About the book
A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability.
Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset.
Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.
Editions of The Long Journey of Central Bank Communication
- Paperback
- ISBN 9780262537858
- EBook
- ISBN 9780262355988
- EBook
- ISBN 9780262355995
- EBook
- ISBN 9780262356008
Read an Excerpt
A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability.
Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset.
Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.
Frequently Asked Questions
What is The Long Journey of Central Bank Communication about?
A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability.
Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset.
Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.
What core themes, tropes, or subjects are explored in The Long Journey of Central Bank Communication?
Economics, Finance, Business and Management > Finance and accounting > Finance and the finance industry > Banking
Where can I read a sample of The Long Journey of Central Bank Communication?
You can read an official preview of the few pages here https://www.book2look.com/book/9780262537858
Is The Long Journey of Central Bank Communication part of a series, and can it be read as a standalone?
Yes it is a part of series Karl Brunner Distinguished Lecture Series
Who is/are the Author/s of the book The Long Journey of Central Bank Communication?
Otmar Issing
Who is the Publisher of the book The Long Journey of Central Bank Communication?
MIT Press
What are the ISBN numbers for the physical and digital editions?
The Long Journey of Central Bank Communication is available as paperback(ISBN 9780262537858) and ebook(ISBN 9780262355988) and ebook(ISBN 9780262355995) and ebook(ISBN 9780262356008)
Where can I buy The Long Journey of Central Bank Communication online or support local independent bookshops?
You can buy The Long Journey of Central Bank Communication from below
Where can I buy The Long Journey of Central Bank Communication?