Summary of Communication of Monetary Policy in Unconventional Times
Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB.
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Central banks have not had an easy time of it, particularly of late. In the years after the global financial crisis, unusual macroeconomic circumstances called for monetary authorities to implement exceptional measures to reduce uncertainty. This analysis from European Central Bank economists on the importance of properly worded and implemented central bank communications offers a comprehensive treatment of what is to many a recondite corner of global finance. getAbstract suggests this expert report to analysts, investors and central bankers.
In this summary, you will learn
- Why the proper communication of monetary policy assumes greater importance in times of economic uncertainty,
- How central banks have implemented specific measures and
- What the implications of properly executed forward guidance are for monetary policy communication.
About the Authors
Günter Coenen et al. are with the European Central Bank.