Communication
Trust and comprehension seen as more important than audience size
Central bankers see trust as the most important measure of communications effectiveness
Somalia’s governor on rebuilding its central bank
Governor Abdirahman Mohamed Abdullahi discusses reviving Somalia’s war-damaged economy, re-creating a payments system, and dealing with remittances
Social media is top channel for two-way communication
Central banks use a variety of options to let the public give feedback and ask questions
Monitoring tools critical to measuring comms effectiveness
Facebook and YouTube remain most popular social media options, but some central banks are experimenting with others
Inflation reports more frequent than financial stability reports
Clear majority of central banks also use ‘layering’ in key publications
Central banks leverage multimedia communication channels
Around a third have added podcasts, mobile apps and blogs to their comms repertoire
Suptech strategy: the seven missing links
RBI’s Manoj Kumar Singh sets out the actions central banks need to take to build an effective suptech strategy
Comms team salaries similar across high and middle income countries
Employees earn on average around $33,000, according to data from 15 central banks
Vast majority of central banks provide communications training
Social media, writing skills and public speaking emerged as key areas
Danish central bank denies suffering breach in SolarWinds hack
Media reports claimed central bank had been exposed for seven months
Academics miss out on central bank background briefings
After journalists, private sector analysts are offered briefings most often
Communications often involved at early stages of central bank policy
Most central banks say comms teams are involved in early planning stage of policy decisions
Fintech communication is most challenging for central banks
Central banks view fintech as greatest challenge, but rate monetary policy communication highly
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, and some recent exchanges have been combative, says Mike Hannah
Transparency is essential for financial stability – Georgia’s Gvenetadze
But it is still possible to be “too transparent”, governor warns
Yellen: ‘slightly higher interest rate’ would be fine
Treasury secretary says US should push forward with spending plans
Governance Benchmarks 2021 report – the frameworks that rule central banks
How are central banks governed? Benchmarking data offers insights on appointments, legal structures, powers, decision-making bodies, independence and more
Central Bank of Chile approves new transparency policy
New initiative based on standards of the IMF’s transparency code
Fed’s Quarles says time is coming for taper talk
St Louis Fed’s Bullard says it is “too early” to talk of tapering asset purchases
Communication needs to be adapted for different audiences – RBA research
Producing information in different formats may improve success of economic communication
The future of forward guidance
BNP Paribas Asset Management explores the current landscape around forward guidance, focusing on how central banks’ methods of communication are likely to evolve in the future. By Richard Barwell
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
Cash infrastructure as public good – implications for the cash cycle
Efforts are under way in the Eurosystem to safeguard cash infrastructure as a ‘public good’ even as transaction volumes have fallen significantly. How can policy-makers strike the right balance?