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Central bank communication during normal and crisis time

Christophe Blot and Paul Hubert
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Christophe Blot: Observatoire français des conjonctures économiques
Paul Hubert: Observatoire français des conjonctures économiques

Sciences Po publications from Sciences Po

Abstract: 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)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2018-09
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