Summary of Communication of Monetary Policy in Unconventional Times

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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.

About the Authors

Günter Coenen et al. are with the European Central Bank.



Unusual times call for clear communication. Central bank forward guidance “on the future conduct of monetary policy” can work credibly to reduce economic uncertainty in concert with asset purchase programs. In less tumultuous economic times, central banks have been more sparse and opaque in their disclosures of policy measures and objectives. Since the global financial crisis, however, monetary officials have had to resort to less typical approaches that require more precise explanations. Central banks’ communications have in the main become more forward-looking. Indeed, communication itself has become a policy tool...

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