Communication
Economists mull how to improve Fed communications
Paper presented at US Monetary Policy Forum encourages Fed to move away from ‘time-based’ forward guidance; considers what kind of new information would be useful to markets
ECB governing council minutes stress need for good communication
Members of the ECB’s Governing Council agreed on the need for good communications but disagreed over the evidence of second-round effects in recent wage dynamics, minutes show
Bullard challenges ‘backward-looking’ language in Fed statement on goals
James Bullard reveals he disagreed with an element of the Fed’s statement on longer-run goals, believing it failed to capture the importance of future expectations to inflation targeting