Economics at your fingertips  

The Fed's New Communication Strategy: Is It Stealth Inflation Targeting&quest

Michael Woodford ()

Business Economics, 2008, vol. 43, issue 3, 7-13

Abstract: Along with the minutes of the October 30-31, 2007, meeting, the Federal Open Market Committee released a summary of its members' forecasts of key economic variables, a practice that is to be continued. Does this change in communication policy imply that the Fed is embarking on an undeclared policy of inflation targeting? Recent speeches by members of the FOMC indicate that the objective of releasing the forecasts is to enhance communication of policy concerns relating to its dual mandate of low inflation and low unemployment rather than set a specific target for inflation. This paper discusses the effectiveness of releasing forecasts in communicating the FOMC's policy to the public and its value as an internal discipline. It also proposes ways to include projections of policy interest rates in the forecasts while retaining flexibility to react to changing circumstances.Business Economics (2008) 43, 7–13; doi:10.2145/20080301

Date: 2008
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Link to full text PDF (application/pdf) Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

Business Economics is currently edited by Charles Steindel

More articles in Business Economics from Palgrave Macmillan, National Association for Business Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2021-06-15
Handle: RePEc:pal:buseco:v:43:y:2008:i:3:p:7-13