Transparency, expectations, and forecasts

In 1994 the FOMC began to release statements after each meeting. This ECB Working Paper investigates whether the public's views about the current path of the economy and of future policy have been affected by changes in the Federal Reserve's communications policy.

...as reflected in private sector's forecasts of future economic conditions and policy moves. In particular, has the ability of private agents to predict where the economy is going improved since 1994? If so, on which dimensions has the

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