Monetary Policy Committees Learning And Communication
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Monetary Policy Committees Learning And Communication
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Author : Anke Weber
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Monetary Policy Committees Learning And Communication written by Anke Weber and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
China S Monetary Policy Communication Frameworks Impact And Recommendations
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Author : Michael McMahon
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-16
China S Monetary Policy Communication Frameworks Impact And Recommendations written by Michael McMahon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-16 with Business & Economics categories.
Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.
Elements Of Optimal Monetary Policy Committee Design
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Author : Jérôme Vandenbussche
language : en
Publisher: International Monetary Fund
Release Date : 2006-12
Elements Of Optimal Monetary Policy Committee Design written by Jérôme Vandenbussche and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12 with Business & Economics categories.
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Clarity Of Central Bank Communication About Inflation
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Author : Mr.Ales Bulir
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Clarity Of Central Bank Communication About Inflation written by Mr.Ales Bulir and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010. Overall, we find no strong indications that central banks were less clear in explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis, however, did have a negative impact on clarity of central bank communication.
Crafting Consensus
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Author : Nicole Baerg
language : en
Publisher: Oxford University Press, USA
Release Date : 2020-08-12
Crafting Consensus written by Nicole Baerg and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-12 with Business & Economics categories.
In a world dependent on the constant sharing of information, central bankers increasingly communicate their policies to the mass public. Central bank communications are drafted in monetary policy committee meetings composed of policymakers with differing interests. Despite their differences, committee members must come together, write, and agree to an official policy statement. Once released to the public, central bank communications then affect citizens' actions and ultimately, the economy. But how exactly does this work? In Crafting Consensus, Nicole Baerg explains how the transparency of central bank communication depends on the configuration of committee members' preferences. Baerg argues that monetary policy committees composed of members with differing preferences over inflation are better suited to communicating precise information with the public. These diverse committees produce central bank statements of higher quality and less uncertainty than those from more homogeneous committees. Additionally, she argues that higher quality statements more effectively shape individuals' inflation expectations and move the economy in ways that policymakers intend. Baerg demonstrates that central bankers are not impartial technocrats and that their preferences and the institutional rules where they work matter for understanding the politics of monetary policy and variations in economic performance over time. Conducting empirical analysis from historical archival data, textual analysis, machine-learning, survey experiments, and cross-sectional time-series data, Crafting Consensus offers a new theory of committee decision making and a battery of empirical tests to provide a rich understanding of modern-day central banking.
Central Bank Communication Decision Making And Governance
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Author : Pierre L. Siklos
language : en
Publisher: MIT Press
Release Date : 2013
Central Bank Communication Decision Making And Governance written by Pierre L. Siklos and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
Experts analyze the recent emphasis on central communication as an additional policy and accountability device.
How Do Central Banks Talk
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Author : Alan S. Blinder
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2001
How Do Central Banks Talk written by Alan S. Blinder and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Mongolia
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-05-26
Mongolia written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-26 with Business & Economics categories.
The report reviews the existing communication framework of Bank of Mongolia and identifies several areas where Bank of Mongolia could enhance the effectiveness of its communications. The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the Bank of Mongolia’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank.
Communication Of Central Bank Thinking And Inflation Dynamics
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Author : Man-Keung Tang
language : en
Publisher: International Monetary Fund
Release Date : 2011-08-01
Communication Of Central Bank Thinking And Inflation Dynamics written by Man-Keung Tang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-01 with Business & Economics categories.
This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics. Imperfect information about the central bank's assessment - or the basis for monetary policy decisions - could complicate the private sector's learning about its policy response function. We show how clear central bank communication, which facilitates agents' understanding of policy reasoning, could bring about less volatile inflation and interest rate dynamics, and afford the authorities with greater policy flexibility. We then estimate a simple monetary model to fit the Mexican economy, and use the suggested paramters to illustrate the model's quantitative implications in scenarios where the timing, nature and persistence of shocks are uncertain.
Inflation Expectations
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Author : Peter J. N. Sinclair
language : en
Publisher: Routledge
Release Date : 2009-12-16
Inflation Expectations written by Peter J. N. Sinclair and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-16 with Business & Economics categories.
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.