De Nederlandsche Bank
PO Box 98
1000 AB Amsterdam
Institutional Affiliation: Dutch Central Bank
Information about this author at RePEc
NBER Working Papers and Publications
|October 2016||Necessity as the Mother of Invention: Monetary Policy after the Crisis|
with Alan S. Blinder, Michael Ehrmann, Jakob de Haan: w22735
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to new policies, to have had discussions about mandates, and to have communicated more. But the thinking has changed more broadly—for instance, central banks in non-crisis countries also report having implemented macro-prudential measures. Overall, we expect central banks in the future to have broader mandates, use macro-prudential tools more widely, and communicate more actively than before the crisis. While there is no consensus yet about the usefulness of unconventional monetary policies, we expect m...
Published: Alan Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2017. "Necessity as the mother of invention: monetary policy after the crisis," Economic Policy, Volume 32, Issue 92, October 2017, Pages 707–755 citation courtesy of
|April 2008||Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence|
with Alan S. Blinder, Michael Ehrmann, Marcel Fratzscher, Jakob De Haan: w13932
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.
Published: Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-45, December. citation courtesy of