Central Banking and Communication As a Function of Circumstance
Elke Muchlinski ()
Chapter 3 in Central Banks and Coded Language, 2011, pp 131-153 from Palgrave Macmillan
Abstract This chapter draws attention to the reasons why central banking needed to refer to circumstances. Circumstances draw our attention to the importance of linking a view based on models to the context and circumstances. The so-called embraced common model in fact reflects the new wisdom of central banking, since it relies on observation and recognition of changing circumstances. There are at least two main branches wherein the term circumstance can be referred to. Circumstance can be defined with respect to the different monetary policy regimes to which a central bank is committed, and to the mandate. A commitment to a mandate also implies that a central bank acts as an institution.
Keywords: Interest Rate; Monetary Policy; Central Bank; Federal Reserve; Institutional Fact (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30596-0_4
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