Second, I will discuss the general characteristics of openness in the context of the given goals and organization of central banks. Third, I will address various specific suggestions in a U.S. context for further increasing the transparency of monetary policy. Reasons for encouraging transparency Transparency is valuable and desirable for both political and economic reasons.
To tackle this question, I will first very briefly review the crucial role of inflation expectations in the monetary transmission mechanism. I will then consider the issues related to their measurement and interpretation.