The decision by the Federal Reserve to issue its forecasts more often and to provide a more detailed outlook may not lessen the Fed's mystique for the average American, but it does make forecasts more accessible to businesses and government policymakers.

In announcing that the central bank will provide projections four times a year instead of two, Fed Chairman Ben Bernanke observed that monetary policymakers are public servants whose decisions affect the life of every citizen. Thus, he said, they have the responsibility to give a full rationale for their decisions.

Bernanke also observed that increased transparency improves understanding of the Fed's objective and reduces financial uncertainty.

That should allow better-informed economic decisions and hopefully will reduce jitters based on perception.

Forecasting is not an exact science, of course. But the Fed forecasts now will predict economic growth, unemployment and overall inflation. The forecasts will cover three years; there have been two- year forecasts up to now. The new forecasts also will provide the range of opinion within the Fed Board of Governors and 12 bank presidents.

Bernanke said the new forecasts are a work in progress and one more step toward greater transparency.

Here's hoping the move toward transparency rubs off elsewhere in government.