The FOMC currently releases a statement after each meeting, releases a summary of the meeting three weeks later, and releases a full transcript five years later.
a. Some economists have argued in favor of a more rapid release of the full minutes of the meetings. Why might the Fed oppose this rapid release?
b. FOMC meetings were considerably more secretive in the past than they are today, before the Fed implemented policies that increased openness (“transparency”).Why might increased transparency make monetary policy actions more effective?