Problem
1. How useful are the phrases from which the FOMC chooses for describing its view of likely future developments in the US economy? What is the purpose of making statements of this kind?
2. A distinction is usually made between the ‘transparency' of a central bank and its accountability. What is the difference? Consider the proposition that, while the monetary policy of the Fed is transparent, the FOMC is not genuinely accountable. Is it possible for a central bank to be accountable without being transparent?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.