Central bank communication during normal and crisis time
Christophe Blot and
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Christophe Blot: Observatoire français des conjonctures économiques
Paul Hubert: Observatoire français des conjonctures économiques
Sciences Po publications from Sciences Po
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)
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