Communication
Central Banking Awards 2021: winners in full
Winners in 2021 include the Federal Reserve, Alejandro Díaz de León and Charles Goodhart
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
Initiative of the year: Saudi Central Bank’s business continuity programme
Advanced planning has allowed Sama employees and systems to continue operating critical functions despite the Covid-19 lockdowns
Central Bank of Barbados’s first governor dies
Blackman helped to introduce dollar peg and pioneered transparency
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
Central Banking Awards 2021: third round of winners revealed
Awards go to central banks and market practitioners for payments, market infrastructure and currency
Payments and market infrastructure development – retail: Central Bank of Hungary
The Hungarian central bank’s strict implementation requirements and unique operational setup has supported the acceleration towards electronic payments during the pandemic
Central Banking Awards 2021: second group of winners announced
Lifetime achievement award unveiled, plus awards for transparency, advisory, global markets and more
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
Website: Central Bank of the Philippines
BSP says its website’s mobile-friendly design and chatbot has boosted effectiveness of communication
Transparency: National Bank of Georgia
Georgia’s central bank has improved communications on monetary policy, financial stability and consumer protection
Communications initiative: Bank of Portugal
The launch of two mobile apps marked the final steps to redesign digital communication channels with both the public and own employees
Governor of the year: Alejandro Díaz de León
Díaz de León has upheld the authority, integrity and independence of the Bank of Mexico against significant external and internal pressures
CBRT’s Ağbal says central bank must aim for ‘permanent price stability’
Governor’s blog post marks new form of communication by senior executives
The untapped potential of transaction data
Covid-19 has highlighted the need for central banks to have more timely information, questioning whether high-frequency indicators are being used to their full potential.
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Kansas City Fed launches new website
Improved navigation and search functionality are at the core of redesign, central bank says
Kenneth Montgomery on the Fed’s progress with instant payments
The FedNow project leader speaks about Covid-19 payment behaviours, a new liquidity management tool and what it will take to achieve ubiquitous instant payments in the US
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
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
BoE must improve understanding of QE – report
Lack of understanding has prevented BoE’s ability to build public trust in new policy tool, report says
ECB says new data highlights stabilising effect of inflation expectations
Analysts argue that new approach to analysing surveys has “important practical advantages”
FOMC members welcomed ‘outcome-based’ guidance on QE
Fed policy-makers emphasised importance of balance sheet being used flexibly, minutes show