One of the developments of FOMC practice under Chairman Greenspan was to set policy explicitly in terms of a target rate for the federal funds rate.2 Initially, these decisions were not directly conveyed to the public. Instead, the Federal Reserve Bank of New York altered the way in which it implemented open market operations to alert financial markets to the change in policy.
He was the Dean of the Central Bank Governors of the Caribbean and Latin America and, for years, was the region’s spokesman in the main international monetary organizations – the G-20 and G-77.