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Part of book or chapter of book . 2023
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https://doi.org/10.1017/978100...
Part of book or chapter of book . 2023 . Peer-reviewed
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ECB Monetary Policies

The Increasing Importance of Communication
Authors: de Haan, Jakob;

ECB Monetary Policies

Abstract

Over the recent two decades, monetary policy has increasingly become the art of managing expectations. As a consequence, central bank communication has become an important instrument in central banks’ toolkits. Central bank communication was initially primarily focused on financial markets. Recently, however, central banks started paying increasing attention to communication with the general public. The European Central Bank (ECB) is no exception. Although communicating with the general public is important, it is not clear whether non-experts are within reach of the ECB. Even if they receive the communications, it cannot be taken for granted that they process them, and do so appropriately, as non-experts might lack the relevant background or because the communication by the central banks is too complex. However, even if central bank communication with the general public may have limited impact on inflation expectations, central bank accountability simply requires that central banks talk (and listen) to the general public. Clear and easy to understand communication to the general public is essential for the ECB’s legitimacy. The ECB should therefore primarily focus on explaining its price stability mandate in communicating to the general public, and do so in a relatable manner.

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average