Communication and monetary policy

Jeffery Amato, Hyun Song Shin and Stephen Morris
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Jeffery Amato: Goldman Sachs International

No 123, BIS Working Papers from Bank for International Settlements

Abstract: Recent trends toward greater central bank independence and the adoption of formal inflation targeting by several countries have served to emphasise the importance of communication policy. In this paper, we explore some of the economic effects of public information that arise whenever public information serves the dual role of conveying fundamental information as well as serving as a focal point for better coordination. More precise public information is a double-edged tool. While it is very effective in influencing actions through coordination, sometimes it can be too effective, and coordinate actions away from fundamentals.

Keywords: Communication; and; monetary; policy (search for similar items in EconPapers)
Pages: 30 pages
Date: 2003-01
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Citations: View citations in EconPapers (24)

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Related works:
Working Paper: Communication and Monetary Policy (2004)
Working Paper: Communication and Monetary Policy (2003)
Working Paper: Communication and Monetary Policy (2003)
Journal Article: Communication and Monetary Policy (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:123

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