Introduction -- From ignorance to triumph -- A short terminology -- Communication: practice and theory -- Communication and effectiveness of monetary policy -- Communication and accountability -- Communication and transparency -- Concluding remarks.

In this paper we compare the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective low interest rates are attributed to ageing societies, which save more for the future (global savings glut). Low growth is...