Download or read book Central Bank Communication Managing Expectations Through the Monetary Dialogue written by Ansgar Belke and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Central Bank Communication at Times of Non standard Monetary Policies written by Lukasz Janikowski and published by . This book was released on 2018 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Communication is an important monetary policy tool, as central banks can use it to manage the expectations of economic agents. Communication becomes even more important in times of non-standard monetary policies due to increased levels of uncertainty and the introduction of new policy tools. In this paper, we summarise the literature on central bank communication in times of non-standard monetary policies, with a particular focus on forward guidance. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Download or read book The Long Journey of Central Bank Communication written by Otmar Issing and published by MIT Press. This book was released on 2019-10-01 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.

Download or read book Central Bank Communication Decision Making and Governance written by Pierre L. Siklos and published by MIT Press. This book was released on 2013-05-31 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts analyze the recent emphasis on central communication as an additional policy and accountability device. In recent years central bankers have placed new emphasis on communication with financial markets and the general public. They have done this not only through the traditional channel of monetary policy pronouncements but also by increasing the quantity of information they make public. Yet as central banks strive to provide more and clearer information about the outlook for the economy, they must balance their capacity to steer economic expectations with their natural caution about committing to future monetary policy paths. This volume offers a variety of perspectives on the economic implications of increased central bank communication. Contributors offer theoretical analyses of the effect of central bank communication on the general macroeconomic environment; consider a variety of novel empirical approaches to the issue; and analyze communication, decision making, and governance practices of the Greenspan-era U.S. Federal Reserve, the fledgling European Central Bank, and a variety of smaller central banks, including those of the Czech Republic, Sweden, England, and New Zealand. Contributors Helge Berger, Michelle Bligh, Marianna Blix-Grimaldi, Aleš Bulíř, Robert Chirinko, Martin Čihák, Christopher Curran, Paul De Grauwe, Jakob de Haan, Michael Ehrmann, Marcel Fratzscher, Petra Geraats, Gregory Hess, Roman Horváth, David-Jan Jansen, Özer Karagedikli, Michael Lamla, David Mayes, Alberto Montagnoli, Pierre L. Siklos, Kateřina Šmídková, Jan-Egbert Sturm, Jan Zápal

Download or read book Central Bank Communication written by Ekkehard Ernst and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we propose a new set of indicators of central bank's communication to estimate speech intensity in five different fields: monetary conditions, financial stability, external competitiveness, labour and social conditions and economic activity. We develop an automated text-mining routine using the Bank of International Settlements (BIS) collection of speeches given by central bank senior executives. We use this set of indicators to compare goals and strategies across several central banks (the Federal Reserve, the European Central Bank, the Bank of England and the Reserve Bank of Australia) from the late 1990s up to 2016. We then assess whether communication intensity is mirrored in central banks' policy decisions. Our empirical results suggest that communication can be a complement or a substitute for monetary policy. In those periods in which communication is more efficient in managing expectations, central banks may have less need for reliance on the traditional policy rate.

Download or read book Blind Spots in the Spotlight written by Raluca Iacob and published by Springer Nature. This book was released on 2022-06-17 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings under a magnifying glass a little explored, but significant topic - the communications changes of the National Bank of Romania after 2008. Given the similarities and differences between central banks’ mechanisms and practices adopted, its applicability and impact for other actors are incontestable. The research incorporates valuable details on how the National Bank of Romania’s communication changed during the Great Recession of 2008, as well as insightful data about the way in which different categories of public and media perceived this change. The timeliness and significance of this research are noticeable as the central banks already entered a new era of communication challenges triggered by the Covid-19 pandemic and recently by the Russia – Ukraine war. Lessons from the past can contribute to what researchers name the second revolution in communication, focusing on opening the central banks to the public and regaining trust, especially in such a difficult period.

Download or read book Handbook of Research on Narrative Advertising written by Yilmaz, Recep and published by IGI Global. This book was released on 2019-06-28 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Narration can be conceptualized as conveying two or more events (or an event with a situation) that are logically interrelated and take place over time and have a consistent topic. The concept includes every storytelling text. The advertisement is one of the text types that includes a story, and the phenomenon conceptualized as advertising narration has gained new dimensions with the widespread use of digital media. The Handbook of Research on Narrative Advertising is an essential reference source that investigates fundamental marketing concepts and addresses the new dimensions of advertising with the universal use of digital media. Featuring research on topics such as branding, mobile marketing, and consumer engagement, business professionals, copywriters, students, and practitioners will find this text useful in furthering their research exposure to evolutionary techniques in advertising.

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

Download or read book Central Bank Communication During Normal and Crisis Times written by Christophe Blot and published by . This book was released on 2018 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have intensified their communication strategy since the mid 1990’s and it has become an important instrument of central banks’ policymaking toolkit. A large empirical evidence suggests that central bank communication has effectively enhanced the transmission of monetary policy before and during the financial crisis. Nevertheless, the use of communication as a policy instrument is fragile since it depends on economic agents’ perceptions and beliefs. It is crucial that central bank communication be consistent with policy decisions. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Download or read book Imperfect Central Bank Communication Information Versus Distraction written by Pär Österholm and published by International Monetary Fund. This book was released on 2008-03 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous. There is a risk that the central bank can distract the public; this means that the central bank may prefer to focus its communication policies on the information it knows most about. Indeed, conveying more certain information may improve the public's understanding to the extent that it "crowds out" a role for communicating imperfect information.

Download or read book Parliaments in EU Economic Governance written by Diane Fromage and published by Routledge. This book was released on 2020-05-21 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers national parliaments’ and the European Parliament’s role in European Union (EU) economic governance. It examines the recent strengthening of parliamentary involvement, limitations to improvements, and where and how democratic deficits still exist. It also provides the basis for some reflections concerning possible future evolutions and improvements to EU economic governance. The EU’s economic governance framework has been significantly strengthened as a response to the 2008 economic and financial crisis, and the establishment of a new Banking Union in 2013. It is thus key to determine whether these additional transfers of powers to the EU level have been accompanied by an equivalent empowerment of the national and European legislatures, allowing them to ensure adequate democratic legitimation. The chapters comprehensively re-examine the democratic (throughput) legitimacy of, and within, the EU’s economic governance by focusing on national parliaments, on the European Parliament, and on mechanisms for interparliamentary cooperation. This book was originally published as a special issue of the Journal of European Integration.

Download or read book How Do Central Banks Talk written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.

Download or read book The European Parliament as an Accountability Forum written by Adina Akbik and published by Cambridge University Press. This book was released on 2022-02-03 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of executive actors' accountability for EU economic decisions in the aftermath of the euro crisis.

Download or read book Central Bank Communication Decision Making and Governance written by Pierre L. Siklos and published by . This book was released on 2013-05-31 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts analyze the recent emphasis on central communication as an additional policy and accountability device. In recent years central bankers have placed new emphasis on communication with financial markets and the general public. They have done this not only through the traditional channel of monetary policy pronouncements but also by increasing the quantity of information they make public. Yet as central banks strive to provide more and clearer information about the outlook for the economy, they must balance their capacity to steer economic expectations with their natural caution about committing to future monetary policy paths. This volume offers a variety of perspectives on the economic implications of increased central bank communication. Contributors offer theoretical analyses of the effect of central bank communication on the general macroeconomic environment; consider a variety of novel empirical approaches to the issue; and analyze communication, decision making, and governance practices of the Greenspan-era U.S. Federal Reserve, the fledgling European Central Bank, and a variety of smaller central banks, including those of the Czech Republic, Sweden, England, and New Zealand. Contributors Helge Berger, Michelle Bligh, Marianna Blix-Grimaldi, Ales Bulír, Robert Chirinko, Martin Cihák, Christopher Curran, Paul De Grauwe, Jakob de Haan, Michael Ehrmann, Marcel Fratzscher, Petra Geraats, Gregory Hess, Roman Horváth, David-Jan Jansen, Özer Karagedikli, Michael Lamla, David Mayes, Alberto Montagnoli, Pierre L. Siklos, Katerina Smídková, Jan-Egbert Sturm, Jan Zápal

Download or read book Fed Speak on Main Street written by Carola Binder and published by . This book was released on 2017 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks emphasize the use of communication as a tool of monetary policy. As central banks increasingly recognize that low public informedness limits their ability to communicate with the general public, several have begun to explicitly tailor their communication strategies for a broader audience. Most research focuses on central bank communication with financial markets, but several recent strands of literature address aspects of communication with households. I survey the literature addressing the rationales and efficacy of central bank communication with households, supplementing this with new evidence from an assortment of consumer survey data. I draw from the literature on rational inattention, financial literacy, and political communication to suggest explanations for limited household receptiveness to central bank communications. Finally, I focus on one specific aim of central bank communication, which is to anchor inflation expectations. Previous literature finds that the announcement of an explicit inflation target helps anchor expectations among financial market participants. Using U.S. consumer survey data, I show that consumers' expectations are imperfectly anchored and that the anchoring of more informed consumers' expectations increased more than the anchoring of less informed consumers' expectations following the Fed's announcement of a 2% inflation target.

Download or read book Monetary Policy Committees Learning and Communication written by Anke Weber and published by International Monetary Fund. This book was released on 2010-04-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.

Download or read book Central Banks Communications and Monetary Policy written by Karl Whelan and published by . This book was released on 2018 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Communications about plans for future monetary policy are one of the key tools through which central banks can affect the economy. The addition of non-standard policies such as quantitative easing has complicated communication for central banks and there have been some lessons for the ECB to learn from communications mistakes made by other central banks in recent years. The ECB has so far done well in handling the communications issues relating to the ending of its Asset Purchase Programme but it faces a number of communications challenges as it seeks to normalise monetary policy. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.