Macroprudential Communication

Research on and the practice of monetary policy communication is a rich field and communication has been recognized as a distinct and strategically important element of central banks’ monetary policy toolkit (see large literature on inflation targets and the pros and cons of various forms of targets, how can communication enhance – or damage – credibility, the role of forward guidance, forward guidance, strict rules on quiet periods etc.). In comparison, communication on macroprudential policies is little researched and discussed. Macroprudential policies are on the one hand, quite complex to explain, and, on the other hand, mostly not very prominent in the public domain. Furthermore, in many jurisdictions, decision-making structures and the institutions involved are considerably more complex than those for monetary policy, which also makes communication processes more complex. This workshop takes stock of existing research and practical policy experiences with regards to the communication of macroprudential policies. Drawing on insights from monetary policy communication, it also aims to identify directions in which developing macroprudential communication policies would look promising and useful, and fields in which related research looks promising.

Scientific coordination: Ernest Gnan, SUERF, Jan Klacso, NBS, Reiner Martin, NBS and SUERF.