An act of policy is a significant addition to the data that are available; it should result, and should almost immediately result, in a shift in expectations. This is what I mean by an announcement effect.
What I learn from Hawtrey's analysis is that the 'classical' Bank Rate system was strong, or could be strong, in its announcement effects.”  Source: All Souls College, University of Oxford  -- Economic Perspectives (1977) 4  Chart 5  Japan’s Potential Growth Rate 6  y/y % chg.  Total factor productivity  5  Capital stock 4  Number of employed Hours worked  3 Potential growth rate 2 1 0 -1 -2 FY 83  85  87  89  91  93  95  97  99  01  03  05  07  09  11  13  Note: The potential growth rate is estimated by the Research and Statistics Department, Bank of Japan.