Monetary policy communications
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Measuring and Evaluating Strategic Communications at the Bank of Canada
The Bank of Canada’s Communications Department has developed a framework to quantify and qualify the Bank’s communications efforts and their results. Using data-based measurement and evaluation, the department can assess the impact of the Bank’s communications activities and gauge the department’s contribution to the Bank’s overall goals. -
Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds
What are the main drivers behind the monetary policy reaction function of the People’s Bank of China? -
November 12, 2020
Helping the economy after the COVID‑19 pandemic
The pandemic won’t last forever. Senior Deputy Governor Carolyn A. Wilkins talks about what the economy will need once we’re past the COVID-19 crisis. -
November 12, 2020
Exploring life after COVID-19: the far side of the moon
Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis. -
Forward Guidance and Expectation Formation: A Narrative Approach
How exactly does forward guidance influence interest rate expectations? -
Social Learning and Monetary Policy at the Effective Lower Bound
This research develops a model in which the economy is directly influenced by how pessimistic or optimistic economic agents are about the future. The agents may hold different views and update them as new economic data become available. -
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Monetary Policy Uncertainty: A Tale of Two Tails
We document a strong asymmetry in the evolution of federal funds rate expectations and map this observed asymmetry into measures of monetary policy uncertainty. We show that periods of monetary policy tightening and easing are distinctly related to downside (policy rate is higher than expected) and upside (policy rate is lower than expected) uncertainty. -
Readability and the Bank of Canada
In this note, I assess the readability of Bank of Canada publications using a formula commonly used for this type of evaluation. I find that Bank publications are more difficult to read than the media articles and other content our target audiences likely consume. This suggests that more simple writing can help the Bank better meet its communication objectives.
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