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. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …
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It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the precision of public information or withholding it. The latter seems to be unrealistic. Thus, the issue is not whether central bank should disclose or not its information, but...
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commitment mechanism is a redundant policy instrument. When private information is present, central bank communication can … instead have social value. Forward guidance emerges as a natural communication strategy when the private information in the …
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commitment mechanism is a redundant policy instrument. When private information is present, central bank communication can … instead have social value. Forward guidance emerges as a natural communication strategy when the private information in the …
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