3 What needs to be brought back My final reflection on monetary policy after the Great Recession is that some of what was old in central banking is new again. When I first started working at the Bank of Canada in 1984, research was focusing not on inflation targeting, but on finding a monetary aggregate to target.
With all these changes, the Fed is now in my view a very transparent institution, vastly more so than it was a decade ago. I favor preserving that transparency, and I would not be averse to extending it in sensible ways, although no sensible extensions spring readily to mind. Transparency is valuable from a democratic standpoint.