TARGET GROUP | (i) Junior to mid-level central bank officials working in the area of central bank communication or monetary policy, especially in central banks under or moving towards an inflation targeting regime, and (ii) officials from central banks whose responsibilities require, or who have a strong interest in acquiring, a thorough understanding of central bank communication.
DESCRIPTION | There is a broad consensus that transparency and communication are crucial for the credibility of a central bank and the effectiveness of monetary policy. In order to foster credibility, central banks need to strengthen transparency and should adopt a strategic communication approach with clear communication objectives, well-targeted messages for different target audiences and appropriate communication channels. This course will begin by reviewing the meaning and role of strategic communication and transparency for central banks, clarifying its importance for monetary policy. Building on this general discussion, the course will focus on the practicalities of central bank communication in general and monetary policy communication in particular by taking a closer look at the target audiences of central banks, the channels as well as specific content of monetary policy communication. Special issues, such as external and internal communication in a forward-looking environment, will also be addressed. The course will be highly interactive, offering a mix of presentations, country practices, workshops and group discussions.
• Central bank transparency – meaning and measurement
• Strategic communication for central banks: Meaning, rationale and key elements
• Stakeholder and target audience analysis for monetary policy communication
• Communication instruments and channels for target-audience oriented monetary policy communication
• Content of monetary policy communication
• Monetary policy communication in a forward-looking environment
• Financial literacy