Effective Monetary Policy Communication: The Role of the Message, Medium, and Messenger 25.11.2022

Česká národní banka ve spolupráci s Českou společností ekonomickou Vás zvou na seminář Effective Monetary Policy Communication: The Role of the Message, Medium, and Messenger, na kterém vystoupí Michael Weber (University of Chicago). Seminář bude moderovat viceguvernér ČNB Marek Mora.

Seminář Effective Monetary Policy Communication: The Role of the Message, Medium, and Messenger se uskuteční dne 25. listopadu 2022 od 10 hodin v prostorách Kongresového centra ČNB.

Pokud nebudete registrovanými účastníky bienální konference ČSE, prosíme o potvrzení účasti nejpozději do 23. listopadu 2022 prostřednictvím registračního formuláře na webu ČNB https://www.cnb.cz/en/public/media-service/speeches-conferences-seminars/selected-conferences-organized-by-the-cnb/cnb-and-ces-seminar-2022/

Abstract:
Inflation expectations of households and firms are central determinants in all dynamic macro models. Yet, empirical evidence suggests these decision makers form expectations in a way that deviates from the assumptions in these models: on average, inflation expectations are biased upwards, are substantially dispersed across individuals, and co-move strongly with the prices of selected goods such as milk or gas. In this talk, I discuss several stylized facts on subjective inflation expectations, their determinants, and how inflation expectations shape individuals’ consumption, savings, and investment decisions. Finally, I review the recent literature on how central banks should communicate with the general public and highlight the role of the policy message, the messenger, and the medium for the effectiveness of central bank communication.


Invitation.pdf (26.10.2022)



Zpět