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Enhancing Central Bank Communications with Behavioural Insights

Bholat, David - 2019

In this joint Bank of England and Behavioural Insights Team study, we test the effectiveness of different approaches to central bank communications. Using an online experiment with a representative sample of the UK population, we measure how changes to the Bank of England's summaries of the...

Persistent link: https://www.econbiz.de/10012898469

Does Communication Inﬂuence Executives’ Opinion of Central Bank Policy?

Hwang, In Do - 2020

2016. Based on a survey conducted by the Institute for Management Development (IMD), we ﬁnd compelling evidence that …

Persistent link: https://www.econbiz.de/10012822449

Can More Public Information Raise Uncertainty? The International Evidence on Forward Guidance

Ehrmann, Michael - 2019

Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...

Persistent link: https://www.econbiz.de/10012872234

Fed Speak on Main Street : Central Bank Communication and Household Expectations

Binder, Carola - 2017

financial markets, but several recent strands of literature address aspects of communication with households. I survey the … evidence from an assortment of consumer survey data. I draw from the literature on rational inattention, financial literacy … participants. Using U.S. consumer survey data, I show that consumers' expectations are imperfectly anchored and that the anchoring …

Persistent link: https://www.econbiz.de/10012969118

Endogenous Information and Central Bank Transparency

Tamura, Wataru - 2015

This paper studies monetary policy under discretion when the central bank ex ante determines information to be acquired and made public. In a general setting, wherein a monetary instrument signals the central bank's private information, I show that an optimal information policy comprises the...

Persistent link: https://www.econbiz.de/10013026571

Information Design, Signaling, and Central Bank Transparency

Tamura, Wataru - 2018

This study examines monetary policy and central bank communication when a monetary instrument signals the central bank's private information. A novel feature is that the central bank ex ante determines how much information it acquires and how much of this information it releases to the public....

Persistent link: https://www.econbiz.de/10012930476

How Much Information Do Monetary Policy Committees Disclose? Evidence from the FOMC's Minutes and Transcripts

Apel, Mikael; Blix Grimaldi, Marianna; Hull, Isaiah - 2021

The purpose of central bank minutes is to give an account of monetary policy meeting discussions to outside observers, thereby enabling them to draw informed conclusions about future policy. However, minutes are by necessity a shortened and edited representation of a broader discussion....

Persistent link: https://www.econbiz.de/10013251831

State-Dependent Central Bank Communication with Heterogeneous Beliefs

Herbert, Sylverie - 2021

This paper studies the optimal disclosure strategy of a Sender who wants to influence hetero-geneous Receivers' expectations by providing public information. I introduce heterogeneous priors in an otherwise standard Bayesian persuasion model a la Gentzkow and Kamenica (2011) and characterize the...

Persistent link: https://www.econbiz.de/10013212539

Central Bank Communication and Output Stabilization

Hoeberichts, Marco - 2011

Central banks around the world have a reputation for being secretive about their operations and market assessments. It is sometimes argued that central banks need flexibility and therefore cannot be fully transparent. We find that this explanation does not carry through in a forward-looking New...

Persistent link: https://www.econbiz.de/10012756188

Central Bank communication and monetary policy predictability under uncertain economic conditions

Lehtimäki, Jonne O.; Palmu, Marianne - In: Journal of central banking theory and practice 8 (2019) 2, pp. 3-32

Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy...

Persistent link: https://www.econbiz.de/10012016799