Communication
Eichengreen supports calls for FOMC to hold more press conferences
Governance expert says Fed is one of the most transparent central banks in the world but improved consistency of format around FOMC meetings “makes sense”
Chile puts board members in spotlight with decision-making overhaul
Changes aim to make communication more transparent while aligning central bank with international best practice; eight meetings will now take place each year
Bank of Canada rebuts ‘epic fail’ communication claim
Central bank’s head of comms rejects criticism from Bank of Montreal that policymakers failed to properly signal its recent rate hike
People: RBNZ continues reshuffle; Fed appoints payments leader
Mills to fill Bascand’s shoes at RBNZ as assistant governor moves to financial stability; St Louis Fed vice-president to initiate faster payments project for the US central bank; and more
Better information bolsters policy pass-through – BoE paper
Where agents lack access to perfect information, publishing forecasts influences potency of monetary policy, study finds
Where have all the women gone?
The number of women working at central banks has increased substantially, but a glass ceiling appears to remain for those reaching for senior management positions
France should broaden macro-prudential oversight – FSB report
Country should widen its outlook to include asset managers and other risky areas, a peer review finds; report recommends action to boost communication and disclosure
Credibility essential to Central Bank of Brazil success, says IMF
Further changes to the central bank’s inflation target could limit future policy space, fund advises, praising improved transparency of communications
BSP’s Espenilla: Philippine banking system is ‘very robust’
Central bank to use data-gathering portal to improve services and increase communication with the general public
BoJ faces growing communications challenge
Japanese central bank embarks on its third attempt at unlimited fixed-rate outright JGB purchases; further fiscal stimulus would do little to help
FSB turns to video in effort to widen comms reach
“Safer, simpler, fairer” video seeks to broaden communications effort to a less specialised audience
Sarb to increase engagement on monetary policy
Governor says central bank officials should be the ones to outline “sensible” view of monetary policy; wants debate over mandate to be based on facts
BoJ told to improve communication on potential exit from stimulus
Speculation is growing over the timing and method of the exit from the stimulus programme, creating a new communication challenge for the BoJ
RBNZ’s Hannah: central bank is working to close trust gap
Survey in 2014 showed how poor public understanding of the central bank’s work went hand in hand with low trust
Bank of Canada prepares to open redesigned museum
Museum set to reopen in July after “complete reimagining”, including interactive exhibits on the central bank’s mandate, inflation-based games and a two-tonne “Yap stone”
Asset purchase programme is key to central bank credibility – ECB paper
Researchers analyse market reactions to unconventional monetary policy decisions
Sarb monetary policy committee does not suffer from ‘groupthink’ – Kganyago
Sarb governor says there are often disagreements when it comes to policy decisions; central banks have now become “masters of communication”
Book notes: Fed Up, by Danielle diMartino Booth
A “fascinating but annoying” account by a US Federal Reserve insider who openly criticises the culture of the US central bank and policy decisions made by the institution leading up to and following the financial crisis
Norges Bank hooks viewers with fishy banknote video
“The cod is coming” music video proves a hit, helping to advertise the central bank’s new banknote series
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
Bank of Lithuania tailors new website to different audiences
Central bank launches redesigned website with the aim of making it easier to use; includes new sections designed for specific audiences while data presentation received overhaul
Bank of Canada’s Vardy and Harrison on the move to ‘peacetime’ communications
Central bank has reshaped its communications approach post-crisis, embedding it into the policy process and encouraging markets to think for themselves
No ‘taper tantrum’ this time around – Fischer
Fed vice-chair says US central bank has learned from mistakes made in 2013; markets unlikely to face same disruptions as Fed unwinds balance sheet, says Fischer
Haldane: central banks could ‘gamify’ communications
The game Monopoly could be the next tool in central bank’s communication toolbox, Haldane says, warning complex language breeds distrust