The Disclosure of Monetary Policy to the Public

This chapter examines the communication strategies adopted by three leading central banks: the Federal Reserve, the European Central Bank, and the Bank of England. Over the past two decades, central bank communication has moved from being a supplementary tool to a core element of monetary policy, and as such it has attracted significant attention in both academic research and policy debate. A rich body of literature in economics and finance has explored how these institutions convey their objectives, signal future policy intentions, and manage market expectations. This chapter brings together the main findings of that literature while also reviewing the documentation and official communication practices currently provided by the three central banks. By synthesizing the evidence, it highlights the similarities and differences in institutional approaches, ranging from forward guidance and press conferences to speeches, reports, and new forms of digital outreach. Beyond offering a structured overview of the state of knowledge, the chapter also points to open questions and avenues for future research.