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Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation

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  • Michael McMahon

Abstract

Interest and attention on central bank communication has grown substantially in the last three decades. Alongside this change, there has been a lot of work to understand the effects of such communication and to guide central banks on how to communicate. This paper is a personal assessment of some of the main lessons that I have taken from this work. It necessarily draws heavily on the lessons from my own work (as these are issues that I have thought most deeply about), but I also try to draw out the views of others in those areas. In addition, I discuss other non-comprehensive, important areas that I haven't worked on (yet) but I think the research has shown important insights from which useful lessons for central banks can be learned.

Suggested Citation

  • Michael McMahon, 2024. "Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation," RBA Annual Conference Papers acp2024-01, Reserve Bank of Australia, revised May 2025.
    • Handle: RePEc:rba:rbaacp:acp2024-01
    Note: Paper presented at the RBA's annual conference 'Central Bank Communications', Sydney, 14–15 October 2024.
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    Keywords

    central banks; monetary policy frameworks; communications; inflation expectations; education; uncertainty; trust;
    All these keywords.

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