Monetary-Policy Communication: The Experience of the Swedish Riksbank
Over the past ten to fifteen years, central banks have begun to communicate more openly. The article describes the Swedish central bank’s communication experiences in two central areas: the role of real stability in monetary policy, and the interest-rate assumption used as a basis for the economic forecasts. One conclusion is that a higher degree of openness, although desirable, often makes the central bank’s message more complex. The communication may therefore be perceived as less clear during a transitory period. Another conclusion is that how open a central bank chooses to be is not an isolated decision that leaves the bank’s practices unaffected in other respects. The degree of openness is likely to have repercussions on the central bank’s internal analyses and decision-making processes.
Volume (Year): 57 (2007)
Issue (Month): 11-12 (December)
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- Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2006.
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- Refet Gurkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2007. "Inflation targeting and the anchoring of inflation expectations in the western hemisphere," Economic Review, Federal Reserve Bank of San Francisco, pages 25-47.
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- Stanley Fischer, 1996. "Why are central banks pursuing long-run price stability?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 7-34.
- Giuseppe Ferrero & Alessandro Secchi, 2009. "The Announcement of Monetary Policy Intentions," Temi di discussione (Economic working papers) 720, Bank of Italy, Economic Research and International Relations Area.
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