Aspects of communication that have been particularly emphasized by inflation-targeting central banks are the public announcement of policy objectives (notably, the objective for inflation), open discussion of the bank's policy framework (including in some cases, but not all, a timeframe for achieving the inflation  8  In some countries, improved transparency has accompanied greater central bank independence, on the argument that more independent central banks must also provide enhanced accountability.
As many of you are aware, this smoothing feature can create very large distortions between economic reality and the pension-financing cost accruals embedded in the income statement.