Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
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…
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Predictability · Monetary policy · Central bank · Forward guidance · Empirical evidence · Economics · Inflation targeting · Business
# Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
> OpenAlex Metadata Hub · https://openalex.org/W2098317876
## Bibliographic
- **DOI:** 10.1257/jel.46.4.910
- **Year:** 2008
- **Citations:** 1378
- **Open Access:** No (closed)
- **License:** —
- **Source:** https://doi.org/10.1257/jel.46.4.910
## Authors
- Alan S. Blinder
- Michael Ehrmann
- Marcel Fratzscher
- Jakob de Haan
- David‐Jan Jansen
## 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 ever-growing 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.
## Keywords
Predictability, Monetary policy, Central bank, Forward guidance, Empirical evidence, Economics, Inflation targeting, Business, Macroeconomics, Credit channel
## Concepts
- Predictability
- Monetary policy
- Central bank
- Forward guidance
- Empirical evidence
- Economics
- Inflation targeting
- Business
- Macroeconomics
- Credit channel
- Physics
- Epistemology
- Philosophy
- Quantum mechanics
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*Metadata only — full text not imported unless Open Access license permits.*
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Tóm lược học thuật (đã diễn giải): 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 ever-growing 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.
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1. Over the last two decades, communication has become an increasingly important aspect of monetary policy.
2. 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.
3. 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.
4. 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.
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