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Central banking with many voices: the communications arms race
Around the world, most central banks set policy by committee. This is motivated in part by the idea that groups reach better decisions than individuals and in part by a desire for representation of different geographical areas and economic...
Transparency, flexibility, and inflation targeting
Three parallel and certainly not independent changes have occurred in central bank practices over the past fifteen years. The first is the spread of central bank independence, which is tied to the notion that even when the government plays a role in setting the goals of monetary policy, central banks ...
The transformation and performance of emerging market economies across the great divide of the global financial crisis
Before the Global Financial Crisis, a drive towards greater central-bank autonomy and transparency, as part of the achievement of greater central-bank credibility that had begun in the advanced economies (AE), spread to the emerging market economies...
Inflation targeting and the anchoring of inflation expectations in the Western hemisphere
Many central banks have adopted a formal inflation-targeting framework based on the belief and the theoretical predictions that an explicit and clearly communicated numerical objective for the level of inflation over a specified period would, in itself, be a strong communication device that would help ...
The three E’s of central-bank communication with the public
Central banks used to ask, “Shall we communicate this?” Now, as a rule, they ask, “Why wouldn’t we communicate this?” This
first wave of the revolution in central-bank communication is giving rise to a second wave. The question increasingly is, “How should we communicate this in a way that engages a ...
Measuring and managing macrofinancial risk and financial stability: a new framework
The vulnerability of a national economy to volatility in the global markets for credit, currencies, commodities, and other assets has become a central concern of policymakers. The responsibility for managing these risks at the national level is often given to the central bank. However, the conventional ...
Macroprudential policy: promise and challenges
The developments that led to the 2008 global financial crisis raised a new awareness amongst central banks and financial regulators in advanced economies about the need to approach financial regulation and surveillance from a macroeconomic (i.e. systemic) and prudential (i.e. pre-emptive) perspective. ...
Monetary policy in Chile: a black box?
During the 1990s the Chilean economy gradually cut its inflation rate from figures in the thirties to 4.7 percent in 1998. Central bank authorities have declared that the main objective of monetary policy is to reduce inflation to levels comparableto those in industrial countries. The desgnated ...
Competition and stability in banking
Banking went from being one of the most regulated sectors in the economy after the crisis in the 1930s to a more lightly regulated sector with the liberalization process that started in the 1970s in the United States. The previous period was marked by few crises with much more instability in the second ...
Inflation targeting in financially stable economies: has it been flexible enough?
The international financial crisis and Great Recession of 2008- 09 called for a range of significant policy measures by central banks beyond aggressive interest rate cuts. Measures have ranged from improving international coordination to purchasing local private loan portfolios and direct intervention ...