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1、FRBSFECONOMICLETTERNumber2001-26,September7,2001TransparencyinMonetaryPolicyThetitleofapopular1987bookbyWilliamGreiderresearchbyacademiceconomiststhathasstressedontheFederalReservesaiditall:SecretsofthethepotentialbenefitsofmakingmonetarypolicyTempleconjuredu
2、panimageofthehighpriestsofeasiertounderstand.InthisLetter,Ireviewtheargu-monetarypolicyhiddenawaybehindmarblewallsmentsfor,andagainst,greatertransparency.Econo-inWashington,D.C.,makingmysteriousdecisionsmistshaveidentifiedsomeclearbenefits,buttherethataffecte
3、dthelivesofallAmericans.Whilethemaybepotentialcostsaswell.Fed’spolicymakingbody,theFederalOpenMarketCommittee(FOMC),wouldeventuallyreleasemin-Whatdoestransparencymean?utesofitsmeetings,andtheChairmandidtestifyOnedifficultyinevaluatingthepotentialcostsandtwice
4、ayearbeforeCongressandwouldfrequentlybenefitsoftransparencyisthatthetermhasbeengivepublicspeeches,thatimageofsecrecywasoneusedinseveraldifferentways.Thisisperhapsnat-thatcentralbankersoftenseemedtoenjoycultivat-uralsincetransparencybecomesanissueonlywhening.A
5、tthetimeGreiderwrotehisbook,theFOMCthereisaproblemofimperfectorincompleteinfor-rarelyprovidedtimelypublicstatementstoexplainmation,andinformationcanbeimperfectorincom-whyapolicyactionwastaken.Andthetestimonypleteinmanydifferentways.TounderstandtheofFederalRes
6、erveChairmenbeforeCongressionalvariousaspectsofpolicytransparency,itishelpfulcommitteeswasseldomdesignedformaximumtofocusonthreekeyingredientsintheformulationclarity.Infact,Newsweekreportedthisquotefromandimplementationofmonetarypolicy—thecen-AlanGreenspan:“S
7、inceIhavebecomeacentraltralbank’sobjectives,thebank’sassessmentofthebanker,Ihavelearnedtomumblewithgreatcoher-linkagesbetweenpolicyactionsandtheeconomyence”(July25,1988,p.54).(thebank’s“model”oftheeconomy),andthebank’sinformationabouteconomicconditions.Eachof
8、Today,FOMCpolicydecisionsaremuchmoretrans-thesethreefactors—objectives,model,andinfor-parent.Immediatelyaftereachmeeting,theFOMCmation—cancausemonetarypolicytobeopaque.issuesapressrelease
