Communication
RBNZ’s Breman to discuss greater transparency with MPC
New governor says she will raise issue of attributing votes on rate decisions to individual policy-makers
Experts see Japan’s PM having limited impact on BoJ independence
Takaichi’s hints on policy direction have precedent in Abenomics, former bank officials say
Monetary Policy Benchmarks 2025 – executive summary
Data reveals risks to the outlook, applications of scenario analysis and balance sheet policy
Bailey switches sides as BoE holds at 4% in 5–4 decision
Members’ views, published for first time, show disagreement around staff’s central projection
Central banks speak opaquely to avoid overreaction – ECB study
Authors say institutions tend to communicate more clearly when they know their reputations are low
Rethinking policy transmission in the age of AI
Managing machine expectations related to faster, more non-linear and potentially asymmetric price dynamics will require analytical innovation and potentially new forms of oversight, argues Elisa Vilorio de Painter
Emerging market central banks should be hawkish – NBER paper
Stronger reactions to inflation surges help to build institutions’ reputations, researchers argue
Firms slow to adjust investment targets for inflation – BoJ study
Discount rates are sticky and do not rise with expected increases in price levels, research finds
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
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
Scenario analysis widely used to assess risk but communication varies
Most central banks produce multiple forecasts to illustrate monetary policy risks, but less than half publish them
NBER paper suggests ‘dot plot’ for financial conditions
Producing forward guidance of asset prices will improve central bank communications, economists say
Central banks must focus on comms – Bank of Finland panel
Institutions need to concentrate on anchoring inflation expectations, governors say
Riksbank deputies say rate forecasting key to transparency
Officials say advantages of openness outweigh drawbacks
Dutch merchants say digital euro is good if it works offline
DNB study finds vendors wary of costs, wanting “equal or lower” fees compared with existing options
Teach people monetary policy to anchor expectations – ECB paper
Experiment run at ECB visitor centre finds strong impact from education
On the eve of the Fed’s framework review
Experts speak about the Fed’s monetary strategy review, including the role of flexible average IT and the need to better communicate policy trade-offs
Towards a new monetary policy framework for the AI age
AI may render the traditional monetary policy toolkit less effective and the familiar rules of engagement obsolete, argues Biagio Bossone
Central banks’ climate comms influence markets – CEPR column
Researchers draw conclusions after examining more than 35,000 speeches on environmental issues
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