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Central bank communication during normal and crisis time

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Listed:
  • Christophe Blot

    (Observatoire français des conjonctures économiques)

  • Paul Hubert

    (Observatoire français des conjonctures économiques)

Abstract

Central banks have intensified their communication strategy since the mid 1990’s and it has become an important instrument of central banks’ policymaking toolkit. A large empirical evidence suggests that central bank communication has effectively enhanced the transmission of monetary policy before and during the financial crisis. Nevertheless, the use of communication as a policy instrument is fragile since it depends on economic agents’ perceptions and beliefs. It is crucial that central bank communication be consistent with policy decisions.

Suggested Citation

  • Christophe Blot & Paul Hubert, 2018. "Central bank communication during normal and crisis time," Sciences Po publications info:hdl:2441/52p48pif509, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/52p48pif5099i9i8uilpqhgnt4
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    References listed on IDEAS

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    Keywords

    ECB; Communication; Monetary policy;

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