Communication
Publishing minutes is vital for central bank comms, say markets
Market participant survey gives Fed highest score for policy and communication in the wake of the financial crisis; ECB scores worse in the absence of published minutes
Fed minutes ‘significantly affect’ US asset prices
New York Fed economic policy review finds that US asset price volatility increases when the Fed releases minutes from policy meetings, but less so since FOMC has become more transparent
NY Fed staff say effect of policy changes depend on risk environment
New staff report argues that macro policy announcements affect asset prices to different extents depending on the existing economic outlook; when risk is elevated, the impact is reduced
Haldane says central banks have ‘further to go’ to improve communication
Bank of England executive director Andrew Haldane says policy-makers are still searching for a language that resonates with the general public
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
Bullard says Fed should ape ECB press conference schedule
James Bullard of the St Louis Fed wants to see the Fed chair give a press conference after every meeting of the FOMC - not after alternate meetings, as is the case currently
ECB's Cœuré and Asmussen call for published minutes
Public account 'should include who voted for what, and the reasoning behind that vote', say executive board members; move would bring ECB in line with other major central banks
Banque de France launches mobile app
Users can access key statistics, speeches, news and other information from the French central bank through their mobile phone
PMA launches three-pronged social media strategy
Palestine Monetary Authority launches Facebook, Twitter and YouTube accounts, putting it among the relatively few central banks worldwide that use multiple social media
Shirai says Bank of Japan’s communication has ‘room for improvement’
Board member explains reasons for dissent in recent monetary policy meeting; says Outlook Report is unclear in some places and misleading in others
Central banks adopting social media at different paces, finds CBJ study
A new Central Banking journal study shows that institutions around the world are adopting very different approaches in their deployment of social media techniques
New DSGE model finds anticipated 'low for long' policy can cause a boom
Finnish paper, inspired by US policy of the early 2000s, finds combination of too-low-for-too-long interest rate policy and optimism leads to an increase in overall leverage
Fed working paper measures FOMC comms effect against theory of UIP
Paper finds 'little evidence' for a changed relationship between FOMC announcements and US interest rates since the 'onset of the zero lower bound'
IMF’s Shafik says communication is central banks' ‘most important tool’
Deputy managing director Nemat Shafik believes communication is the most valuable of central banks’ unconventional policies; highlights benefits of maintaining a disciplined message
Central banks need to be wary of ‘new’ monetary policy trends
Policy-makers are reappraising the role of independent central banks pursuing inflation targets. Bernd Braasch1 encourages them to use sound evidence to inform their judgements
Solid financial accounts can help central banks meet their mandates – CBP roundtable
The manner that central banks manage and present their financial accounts is becoming critical to them achieving their mandates, according to a CBP working group.
Public policy signals can be beneficial, says BIS paper
Bank for International Settlements study models effect of policy signals on prices and market outcomes; takes into account market response
Macedonia seeks to influence expectations
National Bank of the Republic of Macedonia unveils new research programme; hopes to improve communication to better manage expectations
Central Bank of Colombia paper models transparency incentives
Working paper evaluates central bank incentives to misrepresent private information; finds central banks cannot credibly commit to truth-telling
Lagarde offers views on globalisation
Christine Lagarde discusses global connections and the future; takes feminist line in speech to graduating students
Swift chooses head of marketing as new chief
Gottfried Leibbrandt confirmed as successor to Lázaro Campos at global financial communications, products and services company
Riksbank establishes financial stability communication policy
Swedish central bank publishes new financial stability communications policy; supplements the general policy in place at the Riksbank
Nigerian central bank adds new departments
Central Bank of Nigeria creates new departments to 'enhance operations'; three new female directors appointed
Plosser bemoans 'confusion' over Fed communications
Federal Reserve Bank of Philadelphia president Charles Plosser says decision to set time frame for when rates will remain exceptionally low had created confusion over Fed's policy statement