Communication
Podcast: Why forward guidance needs guidance
Richard Barwell, head of macro research at BNP Paribas Asset Management, discusses the limitations of forward guidance and what central banks must do to improve their communications
Brainard reiterates that inflation is ‘transitory’
Fed board member speaks after PCE inflation figure of 4% released
Communications Benchmarks 2021 report – executive summary
Insights into staffing and salaries, channels, social media, new technology and strategies
A brick-by-brick guide to inflation
Cleveland Fed uses Lego videos to explain inflation
Multiple expectations test communications
The Reserve Bank of New Zealand’s communications are being tested, and some recent exchanges have been combative, says Mike Hannah
Transparency is essential for financial stability – Georgia’s Gvenetadze
But it is still possible to be “too transparent”, governor warns
Communication needs to be adapted for different audiences – RBA research
Producing information in different formats may improve success of economic communication
Firms are ‘inattentive’ to inflation and monetary policy – NBER paper
Authors present new survey data indicating firms’ expectations are “anything but anchored”
Yellen unsettles markets with rate rise comments
Treasury secretary’s offhand comment about raising interest rates leads to stock selloff
Navigating the hazards of inequalities
Inequality poses a serious challenge for central bank communications, says Mike Hannah
BoE’s Bailey extols virtues of ‘meeting varied people’
Governor launches new initiative to gather diverse views from market contacts
New FOMC target may be shifting expectations – research
Cleveland Fed paper says some professional forecasters driving rise in inflation expectations
Fed chair’s tone of voice impacts stock prices – NBER paper
Study uses deep learning to study variations in tone, finding stocks respond but not bonds
CBRT’s Ağbal says central bank must aim for ‘permanent price stability’
Governor’s blog post marks new form of communication by senior executives
Fed officials differ on outlook for US economy
Leaders agree on policy, but differ on forecasts, measures and key concerns
Kansas City Fed launches new website
Improved navigation and search functionality are at the core of redesign, central bank says
Netherlands Bank launches new website
Central bank structures new site around six main themes
Talking to firms aids central banks at ‘turning points’ – BoC paper
Qualitative information is particularly useful when timely official data is lacking, authors say
FOMC members welcomed ‘outcome-based’ guidance on QE
Fed policy-makers emphasised importance of balance sheet being used flexibly, minutes show
Communications in focus: Central Bank of Brazil
The head of communications at the Central Bank of Brazil speaks about the use of websites during a pandemic and how central bank communications will need to evolve
Paper tracks changing rhetoric of Bank of Italy governors
Governors have changed the focus of their concluding remarks over time, as well as the length of their speeches
BoE considering legal action over hoax press release
Group calling themselves the ‘Yes Men’ claimed credit for the fake
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Lane’s calls to investors stir controversy ahead of key ECB meeting
Chief economist’s private discussions with investors after policy meetings come under scrutiny