Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence

Alan Blinder, Michael Ehrmann, Marcel Fratzscher, Jakob de Haan and David-Jan Jansen

No 13932, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2008-04
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: ME
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Published as Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-45, December.

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Journal Article: Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence (2008)
Working Paper: Central Bank communication and monetary policy: a survey of theory and evidence (2008)
Working Paper: Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence (2008)
Working Paper: Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence (2008)
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