Communication has another dimension that relates to transparency of policy decision-making and forward guidance, which is more about future policy actions rather than communication about what monetary policy can and cannot do.
Although transparency and communication, which is the corollary to accountability, is not unique to inflation targeting, there is no doubt that it is integral to the framework and most countries, including South Africa, have made great strides in increasing this aspect over the past two decades. Alan Blinder has appropriately referred to this process as the “quiet revolution in central banking”.