Titre : | Central Bank Communication: Never excuse, never explain |
Auteurs : | Stephen MILLARD, Auteur |
Type de document : | Articles |
Editeur : | National Institute of Economic and Social Research (NIESR), 2022 |
Collection : | Policy Paper, num. 33 |
Langues: | Anglais |
Catégories : |
5.10 Recherche et politique de la communication > Communication 6.70 Finances et commerce > Finances > Institution financière > Banque |
Résumé : |
For most of the 20th century and earlier, central banks went about their business without ever feeling the need to communicate what they were doing to the financial markets or the general public. Then from around 1990 onwards, central banks became ever more transparent, trying to make clear to the markets and the public what they were doing and why. The purpose of this review essay is to understand why this change came about and how successful it has been. I start with a brief history of central banks and their (lack of) communication with the public. I then move on to discuss what information central banks need to transmit to financial market participants and the general public and why they might want to do this. I then discuss ‘forward guidance’ as a potential policy tool before evaluating the success (or otherwise) of the increase in central bank communication. I finish by concluding that clear central bank communication is important for both democratic accountability and monetary policy effectiveness. |
En ligne : | https://www.niesr.ac.uk/wp-content/uploads/2022/04/Policy-Paper-33-Central-Bank-Communication.pdf |
Documents numériques (1)
NIESR Policy Paper 33 URL |