During the crisis and its aftermath, the Federal Reserve considered but ultimately found some of the tools deployed by foreign central banks wanting relative to the alternatives it did pursue. But the review will reassess our earlier findings in light of more recent experience in other countries.
The third question the review will consider is, “How can the FOMC’s communication of its policy framework and implementation be improved?” Our communication practices have evolved considerably since 1994, when the Federal Reserve released the first statement after an FOMC meeting.