The Long Journey Of Central Bank Communication
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The Long Journey Of Central Bank Communication
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Author : Otmar Issing
language : en
Publisher: MIT Press
Release Date : 2019-10-01
The Long Journey Of Central Bank Communication written by Otmar Issing and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-01 with Business & Economics categories.
A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.
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.
Imperfect Central Bank Communication
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Author : Spencer Dale
language : en
Publisher:
Release Date : 2008
Imperfect Central Bank Communication written by Spencer Dale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking, Central categories.
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous. There is a risk that the central bank can distract the public; this means that the central bank may prefer to focus its communication policies on the information it knows most about. Indeed, conveying more certain information may improve the public's understanding to the extent that it "crowds out" a role for communicating imperfect information.
Central Bank Communication Decision Making And Governance
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Author : Pierre L. Siklos
language : en
Publisher:
Release Date : 2013-05-31
Central Bank Communication Decision Making And Governance written by Pierre L. Siklos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-31 with Business & Economics categories.
Experts analyze the recent emphasis on central communication as an additional policy and accountability device. In recent years central bankers have placed new emphasis on communication with financial markets and the general public. They have done this not only through the traditional channel of monetary policy pronouncements but also by increasing the quantity of information they make public. Yet as central banks strive to provide more and clearer information about the outlook for the economy, they must balance their capacity to steer economic expectations with their natural caution about committing to future monetary policy paths. This volume offers a variety of perspectives on the economic implications of increased central bank communication. Contributors offer theoretical analyses of the effect of central bank communication on the general macroeconomic environment; consider a variety of novel empirical approaches to the issue; and analyze communication, decision making, and governance practices of the Greenspan-era U.S. Federal Reserve, the fledgling European Central Bank, and a variety of smaller central banks, including those of the Czech Republic, Sweden, England, and New Zealand. Contributors Helge Berger, Michelle Bligh, Marianna Blix-Grimaldi, Ales Bulír, Robert Chirinko, Martin Cihák, Christopher Curran, Paul De Grauwe, Jakob de Haan, Michael Ehrmann, Marcel Fratzscher, Petra Geraats, Gregory Hess, Roman Horváth, David-Jan Jansen, Özer Karagedikli, Michael Lamla, David Mayes, Alberto Montagnoli, Pierre L. Siklos, Katerina Smídková, Jan-Egbert Sturm, Jan Zápal
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.
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.
Central Bank Communication
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Author : Carlo Rosa
language : en
Publisher:
Release Date : 2007
Central Bank Communication written by Carlo Rosa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Central Bank Communication And Policy Effectiveness
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Author : Michael Woodford
language : en
Publisher:
Release Date : 2005
Central Bank Communication And Policy Effectiveness written by Michael Woodford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Banks and banking, Central categories.
A notable change in central banking over the past 15 years has been a world-wide movement toward increased communication by central banks about their policy decisions, the targets that they seek to achieve through those decisions, and the central bank's view of the economy's likely future evolution. This paper considers the role of such communication in the successful conduct of monetary policy, with a particular emphasis on an issue that remains controversial: to what extent is it desirable for central banks to comment on the likely path of short-term interest rates? After reviewing general arguments for and against central-bank transparency, the paper considers two specific contexts in which central banks have been forced to consider how much they are willing to say about the future path of interest rates. The first is the experiment with policy signaling by the FOMC in the U.S., using the statement released following each Committee meeting, since August 2003. The second is the need to make some assumption about future policy when producing the projections (for future inflation and other variables) that are central to inflation-forecast targeting procedures, of the kind used by the Bank of England, the Swedish Riksbank, the Reserve Bank of New Zealand, and others. In both cases, it is argued that increased willingness to share the central bank's own assumptions about future policy with the public has increased the predictability of policy, in ways that are likely to have improved central bank's ability to achieve their stabilization objectives.
Writing Clearly
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Author : Mr.Martin Cihak
language : en
Publisher: International Monetary Fund
Release Date : 2008-10-01
Writing Clearly written by Mr.Martin Cihak 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 2008-10-01 with Business & Economics categories.
The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.
Central Bank Communication And Monetary Policy Surprises In Chile
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Author : Mr.Andrea Pescatori
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06
Central Bank Communication And Monetary Policy Surprises In Chile written by Mr.Andrea Pescatori 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 2018-07-06 with Business & Economics categories.
This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.