From Silence to Voice: Monetary Policy, Central Bank Governance and Communication

19 Pages Posted: 31 Jul 2016

See all articles by Donato Masciandaro

Donato Masciandaro

Bocconi University - Department of Economics

Davide Romelli

Trinity College (Dublin) - Department of Economics

Date Written: July 2016

Abstract

In the Concluding Remarks that Paolo Baffi - Governor of Bank of Italy - read on 31 May 1979, he stressed that “the actions of central banks are no longer cloaked in silence, and perhaps never will be again. Whereas in the past silence was seen as a guarantee of independence, today this is achieved by giving an explicit account of one’s actions”. In the Governor’s words it is evident and illuminating the precognition of the increasing importance of the links between monetary policy, central bank governance and communication in influencing the overall effectiveness of the monetary action in the modern economies.

Suggested Citation

Masciandaro, Donato and Romelli, Davide, From Silence to Voice: Monetary Policy, Central Bank Governance and Communication (July 2016). BAFFI CAREFIN Centre Research Paper No. 2016-27. Available at SSRN: https://ssrn.com/abstract=2815779 or http://dx.doi.org/10.2139/ssrn.2815779

Donato Masciandaro (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136
Italy

Davide Romelli

Trinity College (Dublin) - Department of Economics ( email )

Arts Building
Room 3014
Dublin
Ireland

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