are succeeding, it is incumbent upon us to explain ourselves better.
One issue here is that, with the exception of formal surveys such as those I just mentioned, central banks have traditionally seen communication with the public as a one-way street, rather than a dialogue. In my view, central banks must listen to what the public has to say, and how their experiences are in uencing their perception of monetary policy.