Five years into the crisis many central banks continue to keep policy rates extremely low and engage in several types of unconventional forms of monetary policy. More ‘radical’ measures are adopted, increasingly interpreted by some as politicizing or ‘fiscalizing’ monetary policy. While central banks have invested a great deal of effort in communicating these unconventional policies to the public, they are often confronted with stark criticism and face highly controversial public debates about their actions.
This conference is part of the series of conferences organized under the umbrella of the Central Bank Communication Network, supported by the Centre for International Governance and Innovation, and the Institute for New Economic Thinking. Additional financial support comes from the Viessmann European Research Centre and the Laurier Centre for Economic Research and Policy Analysis (LCERPA).
Sessions will examine the challenges faced by central banks around the world in communicating policies, the record of monetary policy, and the consequences of mixing monetary and fiscal policy.
- The evolution of central bank transparency, communications, or credibility since the onset of the financial crisis. Do perceptions differ between the general public, financial market participants, and politicians?
- How effective has monetary policy communication been? What is the evidence of announcement effects versus implementation effects of unconventional policies?
- How should central banks cooperate with each other and with fiscal policy makers in a crisis? Should it differ from normal times?
- What are the economic and financial market consequences of more interventionist monetary policies?
- Can monetary policy successfully help us escape the zero lower bound?
- Are existing monetary policies, such as inflation targeting ripe for replacement?