TARGET GROUP | (i) Junior to mid-level central bank officials working in the communication department or economics/monetary policy department, 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. To foster credibility, central banks need to strengthen transparency and adopt a strategic communication approach. This should be supported by clear communication objectives, well-targeted messages for different target audiences and appropriate communication channels. This course reviews the meaning and the role of strategic communication and transparency for central banks and clarifies their importance for monetary policy. The general conceptual framework is complemented with hands-on case studies of central bank communication, including issues such as target audiences of central banks, the main channels and tools and specific content of monetary policy communication. Special emphasis is put on monetary policy communication in a forward-looking environment, as well as internal communication. This includes numerous studies and examples of how modern central banks use communication to achieve their goal of low and stable inflation. In addition, issues of financial literacy and education, and their interactions with monetary policy communication are also covered. The course is 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
• External and internal communication
• Financial literacy