Type
Rapport
Titre
Central bank communication during normal and crisis time
Éditeur
European Parliament
Pages
22 p.
Mots clés
ECB, Communication, Monetary policy
Résumé
FR
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.
CITATION BIBLIOGRAPHIQUE
EXPORT