Kommunikation från Riksbanken

Riksbanken

Riksbanken

En ny forskningsgenomgång, ”Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence”, publicerad i Journal of Economic Literature, visar att centralbanker numera, i bjärt kontrast till tidigare, ägnar sig åt kommunikation och att detta i regel har goda effekter:

The key empirical question is whether communication contributes to the effectiveness of monetary policy by creating genuine news (e.g., by moving short-term interest rates in a desired way) or by reducing noise (e.g., by lowering market uncertainty). There are two main strands in the literature. The first line of research focuses on the impacts of central bank communications on financial markets. The basic idea is that, if communications steer expectations successfully, asset prices should react and policy decisions should become more predictable. Both appear to have happened. The second line of research seeks to relate differences in communication strategies across central banks or across time to differences in economic performance. For example, does announcing a numerical inflation target help anchor the public’s long-run inflation expectations? The answer seems to be a qualified yes.

Just mot bakgrund av att kommunikationsstrategierna varierar kraftigt centralbanker emellan och att det inte råder samsyn om hur sådana strategier bör utformas, välkomnar jag en diskussion om Riksbankens sätt att kommunicera. Förtjänstfulla inlägg i den diskussionen står bl.a. Martin Flodén och Sloped Curve för.