The design and communication of systematic monetary policy strategies |
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| Institution: | 1. Research Department, Federal Reserve Bank of Atlanta, United States;2. Alberta School of Business, University of Alberta, Canada |
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| Abstract: | The efficacy of central bank communications is inextricably linked to the characteristics of the monetary policy framework. Therefore, this paper presents a set of fundamental principles regarding the joint design of monetary policy strategy and communications. The practical implications of these principles are illustrated by considering a number of significant policy challenges faced by central banks in the advanced economies. |
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| Keywords: | Central Bank independence Inflation targeting Simple monetary policy rules |
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