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Has Monetary Policy Changed? How the Crisis Shifted the Ground Under Central Banks

Pierre Siklos ()

Working Paper series from Rimini Centre for Economic Analysis

Abstract: Central bank communication is more important than only a decade ago. This paper examines the results of a Survey begun in 2013, in cooperation with the BIS, to assess how and why central bank communication strategies have changed in light of the financial crisis of 2008-10. Existing metrics of central bank transparency are found to be relatively less informative about the role of financial stability in transparency. Inflation targeting central banks are more likely to incorporate market reactions to their policies and place greater weight on the modelling exercise used to generate macroeconomic forecasts. Central banks also believe that forward guidance is beneficial. Inflation targeting central banks are also more vocal in publicly explaining the role and function of macroprudential tools. Few differences in views about communicating in normal versus crisis times are observed. Therefore, communicating in normal versus crisis times are not seen as being very different.

Keywords: central bank communication; transparency; forward guidance; quantitative easing; macroprudential tools (search for similar items in EconPapers)
JEL-codes: E58 E3 E61 E63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2018-02
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Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:18-10

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