No doubt things have changed and economic policy making now involves phrases such as “ forw ard guidance” as a real policy tool designed to enable markets and the public to anticipate the direction, magnitude and timing of policy action. And in this regard, the manner and w ording of communication becomes crucial.
5  Therefore, I w ill argue that communication is an instrument of  macroeconomic  policy,  w ithout  w hich the desired  outcomes w ould not be realised or w ould be realised only sluggishly. There are tw o related dimensions to this.