RPN Central Bank
Research Policy Network (RPNs) Central Banking

Central Bank Communication

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.

Years active
Project lead

Michael McMahon

Professor of Economics Department of Economics, University of Oxford

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/


Ana Aguilar

Senior Economist, Office for the Americas Bank for International Settlements

RPN Member, Central Bank Communication

Elga Bartsch

RPN Member, European Economic Architecture / RPN Member, Central Bank Communication

Karel Mertens

Associate Professor of Economics at the Department of Economics Cornell University; Economist Federal Reserve Bank of Dallas

Emanuel Moench

Professor of Financial and Monetary Economics Frankfurt School of Finance & Management

Ricardo Reis

A.W. Phillips Professor of Economics London School of Economics and Political Sciences

Giovanni Ricco

Chercheur Associé, OFCE Sciences-Po Paris - University; Professor of Economics University Of Warwick

Giulia Sestieri

Economist, International Macroeconomics Division Bank of France

RPN Member, Central Bank Communication