Many have concluded that central banks that have adopted the transparency and communication aspects of inflation targeting have strengthened their overall policy performance through enhanced communication to the public of their objectives and plans, improved management of 17 expectations, greater consistency of policy, and heightened accountability.
The Fed has much in common with other major central banks, but of course it also differs in important ways, including its history, legal framework, and institutional structure. Whether adopting any or all of these communication strategies would be useful for the Federal Reserve is an important issue about which I hope to say more in the future.