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 2019-09-24 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 The Oxford Handbook of the Economics of Central Banking written by David G. Mayes and published by Oxford Handbooks. This book was released on 2019-03-15 with total page 809 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--
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 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 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 Clarity of Central Bank Communication About Inflation written by Mr.Ales Bulir and published by International Monetary Fund. This book was released on 2012-01-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by seven central banks between 1997 and 2010. Overall, we find no strong indications that central banks were less clear in explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis, however, did have a negative impact on clarity of central bank communication.
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 Writing Clearly written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2008-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.
Download or read book Central Bank Communication with Non experts written by Michael Ehrmann and published by . This book was released on 2021 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have intensified their communication with non-experts -- an endeavour which some have argued is bound to fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is received by non-experts and how it affects their views. It shows that Twitter traffic is responsive to ECB communication, also for non-experts. For several ECB communication events, Twitter constitutes primarily a channel to relay information: tweets become more factual and the views expressed more moderate and homogeneous. Other communication events, such as former President Draghi's "Whatever it takes" statement, trigger persistent traffic and a divergence in views. Also, ECB-related tweets are more likely to get retweeted or liked if they express stronger or more subjective views. Thus, Twitter also serves as a platform for controversial discussions. The findings suggest that central banks manage to reach non-experts, i.e. their communication is not a road to nowhere.
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 Economy of Words written by Douglas R. Holmes and published by University of Chicago Press. This book was released on 2013-12-09 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets are artifacts of language—so Douglas R. Holmes argues in this deeply researched look at central banks and the people who run them. Working at the intersection of anthropology, linguistics, and economics, he shows how central bankers have been engaging in communicative experiments that predate the financial crisis and continue to be refined amid its unfolding turmoil—experiments that do not merely describe the economy, but actually create its distinctive features. Holmes examines the New York District Branch of the Federal Reserve, the European Central Bank, Deutsche Bundesbank, and the Bank of England, among others, and shows how officials there have created a new monetary regime that relies on collaboration with the public to achieve the ends of monetary policy. Central bankers, Holmes argues, have shifted the conceptual anchor of monetary affairs away from standards such as gold or fixed exchange rates and toward an evolving relationship with the public, one rooted in sentiments and expectations. Going behind closed doors to reveal the intellectual world of central banks,Economy of Words offers provocative new insights into the way our economic circumstances are conceptualized and ultimately managed.
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 Central Bank Communication with the General Public written by Alan S. Blinder and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some promise in the potential to inform the public better, but many challenges along the way.
Download or read book Central Bank Communication and Monetary Policy Surprises in Chile written by Mr.Andrea Pescatori and published by International Monetary Fund. This book was released on 2018-07-06 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.
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 Central Banks and Coded Language written by Elke Muchlinski and published by Springer. This book was released on 2015-12-04 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores implications of the modern view of central banks rising from the proposition that words have no meaning beyond their use in a particular context and setting. It studies coded language to explain why a central bank's decisions and communicative interactions can't be devoted to a coded language which is an artificial language.
Download or read book Making a Modern Central Bank written by Harold James and published by Cambridge University Press. This book was released on 2020-09-17 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative guide to the transformation of the Bank of England into a modern inflation-targeting independent central bank examines a revolution in monetary and economic policy and the modernization of British institutions in the late twentieth century.
