Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153332
Authors: 
Blinder, Alan S.
Ehrmann, Michael
de Haan, Jakob
Fratzscher, Marcel
Jansen, David-Jan
Year of Publication: 
2008
Series/Report no.: 
ECB Working Paper 898
Abstract: 
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this evergrowing 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.
Subjects: 
Central Bank
communication
monetary policy
JEL: 
E52
E58
Document Type: 
Working Paper

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