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The communication policy of the Federal Reserve Bank of the United States has evolved over time. The current policy is known as "forward guidance" but this is quite recent. In fact, starting in 1994 the decisions of scheduled meetings have been announced to the public within a few minutes of 2:15 pm Eastern Time.
In monetary policy of the United States, the term Fedspeak (also known as Greenspeak) is what Alan Blinder called "a turgid dialect of English" used by Federal Reserve Board chairs in making wordy, vague, and ambiguous statements.
Institutions are also required to create a formal policy on what will be disclosed and controls around them along with the validation and frequency of these disclosures. In general, the disclosures under Pillar 3 apply to the top consolidated level of the banking group to which the Basel II framework applies.
This communication may take the form of propaganda, or more benign forms such as citizen diplomacy, individual interactions between average citizens of two or more nations. Technological advances and the advent of digital diplomacy now allow instant communication with foreign citizens, and methods such as Facebook diplomacy and Twitter ...
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency (disallowed for countries in the International Monetary Fund), currency board or a currency union.
The different types of policy are also called monetary regimes, in parallel to exchange-rate regimes. A fixed exchange rate is also an exchange-rate regime. The gold standard results in a relatively fixed regime towards the currency of other countries following a gold standard and a floating regime towards those that are not.
The monetary policy of the United States is the set of policies which the Federal Reserve follows to achieve its twin objectives of high employment and stable inflation. [1] The US central bank, The Federal Reserve System, colloquially known as "The Fed", was created in 1913 by the Federal Reserve Act as the monetary authority of the United States.
Friedman asserted that actively trying to stabilize demand through monetary policy changes can have negative unintended consequences. [5]: 511–512 In part he based this view on the historical analysis of monetary policy, A Monetary History of the United States, 1867–1960, which he coauthored with Anna Schwartz in 1963. The book attributed ...