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Communication for Multi-Taskers: Perspectives on Dealing with Both Monetary Policy and Financial Stability

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  • Pierre L. Siklos

    ()
    (Wilfrid Laurier University and Viessmann European Research Centre, Waterloo, ON, Canada; The Rimini Centre for Economic Analysis (RCEA), Rimini, Italy)

Abstract

This paper examines the communications challenges facing central banks who will be sharing responsibilities with other agencies for macro-prudential objectives, in addition to conventional monetary policy goals. Following a description and analysis of surveys of central banks, and the attributes that make up an index of central bank transparency, some policy proposals are made. It is argued that a hybrid of inflation and price level targeting, combined with a requirement by the macro-prudential regulators to issue press releases much like central banks publish an announcement and rationale for the setting of monetary policy instruments, may improve the central bank communication in a post-crisis world.

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File URL: http://www.rcfea.org/RePEc/pdf/wp04_11.pdf
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Bibliographic Info

Paper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 04_11.

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Date of creation: Jan 2011
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Handle: RePEc:rim:rimwps:04_11

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Keywords: central bank communication; transparency; price level targeting;

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  1. RUGE-MURCIA, Francisco J., 2009. "Do Inflation-Targeting Central Banks Implicitly Target the Price Level?," Cahiers de recherche 16-2009, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
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