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

Alan S. 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)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: Written
Note: ME
View list of references View citations in EconPapers

Downloads: (external link)
http://www.nber.org/papers/w13932.pdf (application/pdf)
Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html.

Related works:
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)
Journal Article: Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:nbr:nberwo:13932

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w13932
The price is Paper copy available by mail.

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc
Address: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Contact information at EDIRC.
Series data maintained by ().