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Introduction on the Riksbank’s communication

Introduction on the Riksbank’s communication. Governor Stefan Ingves. Driving forces behind increased openness and clarity. Monetary policy works better Efficiency reasons Independence requires openness Democratic reasons. Changes in our communication. 2007. Forecast for repo rate

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Introduction on the Riksbank’s communication

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  1. Introduction on the Riksbank’s communication Governor Stefan Ingves

  2. Driving forces behind increased openness and clarity • Monetary policy works better • Efficiency reasons • Independence requires openness • Democratic reasons

  3. Changes in our communication 2007 • Forecast for repo rate • Monetary Policy Report February • Press conference after each monetary policy meeting • Names in the minutes • Normally no further info on future repo rate in between the meetings May • Repo rate forecast at each monetary policy meeting (6 times a year) September

  4. Monetary policy communication Monetary Policy Report/Update published Monetary Policy Report/Update published Minutes of meeting published F o r e c a s t i n g w o r k 2v 4v 6v 1v 5v 3v 7v 8v Communicate majority view Explain own stance. Speeches, interviews, economic commentaries on riksbank.se Normally no monetary policy speeches

  5. Central bank transparency Source: Geraats, Giavazzi and Wyplosz (2008)

  6. Index of central bank communication Source: JP Morgan (2007)

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