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Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence

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Author Info
Alan S. Blinder
Michael Ehrmann
Marcel Fratzscher
Jakob de Haan
David-Jan Jansen

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Abstract

Over the last two decades, communication has become an increasingly importantaspect of monetary policy. These real-world developments have spawned a huge newscholarly literature on central bank communication—mostly empirical, and almost all of it written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important and powerful part of the central bank's toolkit since it has the ability to move financial markets, to enhance the predictability of monetary policy decisions, and potentially to help achieve central banks' macroeconomic objectives. However, the large variation in communication strategies across central banks suggests that a consensus has yet to emerge on what constitutes an optimal communication strategy

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Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 170.

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Date of creation: Apr 2008
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Handle: RePEc:dnb:dnbwpp:170

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Find related papers by JEL classification:
D4 - Microeconomics - - Market Structure and Pricing
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rakesh Mohan, 2008. "The Role of Fiscal and Monetary Policies in Sustaining Growth with Stability in India," Working Papers id:1778, esocialsciences.com. [Downloadable!]
  2. Barbara Meller & Dieter Nautz, 2009. "The Impact of the European Monetary Union on Inflation Persistence in the Euro Area," SFB 649 Discussion Papers SFB649DP2009-037, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
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  4. Petra Geraats, 2009. "Trends in Monetary Policy Transparency," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. WenShwo Fang & Stephen M. Miller & ChunShen Lee, 2009. "Inflation Targeting Evaluation: Short-run Costs and Long-run Irrelevance," Working papers 2009-14, University of Connecticut, Department of Economics. [Downloadable!]
    Other versions:
  6. Menno Middeldorp & Stephanie Rosenkranz, 2008. "Central bank communication and crowding out of private information in an experimental asset market," Working Papers 08-26, Utrecht School of Economics. [Downloadable!]
  7. Ashima Goyal, 2009. "Monetary Policy, Forex Markets and Feedback Under Uncertainity in an Opening Economy," Working Papers id:2208, esocialsciences.com. [Downloadable!]
  8. José De Gregorio, 2008. "Transparency and Communications in Modern Central Banking," Economic Policy Papers Central Bank of Chile 25, Central Bank of Chile. [Downloadable!]
  9. Jakob de Haan & David-Jan Jansen, 2009. "The communication policy of the European Central Bank: An overview of the first decade," DNB Working Papers 212, Netherlands Central Bank, Research Department. [Downloadable!]
  10. Eric M. Leeper, 2009. "Anchoring Fiscal Expectations," NBER Working Papers 15269, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Sahminan Sahminan, 2008. "Effectiveness of monetary policy communication in Indonesia and Thailand," BIS Working Papers 262, Bank for International Settlements. [Downloadable!]
  12. David-Jan Jansen, 2008. "Has the Clarity of Humphrey-Hawkins Testimonies Affected Volatility in Financial Markets?," DNB Working Papers 185, Netherlands Central Bank, Research Department. [Downloadable!]
  13. Kosuke Aoki & Takeshi Kimura, 2008. "Central Banks Two-Way Communication with the Public and Inflation Dynamics," CEP Discussion Papers dp0899, Centre for Economic Performance, LSE. [Downloadable!]
  14. Svensson, Lars E O, 2009. "Transparency under Flexible Inflation Targeting: Experiences and Challenges," CEPR Discussion Papers 7213, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  15. Bernd Hayo & Matthias Neuenkirch, 2009. "Does FOMC Communication Help Predicting Federal Funds Target Rate Changes?," MAGKS Papers on Economics 200925, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung). [Downloadable!]
  16. Claus Brand & Daniel Buncic & Jarkko Turunen, 2008. "The Impact of ECB Monetary Policy Decisions and Communication on the Yield Curve," Discussion Papers 2008-11, School of Economics, The University of New South Wales. [Downloadable!]
    Other versions:
  17. Andreas Blume & Oliver Board, 2009. "Intentional Vagueness," Working Papers 381, University of Pittsburgh, Department of Economics, revised May 2009. [Downloadable!]
    Other versions:
  18. Michael Ehrmann & Panagiota Tzamourani, 2009. "Memories of high inflation," Working Paper Series 1095, European Central Bank. [Downloadable!]
  19. David O. Lucca & Francesco Trebbi, 2009. "Measuring Central Bank Communication: An Automated Approach with Application to FOMC Statements," NBER Working Papers 15367, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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