Central Bank Communication, Decision Making, and Governance: Issues, Challenges, and Case Studies - Tapa dura

Experts analyze the recent emphasis on central communication as an additional policy and accountability device. In recent years central bankers have placed new emphasis on communication with financial markets and the general public. They have done this not only through the traditional channel of monetary policy pronouncements but also by increasing the quantity of information they make public. Yet as central banks strive to provide more and clearer information about the outlook for the economy, they must balance their capacity to steer economic expectations with their natural caution about committing to future monetary policy paths. This volume offers a variety of perspectives on the economic implications of increased central bank communication. Contributors offer theoretical analyses of the effect of central bank communication on the general macroeconomic environment; consider a variety of novel empirical approaches to the issue; and analyze communication, decision making, and governance practices of the Greenspan-era U.S. Federal Reserve, the fledgling European Central Bank, and a variety of smaller central banks, including those of the Czech Republic, Sweden, England, and New Zealand. Contributors Helge Berger, Michelle Bligh, Marianna Blix-Grimaldi, Ales Bulir, Robert Chirinko, Martin Cihak, Christopher Curran, Paul De Grauwe, Jakob de Haan, Michael Ehrmann, Marcel Fratzscher, Petra Geraats, Gregory Hess, Roman Horvath, David-Jan Jansen, OEzer Karagedikli, Michael Lamla, David Mayes, Alberto Montagnoli, Pierre L. Siklos, Katerina Smidkova, Jan-Egbert Sturm, Jan Zapal

Pierre L. Siklos is Professor of Economics and Director of the Viessmann European Research Centre at Wilfrid Laurier University's School of Business and Economics, Waterloo, Canada. Jan-Egbert Sturm is Professor of Applied Macroeconomics and Director of KOF Swiss Economic Institute at ETH Zurich. Paul De Grauwe is Professor of Economics at the Catholic University of Leuven, the author of The Economics of Monetary Union, and the editor of three previous books in the CESifo Seminar series. Jan-Egbert Sturm is Professor of Applied Macroeconomics and Director of KOF Swiss Economic Institute at ETH Zurich. Helge Berger is Professor and Chair of Monetary Economics at Free University Berlin and coeditor of Managing EU Enlargement (MIT Press, 2004). Jakob de Haan is Head of Research at De Nederlandsche Bank and Professor of Political Economy at the University of Groningen. Pierre L. Siklos is Professor of Economics and Director of the Viessmann European Research Centre at Wilfrid Laurier University's School of Business and Economics, Waterloo, Canada.