As policymakers, we struggle with this issue. As a former academic, I cannot help but feel relieved that I don't have to teach this material any more. Transparency Another issue on which prevailing opinions have changed dramatically in recent years involves transparency. Policymakers, of course, need to discuss various policy options in confidence.
Doing otherwise will not get the most competent policymakers to the table, and it will not promote frank and open discussions. But I draw the line right there. Once policy is set, it should be communicated in clear language to the public. If the central bank is implementing policy by setting interest rates, what are these target interest rates?