Communication
Social media and press releases are primary external comms channels
Impact assessment tools vary across teams by structural approach
Three in four comms teams report non-staff resource adequacy
Senior staff make up roughly half of departments across jurisdictions
Ueda outlines BoJ policy in first meeting with new PM
Governor says monetary policy will guide inflation smoothly towards 2% inflation target
Centralised comms unit staff earn lesser salary than peers
FTE employees average roughly 20 personnel across central banks
Hybrid comms teams prioritise website over other activities
Communications department budget averages just over $1 million yearly
Central banks speak opaquely to avoid overreaction – ECB study
Authors say institutions tend to communicate more clearly when they know their reputations are low
Emerging market central banks should be hawkish – NBER paper
Stronger reactions to inflation surges help to build institutions’ reputations, researchers argue
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations
Riksbank deputies say rate forecasting key to transparency
Officials say advantages of openness outweigh drawbacks
SNB to publish minutes of policy meetings in transparency push
Summaries of discussions will put Swiss central bank in line with its global peers
BoJ deputy governor says policy should be tightened further
Ryozo Himino says real interest rate remains low, despite three hikes since last year
Teach people monetary policy to anchor expectations – ECB paper
Experiment run at ECB visitor centre finds strong impact from education
Experts split over wisdom of Mexico’s 25bp rates cut
Economist says policy committee’s sole dissenter was right to vote to hold
Working group minutes: seeking better interactions on social media
Building engagement is a challenge and brings risks for central bankers
ECB paper finds strong policy can stop expectations de-anchoring
Communicating counterfactual scenarios can help to inform monetary policy decisions
Attempt to make FOMC meetings public is 'frivolous' – experts
Legal action by Trump ally, if successful, would hamper discussion, says ex-Fed official
‘Start late, then sprint’ may cost when tackling inflation – CEPR
Research says approach ultimately succeeded post-Covid, but hurt central banks’ credibility
Tailored central bank messaging boosts trust – BoJ study
Citizens are more confident about inflation forecasts when delivered by someone similar to them
BoE’s MPC should publish individual rate forecasts – Taylor
Newest committee member discusses r* and calls for greater transparency around forward guidance
Climate change among issues that became ‘taboo’ during QE – study
Central banks also exercised “strategic silence” on house prices to avoid becoming politicised
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Forecasting and narratives under uncertainty
Jagjit Chadha argues the Bank of England should deploy better analysis as the basis for clear communication under uncertainty
Bank of Canada cuts rates by 25 basis points
Monetary policy “cannot offset the impacts of a trade war”, says central bank