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Communication of monetary policy decisions by central banks: what is revealed and why

Author

Listed:
  • Serge Jeanneau

Abstract

This Paper, which extends earlier work by Filardo and Guinigundo (2008) and Nelson (2008), reports on a survey conducted in 2007 on the communication practices of 32 members of the Central Bank Governance Network. The questionnaire sent to Network members was divided into two main parts. The first part was mainly factual and focused on the information that central banks disclose about their assessments of economic conditions and their decisions relating to the stance of monetary policy. The second part centred on the strategies underlying central bank communications. It is hoped that the Paper will help central banks compare their arrangements with those of their peers and be useful to those institutions that are in the process of reviewing their communications strategies. It should also help the wider public better understand the various communications strategies adopted by central banks.

Suggested Citation

  • Serge Jeanneau, 2009. "Communication of monetary policy decisions by central banks: what is revealed and why," BIS Papers, Bank for International Settlements, number 47.
    • Handle: RePEc:bis:bisbps:47
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    References listed on IDEAS

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    Cited by:

    1. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2024. "Central Bank Communication with the General Public: Promise or False Hope?," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 425-457, June.
    2. Michael Ehrmann & Sarah Holton & Danielle Kedan & Gillian Phelan, 2024. "Monetary Policy Communication: Perspectives from Former Policymakers at the ECB," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 837-864, June.
    3. Freddy H. CASTRO, 2012. "Senales de política monetaria y movimientos en la estructura a plazo de la tasa de interés en Colombia," Archivos de Economía 9908, Departamento Nacional de Planeación.
    4. Pierre L. Siklos, 2011. "Communication for Multi-Taskers: Perspectives on Dealing with Both Monetary Policy and Financial Stability," Working Paper series 04_11, Rimini Centre for Economic Analysis.
    5. Soproni, Luminita, 2011. "The world economic crisis – key moment for redefining the borders of financial communication," MPRA Paper 44779, University Library of Munich, Germany.
    6. Pacheco, Luis, 2010. "ECB Projections: should leave it to the pros?," Working Papers 11/2010, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    7. Man-Keung Tang & Mr. Xiangrong Yu, 2011. "Communication of Central Bank Thinking and Inflation Dynamics," IMF Working Papers 2011/209, International Monetary Fund.
    8. Becksndale Masawi & Sukanto Bhattacharya & Terry Boulter, 2018. "Does the Information Content of Central Bank Speeches Impact on the Level of Exchange Rate? A Comparative Study of Canadian and Australian Central Bank Communications," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(01), pages 1-27, March.

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