Communication
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Fed survey says 40% of US households still struggling to make ends meet
A third of respondents said they were ‘somewhat or much worse off' than before the financial crisis, while a fifth are spending more than they earn
BoE’s Haldane sees greater role for central banks as risks shift
Central banks may have to address different episodes of financial instability as risks shift from the banking sector to other financial players, says BoE chief economist Andrew Haldane
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
Mario Draghi can ‘use the force' in central banking ‘confidence trick'
Market participants say ECB president Mario Draghi is the ‘Yoda' of central banking for his adept use of ‘Jedi mind tricks'
BoE scraps 170-year old weekly balance sheet ‘snapshot' to hide emergency liquidity
Bank of England to remove data on emergency liquidity provision from weekly statement, in a step away from full transparency in the interest of financial stability
Turkish central bank in broad social media push
Bank joined four social network platforms this week in bid to raise public's financial awareness; also says it will aim to foster ‘habit of saving and encouraging the use of' lira coins
Financial stability reports to become ‘a lot more important’
New research highlights ‘sizeable effects’ of financial stability reports on stock markets; speeches have become more influential since the crisis but this is unlikely to last
Lagarde says Yellen should double FOMC press conference frequency
IMF chief says clear communication is needed to dispel market uncertainty over US interest rate lift-off; also calls on FOMC to publish quarterly monetary policy reports
Opinion: The ECB is in danger of losing its voice
Mario Draghi's primary monetary policy tool - communication - may no longer be enough, says Patrick Artus of Natixis
CentralBanking.com will return on Tuesday, 27 May
Due to public holidays in the UK, CentralBanking.com will not publish a news alert on Monday. Normal service will resume on Tuesday, May 27
Jeremy Stein casts doubt on Fed's communication strategy
The governor, who steps down later this month, says he failed to appreciate how challenging communicating monetary policy can be before joining the Fed
Bank of Zambia holds seminar for local journalists
The Bank of Zambia held a three-day seminar for journalists at a holiday resort last week, impressing on them their responsibility to provide accurate information on the economy
Central bank communication key to herding behaviour, BoJ paper finds
‘Two layer’ model of investor information highlights crucial role for central bank communications in causing – and containing – herding behaviour in markets
Bank of Canada revamps website
The Canadian central bank has sought to simplify the design of its website and make it easier for users to locate information across a variety of devices
IMF minutes to go public after three years, not five
IMF plumps for greater transparency for the majority of its board meetings, but those used to discuss allocation of fund resources will stay secret for five years
FX Invest Europe: Deutsche Bundesbank official praises Fed’s QE exit strategy
Christine Glockmann says other central bankers may copy Fed’s communication over QE tapering; says eurozone economic policy suffers from member states 'bickering'
Reserve Bank of Fiji targets more effective communication
The central bank will build a new communications framework and resurrect plans for a financial stability report as part of its strategic outlook for 2014-18
Bernanke praises Volcker and Greenspan contributions on policy communication
Current Fed chair uses centenary celebration to hail contributions of his two predecessors in improving the Fed's communications - including ‘qualitative forward guidance' under Greenspan
Reserve Bank of New Zealand looks to ramp up ‘alternative' communication
RBNZ doubles down on speeches and alternative media channels such as videos and infographics to cut through post-crisis ‘noise'; follows Riksbank's communication strategy overhaul earlier this week
Sveriges Riksbank overhauls communication strategy
Sweden's central bank will focus on ‘dialogue' to better explain its operations; 'openness and clarity' remain guiding principles for the bank, which regularly tops transparency rankings
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