In 1994 the Federal Reserve System moved to a more transparent reporting of monetary policy. In this paper we first discuss the evolution of Federal Reserve transparency in U.S. and second we test its effectiveness. We assess the empirical impact of monetary policy transparency on the...

This paper shows that Livingston Survey measures of unemployment uncertainty are positively correlated with inflation, that inflation Granger Causes unemployment uncertainty and that shocks to inflation uncertainty or unemployment uncertainty have similar effects on real GDP growth. This...