TAILIEUCHUNG - Central-Bank Communication and Policy E®ectiveness ¤

A growing trend in transnational social movements is the joint efforts of migrants to maintain and foster links with their places of origin through the creation and organization of ‘hometown associations’ (HTAs). HTAs are established not only in response to the social and cultural challenges faced by new immigrants in adjusting to life in a foreign country, but also to fund small-scale development projects in home communities through collective remittances. 13 They are philanthropic units formed by immigrants, who seek to support their places of origin, maintain relationships with local communities and retain a sense of community while they reside in foreign countries (Orozco 2000; Orozco 2003b; Merz 2005). HTAs are active throughout major migrant destinations, such as. | Central-Bank Communication and Policy Effectiveness Michael Woodford Columbia University September 16 2005 Presented at the Federal Reserve Bank of Kansas City Symposium The Greenspan Era Lessons for the Future Jackson Hole Wyoming August 25-27 2005 I would like to thank Charlie Bean Ben Bernanke Alan Blinder Michael Ehrmann Marcel Fratzscher Charles Goodhart Larry Meyer and Anders Vredin for helpful comments on an earlier draft without implicating any of them in the views expressed here. I would also like to thank Mauro Roca for research assistance and the National Science Foundation for research support through a grant to the NBER. One of the most notable changes at the Federal Reserve during the tenure of Alan Greenspan as Chairman of the Board of Governors has been a steady increase in the FOMC s willingness to talk openly about the policy decisions that it has made and those it is likely to make in the future. Before the 1990s central banking was shrouded in mystery at the Fed as elsewhere. The title of William Greider s 1987 bestseller about the Fed Secrets of the Temple gives an idea of the common perception of the institution at the beginning of the Greenspan era. This mystique of central banking was jealously guarded by central bankers as the epigraph indicates as essential to their success. Things have changed rapidly over the past 15 years both at the Fed and elsewhere. Indeed St. Louis Fed President William Poole 2005 lists the increase in transparency and the consequent increase in the predictability of monetary policy as one of the four defining characteristics of the Greenspan policy regime. Before 1994 the FOMC made no public announcement regarding its target for the federal funds rate following the meetings at which the target was determined markets had to try to infer the target rate from the type and size of open-market operations that were subsequently conducted by the Trading Desk in New York to implement the policy. According to Poole before .

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