Central Bank Communications and the General Public

摘要

Blinder (2009, p. 26) wrote that "virtually all the research to date focuses on central bank communication with the financial markets. It may be time to pay some attention to communication with the general public." Almost ten years on, despite further rapid growth in central bank communication, it is unclear the general public have benefited. We first explore the growth of central bank communication and the reasons the public largely remain a blind spot (perhaps we should call it the "Blinder spot") for these communications. We then present the case for the desirability of greater communication with the public. We also explore the feasibility case for such communications using a recently-adopted innovation at the Bank of England. The main policy implication is that, while more still needs to be done, there are compelling reasons for central banks to continue trying.