Communicating macroprudential policy

Many countries around the world are installing new macroprudential policy frameworks. In these arrangements, central banks will play a key, and in many cases leading, role. Their challenge now is to translate abstract imperatives into practical operations. Vital to the effectiveness of this will be the development of communication strategies for macroprudential policy. There are three key questions. Firstly, why talk at all? Secondly, what should the core macroprudential narrative be? Thirdly