Monetary policy communication: Perspectives from former policy makers at the ECB

Arbeitspapier

This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced differences across the respondent groups are rare, suggesting that there is broad consensus on the various issues. Respondents view enhancing credibility and trust as the most important objective of central bank communication. They judge communication with financial markets and experts as extremely important and adequate, but see substantial room for improvement in the communication with the general public. The central bank objective is widely seen as the most important topic for monetary policy communication, and several respondents perceived a need for clarification of the ECB's inflation aim, citing the ambiguity of the "below, but close to, 2%" formulation that was in place at the time of the survey.

Angaben zum Objekt

• ISBN: 978-92-899-4914-9
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 2627

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies
• Thema: monetary policy ; central bank communication ; survey

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Ehrmann, Michael ; Holton, Sarah ; Kedan, Danielle ; Phelan, Gillian
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2021

Weitere Informationen

• DOI: doi:10.2866/939728
• Handle: http://hdl.handle.net/10419/249900
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ