Communications research key: Fed’s Kohn
Research on how central banks communicate with the public has played a pivotal role in helping the Federal Reserve cope with the current crisis, said Donald Kohn, its vice-chairman.
Reviewing the state of monetary policy literature, Kohn gave credit to research into the role of credit and financial intermediation in the monetary-policy transmission mechanism. It alerted the Fed from the start of the crisis, he said, to the possibility that credit availability limits could put pressure on
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