The importance of central bank transparency in establishing central bank communication strategies

摘要

In recent years, many central banks around the world have undertaken reforms to refine the communication channels regarding the assessments of economic conditions and their decisions related to the monetary policy stance. This shift towards enhancing communication skills has two main underlying factors: first, greater central bank autonomy has been accompanied by a corresponding demand for greater democratic accountability and transparency; second, there can be identified an international consensus among central bankers and economists that better communication about central bank actions is essential in reducing uncertainty facing economic agents. In our opinion, a high level of central bank accountability and improving the expectations' management are both facilitated by a more transparent decision - making process. The main problem that is emphasized in the economic literature regards the optimal way of gaining such central bank transparency. In this paper we focus upon the central bank transparency trends in establishing the most comprehensive communication strategies for the central banks.