Communication
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
People: San Francisco Fed appoints strategy and people officer
Dallas and San Francisco Feds appoint officials; new ECB comms chief takes up role; Bank of Greece adviser to head up payments network
The role of Tips for the future payments landscape
Tips could support euro CBDC plus cross-border payments in many currencies
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
Central bank social media usage continues to evolve
User growth among central banks has started to level off, but those that use social media platforms are seeing growing subscriber bases and an increase in engagement
Paper tracks changing rhetoric of Bank of Italy governors
Governors have changed the focus of their concluding remarks over time, as well as the length of their speeches
What does 2021 hold for the ECB?
Former officials reflect on AIT, how the strategy review may affect normalisation, QE options and the need for new tools
China’s digital yuan kicks off test on e-commerce platforms
New round of tests in Suzhou allow use of CBDC for online shopping for the first time; new features designed to protect privacy
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from EMU to prepare for their own currency unions
ECB is caught in a ‘communications trap’ – Issing
Monetary policy architect says ‘close to’ 2% inflation target was never part of original plan; urges ECB to reject Fed-like average inflation targeting
BoE considering legal action over hoax press release
Group calling themselves the ‘Yes Men’ claimed credit for the fake
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its 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
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses