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Monetary policy decisions: preparing the inputs and communicating the outcomes


  • Bank for International Settlements


The Autumn 2007 Central Bank Economists’ Meeting at the BIS gathered senior representatives from 35 central banks to discuss both the material staff provide to policymakers at their institution as inputs to the policy decision and how the policy outcomes are communicated to the public. The central banks represented at the meeting included all of the largest central banks as well as banks from Africa, Asia, Europe, Oceania, and North and South America. The representatives contributed a background paper describing practices at their central bank. The papers covered what material is provided to policymakers, how it is produced, how it is evaluated, how it has changed and how decisions are communicated. This note was prepared to inform and help structure the discussion. It reviews the central bank contributions, drawing as well on the results of two surveys of central banks conducted by the Central Banking Studies group at the BIS in 2007. The surveys cover the provision of monetary policy analysis and advice by central bank staff and the monetary policy communication practices of central banks.

Suggested Citation

  • Bank for International Settlements, 2008. "Monetary policy decisions: preparing the inputs and communicating the outcomes," BIS Papers, Bank for International Settlements, number 37, february.
  • Handle: RePEc:bis:bisbps:37

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    References listed on IDEAS

    1. Rocío Betancourt & Hernando Vargas & Norberto Rodríguez., 2008. "Interest Rate Pass-Through in Colombia: a Micro-Banking Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 45(131), pages 29-58.
    2. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    3. Cristina Betancour & José De Gregorio & Juan Pablo Medina, 2008. "The "great moderation" and the monetary transmission mechanism in Chile," BIS Papers chapters,in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 159-178 Bank for International Settlements.
    4. Carlos Andrés Amaya, 2006. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 24(50), pages 48-97, June.
    5. Marco Arena & Carmen Reinhart & Francisco Vázquez, 2006. "The Lending Channel in Emerging Economics: Are Foreign Banks Different?," NBER Working Papers 12340, National Bureau of Economic Research, Inc.
    6. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    7. Marco A. Espinosa-Vega & Alessandro Rebucci, 2004. "Retail Bank Interest Rate Pass-through: Is Chile Atypical?," Central Banking, Analysis, and Economic Policies Book Series,in: Luis Antonio Ahumada & J. Rodrigo Fuentes & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.), Banking Market Structure and Monetary Policy, edition 1, volume 7, chapter 5, pages 147-182 Central Bank of Chile.
    8. David Archer, 2006. "Implications of recent changes in banking for the conduct of monetary policy," BIS Papers chapters,in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 123-51 Bank for International Settlements.
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    Cited by:

    1. Attila Csajbók, 2008. "The use of staff policy recommendations in central banks," MNB Working Papers 2008/4, Magyar Nemzeti Bank (Central Bank of Hungary).
    2. Bank for International Settlements, 2009. "Communication of monetary policy decisions by central banks: what is revealed and why," BIS Papers, Bank for International Settlements, number 47.
    3. Jung, Alexander & Kiss, Gergely, 2012. "Preference heterogeneity in the CEE inflation-targeting countries," European Journal of Political Economy, Elsevier, vol. 28(4), pages 445-460.

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