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Central Bank Communication: Never Excuse, Never Explain

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  • Stephen Millard

Abstract

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. This policy paper explores why this change came about and how successful it has been.

Suggested Citation

  • Stephen Millard, 2022. "Central Bank Communication: Never Excuse, Never Explain," National Institute of Economic and Social Research (NIESR) Policy Papers 33, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrp:33
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    File URL: https://www.niesr.ac.uk/wp-content/uploads/2022/04/Policy-Paper-33-Central-Bank-Communication.pdf?ver=uiYgoysjXmfGcUAHIYTZ
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