Communication Of Monetary Policy Decisions By Central Banks: What Is Revealed And Why

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Executive Summary

Central banks around the world have done much in recent years to refine the way they communicate their assessments of economic conditions and their decisions relating to the stance of monetary policy. This has reflected two main factors. First, a global trend towards greater central bank autonomy has been accompanied by a corresponding demand for greater democratic accountability and transparency (Mishkin (2007)). Second, there has been a growing consensus among monetary economists that better communication about central bank actions is essential in reducing the uncertainty facing economic agents.

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