• Kenneth Rogoff


The Fed’s Communication Breakdown. Kenneth Rogoff, November 2, 2015, Opinion. "Nothing describes the United States Federal Reserve’s current communication policy better than the old saying that a camel is a horse designed by committee. Various members of the Fed’s policy-setting Federal Open Markets Committee (FOMC) have called the decision to keep the base rate unchanged 'data-dependent.' That sounds helpful until you realize that each of them seems to have a different interpretation of 'data-dependent,' to the point that its meaning seems to be 'gut personal instinct.' In other words, the Fed’s communication..." Link