This is Nick Rowe:
One sentence in Fed vice-chair Janet Yellen’s speech caught my eye:
“Indeed, I believe that the Federal Reserve qualifies as one of the most transparent central banks in the world.”
That is total bullshit. The Fed is one of the least transparent central banks in the world.
Read the the whole post. It´s very rewarding and fun!
Transparent would be ruled-based NGDP targeting. What is hard to understand about that?