Communication of Monetary Policy Decisions by Central Banks: What is Revealed and Why

42 Pages Posted: 28 Jun 2009  

Bank for International Settlements

Bank for International Settlements (BIS)

Date Written: May 1, 2009

Abstract

This Paper, which extends earlier work by Filardo and Guinigundo (2008) and Nelson (2008), reports on a survey conducted in 2007 on the communication practices of 32 members of the Central Bank Governance Network. The questionnaire sent to Network members was divided into two main parts. The first part was mainly factual and focused on the information that central banks disclose about their assessments of economic conditions and their decisions relating to the stance of monetary policy. The second part centred on the strategies underlying central bank communications. It is hoped that the Paper will help central banks compare their arrangements with those of their peers and be useful to those institutions that are in the process of reviewing their communications strategies. It should also help the wider public better understand the various communications strategies adopted by central banks.

JEL Classification: D82, D83, D84, E43, E52, E58, G14

Suggested Citation

Settlements, Bank for International, Communication of Monetary Policy Decisions by Central Banks: What is Revealed and Why (May 1, 2009). BIS Paper No. 47. Available at SSRN: https://ssrn.com/abstract=1425007

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4051
Switzerland

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