Communication
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
Fed minutes reveal debate over forward guidance
Some FOMC members warned stronger forward guidance in new framework would tie Fed’s hands
Haldane makes case against ‘economic anxiety’
Communication essential to avoid caution “morphing into fear and fatalism”, says BoE chief economist
Raising inflation expectations may depress growth – Jackson Hole paper
More nuanced communication would help public understand state of the economy, say researchers
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
The DNB president talks about unconventional policy, inflation target ‘bands’ and ‘circuit-breaking’
Central bank comms need “second sea change” – Canadian governor
Pandemic has shown importance of transparency and communications, Tiff Macklem says
Better communication boosted monetary policy effectiveness in Indonesia
Concise press releases and issuing maturities beyond one month would further improve it, says study
Weidmann to testify quarterly in parliament to explain ECB policy
Measure follows constitutional court ruling requiring ECB to demonstrate proportionality of government bond purchases
US citizens think Fed’s communication strategy needs adapting – Fed report
“Fed Listens” events revealed a lack of understanding about inflation targeting, report shows