Our efforts are already bearing fruit – with a significant increase in its readership. Conclusion Let me conclude by reiterating the central role of expectations in the conduct of monetary policy. We are well aware that our communication influences the very expectations that we want to use as input into our decision-making.
“Do Inflation-Targeting Central Banks Implicitly Target the Price Level?” International Journal of Central Banking, vol. 10 (June), pp. 301-26, https://www.ijcb.org/journal/ijcb14q2a12.pdf. Simon, John, Troy Matheson, and Damiano Sandri (2013). “The Dog That Didn’t Bark: Has Inflation Been Muzzled or Was it Just Sleeping?” in World Economic Outlook: Hopes, Realities, Risks. Washington: International Monetary Fund, April, pp. 79-95, https://www.imf.org/external/pubs/ft/weo/2013/01/pdf/c3.pdf. - 18 Swanson, Eric T. (2017).