Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Another observation somewhat in the same vein—regarding the economic projections, as I commented earlier, we have been thinking about this during a period in which the forecast hasn’t changed much. The situation has been pretty benign from the point of view of anybody who has been doing this for very long. One thing that I think we need to work on is how this would have worked—would it likely have been constructive—at a time like the fall of 1998, the time of September 11, 2001, or the time in early 2001 when the economy was sinking really rapidly? We need to work on those cases and not just think about the projections in the context of the relatively benign period that we’ve had. I realize that that involves more staff work, but it seems to me essential that we think all of that through before we start to do it.

One other comment: I view the whole communication process that we’ve been going through as incremental, and I’m a little worried that we’re biting off too much at once here. We should think about a really pared down set of releases here if we’re going to expand the process with the idea if all that works well, then we’d take the next step.

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