Communication
Explicit communication from Sarb helped agents predict rate hikes – paper
Authors compare forecasts from 2013 and 2014 to identify whether specific terminology affected forecasting; “rising cycle” talk shaped expectations, paper shows
Federal Reserve Board seeks comms boost with Facebook page
Fed adopts its fifth form of social media in an effort to reach a greater audience, joining many other central banks expanding their communications in a similar direction
BoE seen as ‘boxed in’ ahead of MPC vote
Forward guidance from MPC members has laid the ground work for a rate cut or other form of easing; even if the effect of a cut is minimal, a hold decision would be worse, says former committee member
Boston Fed seeks ‘more welcoming front door’ with new website
Federal Reserve Bank of Boston launches new website embracing responsive design; new navigational system focuses on four elements of its work
Larger changes in policy statements lead to more volatility – paper
Research considers how much similarity in central bank statements on monetary policy matters for their reception
Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions and take stronger actions where practices fall short; monetary policy likely on hold for 2016
Turkish central bank to meet with investors under new comms practices
Central Bank of the Republic of Turkey announces string of new communication practices that will see it meet with wider range of stakeholders
Releases of monetary data aid market rate expectations – paper
Working paper published by ECB shows releases of monetary data is helpful to financial markets in forming rate expectations
Kiuchi says BoJ must communicate better
Board member concerned monetary policy is becoming less predictable as observers expect ever more easing; warns against use of negative rates
Haldane admits BoE communications can be ‘impenetrable'
Chief economist notes ever-longer publications have not tallied with better understanding among the UK public, suggesting the message needs to be clearer and simpler
Political and public support ‘critical’ for macro-prudential policy, says Kohn
Effective communication can help ensure public support for macro-prudential policy, BoE FPC member says; lack of support could encourage political interference
Mexican deputy calls for ‘proper consideration’ of peers
Mexican deputy stresses need for improved policy communication between advanced economies and emerging markets
Seychelles central bank will chair new financial stability committee
Advisory body will comprise representatives from four different public bodies and meet on a quarterly basis; supported by new financial stability unit within central bank
Inflation expectations well-anchored, Richmond Fed president says
Lacker tells audience at Banque de France he believes expectations are anchored, despite drop in inflation compensation; Villeroy de Galhau notes drop in market-based measures in eurozone
Economists mull how to improve Fed communications
Paper presented at US Monetary Policy Forum encourages Fed to move away from ‘time-based’ forward guidance; considers what kind of new information would be useful to markets
Irish central bank begins publishing commission minutes
Ireland’s central bank starts publishing minutes from commission meetings; oversight body’s minutes will be released ‘to provide greater understanding’ of internal debates
Research considers why macroeconomic announcements impact asset prices
A working paper published by the ECB weighs the ‘intrinsic value’ of macroeconomic news announcements in the US, finding timing is crucial to maintaining it
Kansas Fed researchers bridge gap between forward guidance data and theory
Working paper identifies empirical effects of guidance at the zero lower bound, before finding a standard model of price rigidity largely replicates the results
New Bank Negara Malaysia website gets ‘trial run’
Malaysian central bank launches new website for a trial period, before it becomes fully operational by end of March; existing site will remain functional in the interim
FCA officials grilled on second comms backlash
MPs accuse FCA of failing to recognise perceived importance of dropped bank culture review, leading to strong public backlash; chief executive says approach to communication will be reassessed
Angola central bank’s new website draws on emerging best practices
Responsive website launched for 2016; work in Brazil, Portugal, South Africa and UK were ‘points of reference’ in process
BoJ board reveals miscommunication fears
New ‘summary of opinions’ reveals some on board concerned about giving impression stimulus is at its limit, while some see dangers to taking further action
Bank of England tackles challenges flagged by staff survey
While the results show a strong, positive corporate culture at the BoE, the central bank has identified four areas for improvement
Lane tells Irish central bankers he’ll be in touch
New governor of the Central Bank of Ireland says he will be in ‘regular touch’ with his colleagues through his blog, video messages and also directly