In the last decade, central banks have become remarkably independent while financial markets have grown more integrated and more volatile. This report, originally presented to a closed meeting of distinguished central and private-sector bankers, academics and representatives of major media, discusses the need for greater accountability and transparency and more carefully managed communication.Their structures and organization, which remained largely unchanged between 1970 and 1999, did not, however, provide ... Such a step was in accord with the general strategy of the incoming Labour government under Lange and Roger Douglas. ... But this led on to three problems. ... Second, given the lags in the transmission mechanism and uncertainties and shocks facing the economy, there wouldanbsp;...
|Title||:||How Do Central Banks Talk?|
|Author||:||Alan S. Blinder|
|Publisher||:||Centre for Economic Policy Research - 2001|