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Monetary policy communication and uncertainty


  • Tim Hampton
  • Dominick Stephens
  • Renee Philip

    (Reserve Bank of New Zealand)


Central banks have become progressively more transparent in explaining to the public the rationale for a given monetary policy decision, often using economic projections as a vehicle for explaining policy issues. Nevertheless, increased transparency poses potential risks, particularly if the uncertainty around projected outcomes is not communicated in a way that avoids misleading readers. This article describes a number of the options available to central banks for communicating uncertainty.

Suggested Citation

  • Tim Hampton & Dominick Stephens & Renee Philip, 2003. "Monetary policy communication and uncertainty," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 66, June.
  • Handle: RePEc:nzb:nzbbul:june2003:3

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    References listed on IDEAS

    1. Georgios Chortareas & David Stasavage & Gabriel Sterne, 2002. "Does it pay to be transparent? international evidence form central bank forecasts," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 99-118.
    2. Mervyn King, 1994. "Monetary policy in the UK," Fiscal Studies, Institute for Fiscal Studies, vol. 15(3), pages 109-128, August.
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