It has become clear over 25 years that it is easier to anchor inflation expectations when people understand what the central bank is doing, and why. This has led to a steady evolution in our approach to communications—in short, more and deeper communications around monetary policy decisions. In Governor Bouey’s day, communication with the public was not a high priority.
One or two public speeches a year was normal, with an occasional one by a Deputy Governor. So far this year, Governing Council members have given 17 public addresses, like this one, each broadcast live over the Internet and posted on our website for future reference. There have been many other changes that make us more transparent and accountable.