Communication
A brick-by-brick guide to inflation
Cleveland Fed uses Lego videos to explain inflation
Multiple expectations test communications
The Reserve Bank of New Zealand’s communications are being tested, says Mike Hannah
Transparency is essential for financial stability – Georgia’s Gvenetadze
But it is still possible to be “too transparent”, governor warns
Communication needs to be adapted for different audiences – RBA research
Producing information in different formats may improve success of economic communication
Firms are ‘inattentive’ to inflation and monetary policy – NBER paper
Authors present new survey data indicating firms’ expectations are “anything but anchored”
Yellen unsettles markets with rate rise comments
Treasury secretary’s offhand comment about raising interest rates leads to stock selloff
Navigating the hazards of inequalities
Inequality poses a serious challenge for central bank communications, says Mike Hannah
BoE’s Bailey extols virtues of ‘meeting varied people’
Governor launches new initiative to gather diverse views from market contacts
New FOMC target may be shifting expectations – research
Cleveland Fed paper says some professional forecasters driving rise in inflation expectations
Fed chair’s tone of voice impacts stock prices – NBER paper
Study uses deep learning to study variations in tone, finding stocks respond but not bonds
CBRT’s Ağbal says central bank must aim for ‘permanent price stability’
Governor’s blog post marks new form of communication by senior executives
Fed officials differ on outlook for US economy
Leaders agree on policy, but differ on forecasts, measures and key concerns
Kansas City Fed launches new website
Improved navigation and search functionality are at the core of redesign, central bank says
Netherlands Bank launches new website
Central bank structures new site around six main themes
Talking to firms aids central banks at ‘turning points’ – BoC paper
Qualitative information is particularly useful when timely official data is lacking, authors say
FOMC members welcomed ‘outcome-based’ guidance on QE
Fed policy-makers emphasised importance of balance sheet being used flexibly, minutes show
Communications in focus: Central Bank of Brazil
Central Bank of Brazil head of communications speaks about the use of websites during a pandemic
Paper tracks changing rhetoric of Bank of Italy governors
Governors have changed the focus of their concluding remarks over time
BoE considering legal action over hoax press release
Group calling themselves the ‘Yes Men’ claimed credit for the fake
Otmar Issing on the art of central bank communications
EMU architect critiques “whatever it takes”, forward guidance, Fed’s AIT and ECB’s strategy review
Lane’s calls to investors stir controversy ahead of key ECB meeting
Chief economist’s private discussions with investors after policy meetings come under scrutiny
Phillipines central bank says new website has improved comms
BSP says website’s mobile-friendly design and chatbot has boosted effectiveness
RBNZ launches review of accidental disclosure
Information on new funding for lending programme was released before policy was officially unveiled
Transparency on financial stability not always optimal – Fed paper
Author finds upside to opacity, but says central banks may face time inconsistency problem