The Secret Language of Central Bankers
For years, central bankers used opaque and convoluted language to insulate their mission of ensuring price stability from political pressure for low interest rates. Have central bankers' recent efforts to improve transparency about their goals and procedures proven that the old approach was right?
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“If I seem unduly clear to you,” Alan Greenspan said to his political masters in the United States Congress, “you must have misunderstood what I said.” It was 1987, and the newly-confirmed chair of the Federal Reserve was elaborating on how he had “learned to mumble with great incoherence” in the short months since he had “become a central banker.”