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.