Council on Foreign Relations, May 8, 2014, New York, NY President Charles Plosser outlines his views that monetary policy transparency and forward guidance could be enhanced if the central bank would be more explicit about its reaction function.

"In Central Bank Governance and Oversight Reform, the distinguished contributors tackle this and a range of other key questions surrounding the balance of central bank authority with accountability and constraints. They discuss the conflicting public attitudes towards the Fed. The authors...