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Central bank communication during normal and crisis time

Résumé : Central banks have intensified their communication strategy since the mid 1990’s and it has become an important instrument of central banks’ policymaking toolkit. A large empirical evidence suggests that central bank communication has effectively enhanced the transmission of monetary policy before and during the financial crisis. Nevertheless, the use of communication as a policy instrument is fragile since it depends on economic agents’ perceptions and beliefs. It is crucial that central bank communication be consistent with policy decisions.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03404315
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Submitted on : Tuesday, October 26, 2021 - 3:41:16 PM
Last modification on : Monday, March 21, 2022 - 2:48:20 PM

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Christophe Blot, Paul Hubert. Central bank communication during normal and crisis time. [Research Report] European Parliament. 2018, pp.22. ⟨hal-03404315⟩

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