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Economic Commentary

Expectations, Communications, and Monetary Policy

Since early 1994, the FOMC has taken many steps toward increasing the amount of information it conveys to the public about its actions. Sandra Pianalto, a Federal Reserve Bank president and FOMC participant, outlines the evolution of increasing transparency in FOMC communications and suggests a way that the process can go further still. This Commentary is taken from Pianalto’s speech to the Money Marketeers in New York City on April 19, 2005.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Pianalto, Sandra. 2005. “Expectations, Communications, and Monetary Policy.” Federal Reserve Bank of Cleveland, Economic Commentary 4/15/2005.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International