Central bank communication during normal and crisis time

Christophe Blot (christophe.blot@sciencespo.fr) and Paul Hubert (paul.hubert@sciencespo.fr)
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Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Paul Hubert: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: 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.

Keywords: ECB; Communication; Monetary policy (search for similar items in EconPapers)
Date: 2018-09
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03404315
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Published in [Research Report] European Parliament. 2018, pp.22

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Working Paper: Central bank communication during normal and crisis time (2018)
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