Introduction on the Riksbank’s communication Governor Stefan Ingves.

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Presentation transcript:

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

Monetary policy communication Monetary Policy Report/Update published Minutes of meeting published 1v 2v 3v 4v 5v 6v 7v8v Communicat e majority view Explain own stance. Speeches, interviews, economic commentaries on riksbank.se Normally no monetary policy speeches Monetary Policy Report/Update published F o r e c a s t i n g w o r k

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

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

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