I share the general observation that secrecy or deliberate obfuscation are no longer the buzzwords in central banking circles. 1 In sharp contrast to the past practice of reticence among monetary authorities, greater emphasis on effective communication is now a best-practice policy among central banks around the world.
In fact, in the last two decades or so, we were witness to an expansion in disclosure mechanisms employed by central banks. Moreover, there has been a dramatic change in the nature and quality of information that monetary authorities are now willing to disclose.