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The last 25 years has seen central banks around the world increasingly use public communication to support their policy goals. The shift from central bank opacity to the transparent environment facing most modern central banks is of paramount importance for both the academic study of central bank policy and its effective deployment.
Blinder et al. (2008) define central bank communication broadly as the information that the central bank makes available about its current and future policy objectives, the current economic outlook, and the likely path for future monetary policy decisions. As new communications technologies increasingly disintermediate traditional media, and also allow for new ways of interaction, a deeper understanding of the entire communications process becomes a crucial input into policy decisions.
There are important questions regarding the channels of effects of communication and their importance for expectations of different agents in the economy. There are also important gaps in our knowledge of the best way to communicate with different audiences and whether different media or ways of communication are more or less effective.
Leadership of the RPN is supported by a Steering Committee:- Gabriel Glocker (European Central Bank) and Michael Ehrmann (European Central Bank)
Virtual Research Office Hours
Michael McMahon sets aside a regular slot to speak to researchers working in the area. To book a slot, please visit http://mcmahonecon.com/rpn/rpnofficehours/
The Central Bank Communication RPN hosts a monthly seminar series (virtually) and will host in-person conferences and workshops, some of which will be organised with central banks and communication experts, as well as other academic research centres such as the Nuffield Centre for Applied Macro Policy at Oxford University (NuCAMP) or the Centre for Macro Economics at LSE (CfM). Some events will be supported as part of ERC Consolidator Grant 819131 (NewMonEc).
