See, for example, Jeffery D. Amato, Stephen Morris, and Hyun Song Shin (2002), “Communication and Monetary Policy,” Oxford Review of Economic Policy, vol. 18 (December), pp. 495-503. -7the Committee faces today. I will pay particular attention to the dot plot, the cacophony issue, and the need to do a better job of explaining uncertainty.
The Dot Plot The dot plot is not a consensus forecast of the Committee. Rather, the dots represent each individual participant’s assessment of the appropriate policy path. The Committee considered the use of a consensus forecast in 2012 but abandoned the effort after struggling to reach agreement on its parameters.