SNB paper evaluates central bank communication strategies


A working paper, published by the Swiss National Bank today (July 11), suggests markets tend to respond more strongly to public information than is socially optimal, and as such central banks may wish to adjust communication strategies to correct for this.

The authors, Romain Baeriswyl and Camille Cornand, test two methods of limited communication: providing full information to a limited number of parties, or providing partial information to everyone. The paper finds that these two produce

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