Communication
New Zealand central bank facing 'paradox of transparency'
RBNZ-commissioned survey finds trade-off between transparency and certainty; reveals discrepancy between public and stakeholder trust
Minneapolis Fed essay suggests new focus for FOMC comms
Sam Schulhofer-Wohl argues the FOMC should talk more about what it is trying to accomplish with its monetary policy; Minneapolis Fed staff rewrite January statement to illustrate point
Riksbank seeks greater clarity with redesigned monetary policy report
Shorter report aims to focus more on analysis and less on detailed data reporting, with new layout to boost readability; head of forecasting says design process drew on years of feedback
Colombian paper considers reaction functions in payments
Working paper examines how different entities within a large-value payment system react to failures within that system, finding that a range of factors are in play
Kalyalya: Bank of Zambia will revamp communications
New governor tells press the central bank will look to establish ‘more structured and regular’ communications with the public; sets out economic challenges and opportunities
Visual interfaces ‘hold promise’ for policy-makers
Working paper published by ECB finds ‘analytical visualisations and interactive interfaces’ can help with the communication of risks; presents macro-prudential data cube
ECB to publish unattributed ‘accounts’ of policy discussions
European Central Bank will publish ‘accounts’ four weeks after every meeting; they are designed to improve the general public’s understanding of the governing council’s thought process
Policy discussion makes up between 5% and 70% of central bank minutes, study finds
Report by Central Bank of Ireland shows great variation in scope and characteristics of minutes, with word count ranging from 600 to 13,000
Perceptions of monetary policy determine long-term bond yields, IMF paper finds
Rise in yields following Federal Reserve ‘taper talk' in 2013 is due to monetary policy shock; communications should place less focus on explaining adjustment triggers
Shift towards 'commercial' and 'political' central bank communication set to continue
Central banks to continue mimicking commercial and political entities in their communications despite reputational costs; more resources will be dedicated to social media use, says Niels Bünemann
The viability of a commercial approach to central bank communication
Will the prevailing trend for central bank communications to mimic those of commercial entities and political parties stand the test of time?
CentralBanking.com will return on Tuesday, August 26
Due to public holidays in the UK, CentralBanking.com will not publish a news alert on Monday. Normal service will resume on Tuesday, August 26
The challenges for central banks
Demands are being made for central banks to consider financial stability alongside price stability, as a key component of their monetary policy. But that is nothing new for central banks
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Fed survey says 40% of US households still struggling to make ends meet
A third of respondents said they were ‘somewhat or much worse off' than before the financial crisis, while a fifth are spending more than they earn
BoE’s Haldane sees greater role for central banks as risks shift
Central banks may have to address different episodes of financial instability as risks shift from the banking sector to other financial players, says BoE chief economist Andrew Haldane
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
Mario Draghi can ‘use the force' in central banking ‘confidence trick'
Market participants say ECB president Mario Draghi is the ‘Yoda' of central banking for his adept use of ‘Jedi mind tricks'
BoE scraps 170-year old weekly balance sheet ‘snapshot' to hide emergency liquidity
Bank of England to remove data on emergency liquidity provision from weekly statement, in a step away from full transparency in the interest of financial stability
Turkish central bank in broad social media push
Bank joined four social network platforms this week in bid to raise public's financial awareness; also says it will aim to foster ‘habit of saving and encouraging the use of' lira coins
Financial stability reports to become ‘a lot more important’
New research highlights ‘sizeable effects’ of financial stability reports on stock markets; speeches have become more influential since the crisis but this is unlikely to last
Lagarde says Yellen should double FOMC press conference frequency
IMF chief says clear communication is needed to dispel market uncertainty over US interest rate lift-off; also calls on FOMC to publish quarterly monetary policy reports
Opinion: The ECB is in danger of losing its voice
Mario Draghi's primary monetary policy tool - communication - may no longer be enough, says Patrick Artus of Natixis
CentralBanking.com will return on Tuesday, 27 May
Due to public holidays in the UK, CentralBanking.com will not publish a news alert on Monday. Normal service will resume on Tuesday, May 27