I will then describe the communications tools the Committee is now using to explain its strategy and discuss others it is considering to better explain its policy decisions to the public.
This generates a negative wealth effect for the “old” while at the same time creating an incentive for the “young” to work harder and save more. 22 These mechanisms may operate even in the absence of nominal rigidities. Although their quantitative impact is still being studied, it should be clear by now that it is not wise to ignore them altogether.