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Behavioral Perspectives on Central Bank Communication for Financial Stability

Author

Listed:
  • Comanescu , Anton

    (City University of Seattle
    National Bank of Romania)

Abstract

Analyzing central bank communication during financial crises, we draw on a surprisingly informative parallel between management of natural disasters such as earthquakes on one hand, and the corresponding communication infrastructure and social interaction during financial turmoil, on the other. The role of social and emotional behavior thereof points to the importance of interpersonal communication for the dissemination of central bank information in a turbulent context. Overall, our research results inform central banks' attempts to coordinate the desideration of monetary policy, prudential supervision and financial stability in a framework that takes into account social and psychological challenges in the financial markets and the society.

Suggested Citation

  • Comanescu , Anton, 2012. "Behavioral Perspectives on Central Bank Communication for Financial Stability," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 6(3), pages 41-79, April.
    • Handle: RePEc:mbr:jmonec:v:6:y:2012:i:3:p:41-79
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    More about this item

    Keywords

    central bank policies; financial crises; disaster management; social interaction;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises

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