Year: 2014
Type: article
Abstract: For the first time [August 12, 2003], the [Federal Open Market] Committee (FOMC)] was using communication-mere words-as its primary monetary policy tool.Until then, it was probably common to think of communication about future policy as something that supplemented the setting of the federal funds rate.In this case, communication was an independent and effective tool for influencing the economy.The FOMC had journeyed from "never explain" to a point where sometimes the explanation is the policy. 1 Janet L. Yellen,
Author: Douglas R. Holmes
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1175865892