Skip to main content Accessibility help
×
Hostname: page-component-cd9895bd7-gvvz8 Total loading time: 0 Render date: 2024-12-23T01:01:16.706Z Has data issue: false hasContentIssue false

II - Communication

Published online by Cambridge University Press:  14 November 2024

Sean Holly
Affiliation:
University of Cambridge
Michael McMahon
Affiliation:
University of Oxford
Stephen Millard
Affiliation:
National Institute of Economic and Social Research
Anna Watson
Affiliation:
University of Cambridge
Get access
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2024

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Bailey, Andrew, Bridges, Jonathan, Harrison, Richard, Jones, Josh and Mankodi, Aakash (2020), ‘The central bank balance sheet as a policy tool: Past, present and future’. Staff Working Paper No. 899.CrossRefGoogle Scholar
Broadbent, Ben (2013), ‘Conditional guidance as a response to supply uncertainty’. Speech given by External Member of the Monetary Policy Committee, Bank of England at the London Business School, Monday 23 September.Google Scholar
Broadbent (2017), ‘The history and future of QE’, Speech given to the Society of Professional Economists, London, 23 July 2018. www.bis.org/review/r180724c.pdfGoogle Scholar
Broadbent, Ben (2018), ‘The history and future of QE’. Speech given by Deputy Governor, Monetary Policy at the Society of Professional Economists, London 23 July.Google Scholar
Mark, Carney (2017), ‘Lambda’. Speech given by Governor of the Bank of England, London School of Economics, Monday 16 January.Google Scholar
Del Negro, Marco, Giannone, Marc and Patterson, Chrisina (2023), ‘The forward guidance puzzle’, Journal of Political Economy: Macroeconomics. 1(1), 4379.Google Scholar
Feroli, Michael, Greenlaw, David, Hooper, Peter, Mishkin, Frederic and Sufi, Amir (2017), ‘Language after liftoff: Fed communication away from the zero lower bound’, Research in Economics, Elsevier. 71(3), 452–90.CrossRefGoogle Scholar
Gabaix, Xavier (2020), ‘A behavioral New Keynesian model’, American Economic Review. 110(8), 2271–327.CrossRefGoogle Scholar
Gali, Jordi (2008), Monetary Policy, Inflation, and the Business Cycle. Princeton University Press.Google Scholar
Haberis, Alex, Harrison, Richard and Waldron, Max (2019), ‘Uncertain policy promises’, European Economic Review. 111, 459–74.Google Scholar
Harrison, Richard and Waldron, Matt (2021), ‘Optimal policy with occasionally binding constraints: Piecewise linear solution methods’. Staff Working Paper No. 911 February.CrossRefGoogle Scholar
Kahneman, Daniel (2011), Thinking, Fast and Slow. Farrar, Straus and Giroux.Google Scholar
King, Mervyn (2005), ‘Monetary policy: Practice ahead of theory’. Speech given by Governor of the Bank of England at the Mais Lecture, Cass Business School, London 17 May.Google Scholar
Krugman, Paul (1999), ‘It’s baaack: Japan’s slump and the return of the liquidity trap’. Brookings Papers on Economic Activity. 2, 137–87.Google Scholar
McDermott, John (2013), ‘The role of forecasting in monetary policy’. Speech by Assistant Governor and Head of Economics of the Reserve Bank of New Zealand, to the Financial Services Institute of Australasia, Wellington, 15 March.Google Scholar
Miles, David (2014), ‘What is the right amount of guidance? The experience of the Bank of England with forward guidance’. Speech given at the De Nederlandsche Bank annual research conference, Amsterdam, 13 November.Google Scholar
Norges Bank (2022), Norges Bank’s Monetary Policy Handbook Issue 1 of Norges Bank papers.Google Scholar
Rannenberg, Ansgar (2021), ‘State-dependent fiscal multipliers with preferences over safe assets’, Journal of Monetary Economics. 117(C), 1023–40.CrossRefGoogle Scholar
Riksbank (2017), The Riksbank’s Experiences of Publishing Repo Rate Forecasts’, Riksbank Studies, June.Google Scholar
Swanson, Eric and Williams, John (2014), ‘Measuring the effect of the zero lower bound on yields and exchange rates in the U.K. and Germany’, Journal of International Economics. 92(Supplement 1), S2S21.CrossRefGoogle Scholar
Woodford, Michael (2003), Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton University Press.Google Scholar
Woodford, Michael (2012), ‘Methods of policy accommodation at the interest-rate lower bound,’ in The Changing Policy Landscape. Proceedings of the Jackson Hole Economic Policy Symposium. Federal Reserve Bank of Kansas City, 185288.Google Scholar
Yellen, Janet (2012), ‘Perspectives on monetary policy’, at the Boston Economic Club Dinner, Boston, Massachusetts.Google Scholar

References

Bank of England (1999a), Economic Models at the Bank of England.Google Scholar
Bank of England (1999b), ‘The transmission mechanism of monetary policy’. Bank of England Quarterly Bulletin, May.Google Scholar
Bank of England (2000), Economic Models at the Bank of England: September 2000 Update.Google Scholar
Bean, Charles and Jenkinson, Nigel (2001), ‘The formulation of monetary policy at the Bank of England’. Bank of England Quarterly Bulletin, Winter.Google Scholar
Bernanke, Ben, Laubach, Thomas, Mishkin, Frederic and Posen, Adam (1998), Inflation Targeting: Lessons from the International Experience. Princeton University Press.Google Scholar
Blinder, Alan S. (2018), ‘Through a crystal ball darkly: The future of monetary policy communication’, AEA Papers and Proceedings. 108, 567–71.CrossRefGoogle Scholar
Blinder, Alan S., Ehrmann, Michael, Fratzscher, Marcel, De Haan, Jakob and Jansen, David-Jan (2008), ‘Central bank communication and monetary policy: A survey of theory and evidence’, Journal of Economic Literature. 46(4), 910–45.CrossRefGoogle Scholar
Blinder, Alan S, Ehrmann, Michael, De Haan, Jakob, and Jansen, David-Jan (2022), ‘Central bank communication with the general public: Promise or false hope?’ CEPR Discussion Papers DP17441, Centre for Economic Policy Research.CrossRefGoogle Scholar
Britton, Erik, Fisher, Paul and Whitley, John (1998), ‘The inflation report projections: Understanding the fan chart. Bank of England Quarterly Bulletin, Q1.Google Scholar
Burgess, Stephen, Fernandez-Corugedo, Emilio, Groth, Charlotta et al. (2013), ‘The Bank of England’s forecasting platform: Compass, maps, ease and the suite of models’. Bank of England Working Paper, No 471.CrossRefGoogle Scholar
Byrne, David, Goodhead, Robert, McMahon, Michael and Parle, Conor (2023), ‘The central bank crystal ball: Temporal information in monetary policy communication’. CEPR Discussion Paper 17930.Google Scholar
Clarida, Richard, Gali, Jordi and Gertler, Mark (1999), ‘The science of monetary policy: A new Keynesian perspective’, Journal of Economic Literature. 37(4), 1661–707.CrossRefGoogle Scholar
Coibion, Olivier, Gorodnichenko, Yuriy, Knotek II, Edward S. and Schoenle, Raphael (2021), ‘Average inflation targeting and household expectations’. NBER Working Papers 27836, National Bureau of Economic Research.CrossRefGoogle Scholar
Eichengreen, Barry and Geraats, Petra (2015), ‘The Bank of England fails its transparency test’. VoxEU, 06 January.Google Scholar
Gali, Jordi (2015), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications. Princeton University Press.Google Scholar
Gerlach-Kristen, Petra (2003), ‘Insiders and outsiders at the Bank of England’. Central Banking, XIV(1), 96102.Google Scholar
Haldane, Andrew ed. (1995), Targeting Inflation: A Conference of Central Banks on the Use of Inflation Targets Organised by the Bank of England. Bank of England.Google Scholar
Haldane, Andrew (2017), ‘A little more conversation, a little less action’. A speech given at the Federal Reserve Bank of San Francisco, Macroeconomics and Monetary Policy Conference, 31 March.Google Scholar
Haldane, Andrew and McMahon, Michael (2018), ‘Central bank communications and the general public’, AEA Papers and Proceedings, American Economic Association. 108, 578–83.Google Scholar
Haldane, Andrew, Macaulay, Alistair and McMahon, Michael (2021), ‘The 3 Es of central bank communication with the public’, in Pastén, Ernesto and Reis, Ricardo (eds.), Independence, Credibility, and Communication of Central Banking, 279342. Banco Central de Chile, Santiago, Chile.Google Scholar
Hansen, Stephen, McMahon, Michael and Velasco, Carlos (2014). ‘Preferences or private assessments on a monetary policy committee?’, Journal of Monetary Economics. 67, 1632.CrossRefGoogle Scholar
Hansen, Stephen, McMahon, Michael and Prat, Andrea (2018), ‘Transparency and deliberation within the FOMC: A computational linguistics approach’. The Quarterly Journal of Economics. 1332(1), 801–70.Google Scholar
Hansen, Stephen, McMahon, Michael and Tong, Matthew (2019), ‘The long-run information effect of central bank communication’, Journal of Monetary Economics. 108(C), 185202.CrossRefGoogle Scholar
Harrison, Richard, Quinn, Meghan, Ramsay, Gareth and Scott, Alisdair (2005), The Bank of England’s Quarterly Model. Bank of England.Google Scholar
Joseph, Andreas, Lam, Jenny and McMahon, Michael (2021), ‘The public economist: Learning from our citizens’ panels about the UK economy’, Bank of England Quarterly Bulletin. 61(4). www.bankofengland.co.uk/quarterly-bulletin/2021/2021-q4/the-public-economist-learning-from-our-citizens-panels-about-the-uk-economy.Google Scholar
King, Robert G., Lu, Yang K. and Pastén, Ernesto S. (2008), ‘Managing expectations’, Journal of Money, Credit and Banking. 40(8), 1625–66.CrossRefGoogle Scholar
McMahon, Michael and Naylor, Matthew (2023), ‘Getting through: Communicating complex central bank messages’. CEPR Discussion Paper.CrossRefGoogle Scholar
Munday, Tim (2022), ‘More than words: Bank of England publications and market prices’. BankUnderground, 17 May 2022. https://bankunderground.co.uk/2022/05/17/more-than-words-bank-of-england-publications-and-market-prices/.Google Scholar
Pagan, Adrian (2003), ‘Report on modelling and forecasting at the Bank of England’. Bank of England Quarterly Bulletin, Q1.Google Scholar
Razi, Ahmad and Loke, Po Ling (2017), ‘Fan chart: The art and science of communicating uncertainty’, in Bank for International Settlements, (ed.), IFC Bulletins Chapters in: Statistical Implications of the New Financial Landscape, volume 43. Bank for International Settlements.Google Scholar
Reichlin, Lucrezia, Adam, Klaus, McKibbin, Warwick J. et al. (2021), The ECB Strategy: The 2021 Review and Its Future, volume Centre for Economic Policy Research eBook. Centre for Economic Policy Research. September.Google Scholar
Rholes, Ryan and Petersen, Luba (2020), ‘Should central banks communicate uncertainty in their projections?’ Discussion papers dp20-01, Simon Fraser University, Department of Economics.CrossRefGoogle Scholar
Rholes, Ryan and Sekhposyan, Tatevik (2021), ‘Central bank density forecasts and asset prices: Do revisions to higher-order moments matter?’ mimeo.Google Scholar
Runge, Johnny and Hudson-Sharp, Nathan (2020), ‘Public understanding of economics and economic statistics’. ESCoE Occasional Papers ESCOE-OP-03, Economic Statistics Centre of Excellence.Google Scholar
Shiller, Robert J (2017) ‘Narrative Economics’, American Economic Review. 107(4), 9671004.CrossRefGoogle Scholar
Skingsley, Cecilia (2019), ‘How to open up a central bank and why stay open?’ Keynote lecture at the Central bank communications conference ‘From Mystery to Transparency’ organised by the Central Banks of Ukraine and Poland. Kiev, 23 May.Google Scholar
Warsh, Kevin (2014), Transparency and the Bank of England’s Monetary Policy Committee, Review. December.Google Scholar

References

Campbell, Jeffrey R, Evans, Charles L, Fisher, Jonas D M and Justiniano, Alessandro (2012), ‘Macroeconomic effects of Federal Reserve forward guidance’, Brookings Papers on Economic Activity. 43, 180.CrossRefGoogle Scholar
Chadha, Jagjit S and Nolan, Charles (2001), ‘Inflation targeting, transparency and interest rate volatility: Ditching ‘monetary mystique’ in the United Kingdom’, Journal of Macroeconomics. 23, 349–66.CrossRefGoogle Scholar
Eggertsson, Gauti B and Woodford, Michael (2003), ‘The zero bound on interest rates and optimal monetary policy’, Brookings Papers on Economic Activity. 34, 139235.CrossRefGoogle Scholar
Goodfriend, Marvin (1986), ‘Monetary mystique: Secrecy and central banking’, Journal of Monetary Economics. 17, 6392.CrossRefGoogle Scholar
Greenspan, Alan (2007), The Age of Turbulence. Penguin Press.Google Scholar
Haberis, Alex, Harrison, Richard and Waldron, Matthew (2017), ‘Uncertain forward guidance’, Bank of England Working Paper No. 654.Google Scholar
Krugman, Paul R (1998), ‘It’s baaack: Japan’s slump and the return of the liquidity trap’, Brookings Papers on Economic Activity, 29, 137206.CrossRefGoogle Scholar
Lasaosa, Ana (2005), ‘Learning the rules of the new game? Comparing the reactions in financial markets to announcements before and after the Bank of England’s operational independence’, Bank of England Working Paper No. 255.Google Scholar
Werning, Ivan (2011), ‘Managing a liquidity trap: Monetary and fiscal policy’, National Bureau of Economic Research Working Paper No. 17, 344.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×