Plosser on price stability and social welfare

In the speech 'Price stability and social welfare' given on 16 April Charles Plosser of the Federal Reserve Bank of Philadelphia said although the Fed is much more transparent than at any time in its history, it is arguably less transparent than a number of other central banks.

"As you may well be aware, the FOMC is currently studying ways to further improve its communications. It is too early, however, to say precisely what the results of that inquiry will be. Suffice it to say that there is a

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