TY  - JOUR
AU  - Blinder,Alan S.
AU  - Ehrmann,Michael
AU  - Fratzscher,Marcel
AU  - Haan,Jakob De
AU  - Jansen,David-Jan
TI  - Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13932
PY  - 2008
Y2  - April 2008
UR  - http://www.nber.org/papers/w13932
L1  - http://www.nber.org/papers/w13932.pdf
N1  - Author contact info:
Alan S. Blinder
Department of Economics
Princeton University
Princeton, NJ 08544-1021
Tel: 609/258-3358
Fax: 609/258-5398
E-Mail: blinder@princeton.edu

Michael Ehrmann
European Central Bank
Postfach 16 03 19
D-60066 Frankfurt am Main
GERMANY
E-Mail: michael.ehrmann@ecb.int

Marcel Fratzscher
European Central Bank
Kaiserstrasse 29
D-60311 Frankfurt/Main    GERMANY
Tel: +49 - 69 1344 6871
E-Mail: marcel.fratzscher@ecb.int

Jakob de Haan
Faculty of Economics and Business
University of Groningen
PO Box 800
9700 AV Groningen, Netherlands
and CESifo
E-Mail: jakob.de.haan@rug.nl

David-Jan Jansen
De Nederlandsche Bank
Westeinde 1
PO Box 98
1000 AB Amsterdam
The Netherlands
E-Mail: d.jansen@dnb.nl
AB  - Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication -- mostly empirical, and almost all of it written in this decade. We survey this ever-growing literature. The evidence suggests that communication can be an important and powerful part of the central bank's toolkit since it has the ability to move financial markets, to enhance the predictability of monetary policy decisions, and potentially to help achieve central banks' macroeconomic objectives. However, the large variation in communication strategies across central banks suggests that a consensus has yet to emerge on what constitutes an optimal communication strategy.
ER  -