To the extent that this asymmetry of  1  As my discussion later will make clear, convergence to a full rational expectations equilibrium may also require that the economy's underlying structure be “learnable” by both the central bank and the public.
2  BIS Review 2/2004  information between the central bank and the financial markets is quantitatively important - and I will present some evidence on this point shortly - financial markets will not price bonds and other assets efficiently (relative to the information possessed by the central bank), and scope may exist for central bank communication to improve the effectiveness of monetary policy and the overall performance of the economy.