Central Bank Communication at Times of Non-Standard Monetary Policies
Communication is an important monetary policy tool, as central banks can use it to manage the expectations of economic agents. Communication becomes even more important in times of nonstandard monetary policies due to increased levels of uncertainty and the introduction of new policy tools. In this paper, we summarise the literature on central bank communication in times of non-standard monetary policies, with a particular focus on forward guidance.
The report was prepared for the European Parliament's Committee on Economic and Monetary Affairs.