ECB communication policies on monetary policy: An overview and comparison with the Federal Reserve

Jakob de Haan*, Lex Hoogduin

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review

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Abstract

This paper provides an overview of (research on) the communication policies of the ECB. We first compare the communication policies of the ECB and the Fed. Despite many similarities, there are also some differences which in part reflect that both central banks have different objectives. This became more pronounced after both central banks had concluded their monetary policy strategy reviews. Thereafter, we zoom in on forward guidance and discuss recent research on the impact of the ECB’s communications, and recent changes therein as a result of the ECB’s monetary policy strategy review. It is concluded that this review was to a large extent a confirmation of the actual change in the ECB strategy. Due to the rapid increase in inflation that started after the recovery of the COVID-19 pandemic, the review was quickly outdated.
Original languageEnglish
Article number103050
Number of pages13
JournalJournal of International Money and Finance
Volume142
DOIs
Publication statusPublished - Apr-2024

Keywords

  • Central bank communication
  • European Central Bank
  • Forward guidance

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