First, looking at developments in consumption prior to the tax hike, in September, which was just before the tax hike, there was a significant increase in demand, or the so-called front-loaded increase in demand, for household electrical appliances such as televisions, daily necessities, and high-end products including luxury goods.
2  For an overview of the way central banks have been providing more information about their monetary policy making, see for example Geraats (2014). For a survey of empirical evidence on the effects of communication, see Blinder et al. (2008). 3  A body of empirical evidence supports the view that high transparency and good communication reinforce policy effectiveness and market efficiency.