Central bank communication during normal and crisis time
Abstract
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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