Working Paper: CEPR ID: DP17929
Authors: Delia Sih Chien Macaluso; Michael McMahon
Abstract: The Bank of England's Monetary Policy Committee (MPC) celebrated 25 years of existence in June 2022. This period is marked by a global trend toward greater transparency and more communication in central banks. While some of these changes took place before the Bank of England was given independent operational control of monetary policy, the Bank has played a leading role in many of these trends. This short paper takes a look back the communication of the Bank of England, and considers the impact of current trends going forward.
Keywords: communication
JEL Codes: E52; E58
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| MPC's communication strategies (E61) | public expectations regarding inflation (E31) |
| inflation targeting framework (E31) | credibility of the central bank (E58) |
| effective communication (L96) | democratic accountability (D72) |
| MPC's communication strategies (E61) | trust in central banks (E58) |
| improved communication (L96) | effectiveness of monetary policy (E52) |
| MPC's communication practices (E61) | public understanding of monetary policy (E60) |